Bunge, Viterra reportedly inching closer to deal.
Negotiations of a potential merger between agribusiness giants Bunge Ltd. and Viterra have reached a critical stage as the companies attempt to put the final touches on a deal that would combine two of the world’s largest agricultural traders, Reuters reported on June 8, citing sources familiar with the matter. The sources told Reuters that Bunge, whose market value is about $14 billion, would pay for most of the deal with stock as well as cash and debt financing from…
Wheat prices rise with Ukraine dam breach.
As millions of liters of water poured through a breached dam in southern Ukraine threatening regional villages and water supplies, worries about an escalation of the war between major grain exporters Russia and Ukraine sent Chicago wheat up 2% to a three-week high on Tuesday, Reuters reported. The Russian-controlled Nova Kakhovka dam on the Dnipro River provides water to a swathe of southern Ukraine’s agricultural land, including the Russian-occupied Crimean peninsula, as well as cooling the Russian-held Zaporizhzhia nuclear plant.
China’s wheat quality is taking a hit from heavy rains ahead of harvest.
Heavy rain just ahead of harvest in China’s central Henan province is increasing wheat prices and raising concerns about quality, Reuters reported. The rain is causing some of the wheat to sprout or become affected by blight, according to videos on social media and a local grain dealer.
Converting food waste to feed
Food waste often is considered any food that was not used for its intended purpose and has otherwise been discarded to a landfill. In 2010, the US Department of Agriculture (USDA) estimated that the amount of food waste accumulated in the United States accounted for 30% to 40% of all food produced annually, equaling approximately 133 billion pounds or $161 billion worth. This food waste contributes to greenhouse gas emissions as well as using resources that could have been used…
Bunge Q1 earnings fall short of last year’s record
First-quarter earnings at Bunge Ltd. fell short of last year’s record results, dragged down in part by sluggish oilseed processing results in Argentina, Asia and Europe, which more than offset strong crush margins in North America and Brazil. Bunge net income in the first quarter ended March 31 was $632 million, equal to $4.15 per share on the common stock, down 8.2% from $688 million, or $4.48 per share, in the first quarter of fiscal 2022. Sales totaled $15.33 billion,…
Australia, China seek truce in barley dispute.
Australia announced on April 11 that it has taken steps to attempt to reopen the Chinese market to Australian barley, which essentially has been banned by China during the past three years after its government imposed an 80% import tariff in 2020.
Cargill to stop elevating Russian grain exports.
Citing mounting challenges to its grain export operations in Russia, Cargill will cease elevating Russian grain in the new export season that begins July 1.
Grain market review: Oilseeds
A likely record Brazilian crop, with Argentina’s production problems already factored in, and subdued demand were at the top of the list of factors behind easing oilseeds prices in recent weeks.
Bunge joins canola collaboration
Bunge will collaborate with Corteva Agriscience and Chevron U.S.A. Inc., a subsidiary of energy giant Chevron Corp., to introduce proprietary winter canola hybrids that produce plant-based oil with a lower carbon profile, driven by opportunities in the renewable fuels sector.
Russia may abolish grain export quota
Russia, the world’s largest wheat exporter, is considering abolishing its grain export quota