Reuters — Canadian fertilizer and ag retailer Agrium has joined rival PotashCorp in forecasting a weaker-than-expected 2016 profit, as prices for crop nutrients remain weak. Agrium’s Toronto-listed shares fell as much as 5.2 per cent to $110.89, its lowest in a year, as investors ignored a better-than-expected quarterly profit. The company, which sells seed, fertilizers […] Read more
Agrium’s forecast disappoints
China clears Xtend soybean variety for import
Reuters — Monsanto said on Feb. 3 it received import approval from China for its new genetically modified Roundup Ready 2 Xtend soybeans and will sell the seeds in the U.S. and Canada for the 2016 growing season. China, the world’s biggest soybean importer, does not allow imports of new genetically modified crops until they […] Read more
Mosaic cuts phosphate production
Reuters –– U.S.-based fertilizer producer Mosaic Co. said Wednesday it would cut output of phosphates by up to 400,000 tonnes with rotating plant shutdowns in the first quarter, due to weak demand. Fertilizer producers have seen profits hit by falling prices, triggered in part by weak currencies in importing countries such as Brazil. “The long-term […] Read more
Egypt to accept wheat with 0.05 per cent ergot
Cairo | Reuters — Egypt’s agriculture ministry will allow wheat imports with up to 0.05 percent levels of ergot, a common grains fungus, it said on Feb. 3, reversing a zero tolerance policy that prompted traders to boycott the state’s wheat tender this week. The supply ministry and the General Authority for Supply Commodities (GASC) […] Read more
New further-month live cattle futures, options to resume
Chicago | Reuters — CME Group plans to resume its listing schedule for live cattle futures and options contracts, effective Feb. 18, the exchange said in a statement Wednesday. CME said it will post the June 2017 live cattle futures and options contract that was originally scheduled to be listed on Jan. 4. The exchange […] Read more
Saputo earnings up with weaker loonie
Reuters — Saputo, one of Canada’s largest dairy producers, reported higher than expected adjusted earnings on Thursday, helped by weakness in the Canadian dollar. For its fiscal third quarter, adjusted net income rose 13.5 per cent to $175.4 million, or 44 cents a share. Revenue during the quarter, which ended Dec. 31, rose 2.8 per […] Read more
Baltic index slips to fresh low, demand concerns persist
Reuters — The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying industrial commodities, slipped to another all-time low Tuesday on worries about vessel oversupply and slowing global demand. The overall index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertilizer, fell four points or […] Read more
Iran banning all state wheat imports
Dubai | Reuters –– Iran banned state imports of wheat for a year starting on March 20, Tasnim news agency reported on Monday, ordering officials to stop registering new purchase orders. “There is no need for wheat imports in coming year. Please avoid registering any order for wheat (imports) from this date,” Iran’s minister of […] Read more
Egypt to launch ag commodities bourse by year-end
Cairo | Reuters –– Egypt plans to launch an agricultural-focused commodities trading exchange, the first of its kind in the Middle East, by the end of 2016, Supplies Minister Khaled Hanafi said Monday. Egypt announced plans to set up a global commodities centre in 2014, but gave few details at the time. Hanafi said that […] Read more
German regulator investigates possible tractor cartel
Duesseldorf | Reuters –– Germany’s anti-trust regulator said Friday it was investigating a possible cartel of companies making agricultural machinery, particularly tractors. It did not name any targets of the probe. German agricultural trading group Baywa said the cartel office had searched its headquarters earlier this week on suspicion that some of its employees were […] Read more
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