Cairo | Reuters –– Egypt’s general prosecutor said on Thursday some local wheat was bought by the government in paper transactions only and not physically delivered, the first public statement by his office on the matter since fraud allegations surfaced last month. Egypt, the world’s largest wheat importer, launched a government-led inspection of wheat silos […] Read more
Egypt prosecutor says some local wheat bought on paper only
Mosaic idles Saskatchewan potash mine
Reuters — Fertilizer producer Mosaic Co. has idled production at its Colonsay, Sask. potash mine for the rest of 2016, and temporarily laid off 330 workers, the company said in a statement Wednesday. Potash prices are hovering around the lowest levels seen in a decade, amid excessive output capacity and delays in setting annual supply […] Read more
Monsanto reported exploring BASF ag unit buy
Reuters — Seed company Monsanto, which rejected Bayer’s buyout offer in May, is exploring various transactions, including the acquisition of BASF’s agriculture-solutions unit, news service Bloomberg reported. In return, BASF would likely receive newly issued shares in Monsanto, Bloomberg said, citing people familiar with the matter. The discussions are at an early stage, and no […] Read more
Egypt to follow global standard for ergot starting Tuesday
Cairo | Reuters — Egypt will allow up to 0.05 per cent ergot, a common grains fungus, in wheat shipments beginning on Tuesday, confirming the end of a months-long standoff just before the country re-enters the international wheat market. Reuters exclusively reported on July 4 that a ministerial decree would allow the world’s top wheat […] Read more
Cargill to sell two Texas feedlots
Reuters — Cargill, a top U.S. meat processor, said Friday it will sell two Texas beef cattle feedlots to Amarillo-based Friona Industries pending final agreements and regulatory reviews. Under the deal, Friona will acquire Cargill’s cattle feedlots at Bovina and Dalhart, Texas. Cargill said in a statement it will retain ownership of its cattle feedyards […] Read more
U.S. livestock: Cattle advance on cash market optimism
Chicago | Reuters — U.S. live cattle futures rebounded from early-session weakness on Tuesday to close higher for the fifth time in six trading sessions on expectations for firm cash cattle prices this week. Feeder cattle futures also climbed, drawing some support from sharply lower corn prices, while lean hogs ended mixed. Cattle futures markets […] Read more
Monsanto, Microsoft to invest in ag technology in Brazil
Sao Paulo | Reuters — U.S. biotech company Monsanto and U.S. software and tech firm Microsoft announced on Monday a partnership to invest in agricultural technology startups in Brazil. Monsanto will join a Brazilian investment fund with up to 300 million reais (C$118 million), managed by Microsoft, evaluating ideas for new digital tools to be […] Read more
Food commodity prices seen stable over next decade
Paris | Reuters –– Higher agricultural productivity and slightly larger crop areas in the coming decade will cover rises in food demand, leading to stable prices and a period of more restrained agricultural markets, the FAO and OECD said Monday. In their annual Agricultural Outlook report, the Food and Agriculture Organization and the Organisation for […] Read more
Egypt’s parliament to look into wheat fraud allegations
Cairo | Reuters — Egypt’s parliament has set up a fact-finding commission that will look into allegations of corruption in local wheat procurement. Egypt, the world’s largest wheat importer, this month announced a government-led inspection of wheat silos after an unusually high procurement figure prompted allegations of possible fraud from top industry officials, traders and […] Read more
China’s COFCO to open Canadian grain office by autumn
Winnipeg | Reuters — China’s COFCO Agri will open a Canadian crop trading office in Winnipeg by the time farmers harvest their new crops, the state-owned agricultural trader said Tuesday. The new office, which Reuters reported earlier this month, will focus on trading canola and its processed products oil and meal, as well as wheat, […] Read more
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