Exporters, livestock feeders and ethanol makers are going through the U.S. corn stockpile faster than farmers can grow the crops, the government said on Friday. Despite record crops in two of the past three years and another record within reach this year, the Agriculture Department estimated the corn carryover will shrink to the lowest level since 2006/07. Get the full story »
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Monsanto fine largest over mislabeled pesticide
U.S. biotech giant Monsanto Co. agreed Thursday to pay a $2.5 million fine for misbranding its cotton-seed products, the largest civil penalty ever enforced under a federal act that controls the sale and use of pesticides.
According to the Environmental Protection Agency, Monsanto distributed cotton-seed products that contained a genetically engineered pesticide banned from 10 counties in Texas for fear pests would become resistant to it.
Monsanto was required to label the products with an explanation of the ban. Get the full story »
Archer Daniels invests $100M in China bank
U.S. agricultural processor Archer Daniels Midland Co on Thursday said it will invest $100 million in a Chinese bank and open an office in Beijing as part of its goal to boost sales in China.
“China’s agricultural market is growing in both supply and demand and represents significant growth opportunities for ADM,” ADM Chief Executive Patricia Woertz said in a statement. Get the full story »
Monsanto’s third-quarter net income falls 45%
In this photo taken April 16, 2010, central Illinois farmer Gary Niemeyer fills his planters with DEKALB seed corn on his farm in Auburn, Ill. DEKALB is one of Monsanto's leading North American brands. (AP Photo/Seth Perlman)
Monsanto Co., the world’s biggest seed maker, said Wednesday its fiscal third-quarter net income dropped 45 percent as customers continue to shun its Roundup weedkiller in favor of cheaper generic versions. As Roundup sales have flagged, Monsanto last year said it was accelerating its long-term strategy to shift the majority of its business from chemicals and herbicides to genetically altered seeds. But the transition has been rougher than expected as declines in Roundup have been surprisingly steep amid growing generic competition from China, and farmers have been slow to buy up the company’s pricier GMO seed varieties.
Derivative probe promised in dairy volatility
Multiple U.S. regulators are examining the role of derivative markets run by CME Group (CME) in fostering volatility in dairy prices, Assistant Atty. Gen. Christine Varney said Friday.
Dairy farmers have long blamed the derivatives markets for distorting prices and are becoming increasingly vocal about the effect of big retailers on competition in the sector. Get the full story »
MB Financial to get $8.3M in fraud case
From the Des Moines Register | In addition to a 27-year prison sentence, U.S. District Judge Linda Reade will order Agriprocessors Inc. founder Sholom Rubashkin to pay $18.5 million to First Bank Business Capital, the plant’s largest lender; $8.3 million to MB Financial Bank, another lender; and $3,800 to Waverly Sales Inc. in a sweeping financial fraud to defraud banks
Corn Products Intl. enters Fortune 500 territory
Illinois is getting another Fortune 500 company, and the Fortune 500 is getting another woman chief executive.
Dutch paintmaker Akzo Nobel NV said Monday it has agreed to sell its National Starch unit to Westchester-based Corn Products International for about $1.3 billion. National Starch had 2009 revenue of $1.2 billion, 2,250 employees and operates plants in eight countries. Corn Products had annual revenues of $3.67 billion in 2009.
“The acquisition of National Starch represents an exceptional opportunity for Corn Products International and a significant step forward toward achieving our strategic goals,” said CEO Ilene Gordon.
Get the full story »
John Deere unit to raise money from note offering
Associated Press | John Deere Capital aims to raise about C$150 million from an issue of medium-term notes, maturing June 2014, according to a person familiar with the offering.
ADM reviews growth strategy with investors
Associated Press | Archers Daniels Midland Co. said Tuesday it is poised for growth through acquisitions and expansion of existing business and it is likely to resume its stock buyback program.
Company officials discussed the company’s growth strategy with investors at the Deutsche Bank 7th Annual Global Consumer Conference in Paris.
Get the full story: ADM reviews growth strategy with investors.
CF Industries elects AptarGroup exec to board
Associated Press | CF Industries Holdings, Inc. said Monday that it has elected the chief operating officer of AptarGroup Inc., as an independent member of its board of directors.
BHP sees potash as ideal fit for portfolio
Reuters | BHP Billiton sees potash as an ideal fit within its portfolio of
commodity products, and the global mining giant is focused on developing
its potash projects in Western Canada into a world-class basin play, a
top executive said on Tuesday.
ADM lobbies for more ethanol blends
Dow Jones Newswires | Archer Daniels Midland Co. is lobbying
U.S. regulators to allow more ethanol to blended with gasoline for use
in all cars, countering an effort that would boost the corn-based
additive in a limited number of vehicle model years.
High fructose corn syrup sales down 11%
A tanker truck carries corn syrup at the Archer Daniels Midland Company plant in Decatur, Ill. (AP Photo/Seth Perlman)
Associated Press | Fans of natural foods have tried for years to
push the ubiquitous sweetener high fructose corn syrup off Americans’ dinner tables and out of their restaurants and grocery stores. It seems to be working.
U.S. use of the sweetener found in most soft drinks, cereals and a range of other products dropped 11 percent between 2003 and 2008, the most recent year figures were available. A number of companies also have stopped using corn syrup in some or all products, including Hunt’s ketchup, Snapple, Gatorade and Starbucks’ baked goods.
Deere reports 2Q profit up 16%, raises outlook
Associated Press | Deere says its second-quarter profit jumped
16 percent as sales of farm and construction equipment improved and is
raising its outlook for the second time this year.
The Moline.-based company says it generated $547.5 million in net
income, or $1.28 per share, in the quarter. That’s up from net income
of $472.3 million, or $1.11 per share, a year earlier. Excluding a
charge related to health care legislation, profit was $1.58 per share.
CF Industries swings to loss on Terra deal
Dow Jones Newswires | CF Industries Holdings Inc. swung to a
first-quarter loss on charges related to its recent acquisition of
rival fertilizer maker Terra as CF said revenue fell.
The company has suffered from weak demand since the economic downturn.
But CF saw demand slowly come back in the fourth quarter as stronger
buying interest returned and prices rose sequentially. The company on
Friday expressed optimism about the spring planting season, as U.S.
corn acreage planting increased.
