CHICAGO (Reuters) – U.S. agribusiness group Archer Daniels Midland Co (ADM.N: Quote, Profile, Research, Stock Buzz) reported lower quarterly profit on Tuesday on weak ethanol results and as a strong dollar and ample global crop supplies limited North American grain exports.
Chicago-based ADM, one of the world’s top producers of corn-based ethanol, said earnings in its corn processing unit tumbled 62 percent due to thin margins and high inventories of the biofuel.
CHICAGO, Nov 3 (Reuters) – U.S. agribusiness group Archer
Daniels Midland Co reported lower quarterly profit on
Tuesday on weak ethanol results and as a strong dollar and ample
global crop supplies limited North American grain exports.
Chicago-based ADM, one of the world’s top producers of
corn-based ethanol, said earnings in its corn processing unit
tumbled 62 percent due to thin margins and high inventories of
CHICAGO (Reuters) – Chicago’s city council on Wednesday overwhelmingly approved a museum, proposed by “Star Wars” filmmaker George Lucas, that has been touted as an economic and cultural benefit but also criticized as an eyesore on protected lakefront property.
The council, which had just passed a new budget with steep property tax increases, did not discuss the museum, which will be located south of the Soldier Field stadium in a place where there are currently parking lots.
CHICAGO (Reuters) – Chicago Mayor Rahm Emanuel’s $7.8 billion fiscal 2016 budget and a historic property tax increase to pay for public safety worker pensions easily cleared the city council on Wednesday.
Emanuel last month proposed a $543 million property tax hike phased in over four years, as well as fee increases and spending cuts in an attempt to fix a financial crisis linked to the city’s $20 billion unfunded pension liability.
/CHICAGO, Oct 27 (Reuters) – U.S. grain
warehouses are filling up so fast with a bumper harvest that
they are storing soybeans and corn out in the open despite the
risk of damage and even refusing crops from farmers without
The scramble shows that even in the third year of a global
supply glut the exceptional yields and weaker than expected U.S.
exports still wrong footed some farmers, storage operators and
traders, meaning the outlook for farm incomes and prices might
get even bleaker than now painted by official forecasts.
CHICAGO, Oct 23 (Reuters) – The U.S. Department of
Agriculture on Friday signed off on a new genetically modified
type of corn developed by Monsanto Co after a review
concluded it posed no significant threat to agricultural crops,
other plants or the environment.
The USDA’s Animal and Plant Health Inspection Service
(APHIS) announced it would deregulate Monsanto’s MON 87411
maize, which was developed to protect plants against corn
rootworms that can damage roots and drag down grain yields and
be tolerant to the herbicide glyphosate.
CHICAGO (Reuters) – Chicago Cubs supporters have uttered the phrase “wait till next year” perhaps more than any other fans in baseball, with their team’s championship drought stretching to 107 years after being swept from this year’s playoffs by the New York Mets.
However, the 2015 Cubs have given Chicago’s north-side faithful reason to believe that their wait for a title, the longest in U.S. professional sports, might soon come to an end.
CHICAGO (Reuters) – History has not often been kind to the Cubs, Chicago’s popular but seldom successful north side baseball franchise, but the young team remains hopeful they can continue their post-season run.
The Cubs survived a one-game playoff to earn a spot in the National League’s divisional series, where they dispatched the arch rival St. Louis Cardinals.
CHICAGO (Reuters) – A 20 percent quarterly profit jump for global grains trader Cargill Inc [CARG.UL] suggests recent disappointing quarterly earnings from rival agribusinesses Archer Daniels Midland Co (ADM.N: Quote, Profile, Research, Stock Buzz) and Bunge Ltd (BG.N: Quote, Profile, Research, Stock Buzz) may be more of a blip than long- term concern, analysts said.
Cargill’s strong results, reported on Wednesday, seem to indicate surprising strength for traders of agricultural commodities, as compared to those exposed to industrial and precious metals which have fallen sharply and rattled Glencore Plc (GLEN.L: Quote, Profile, Research, Stock Buzz) and Noble Group (NOBG.SI: Quote, Profile, Research, Stock Buzz).
CHICAGO (Reuters) – Global commodities trader Cargill Inc effectively navigated tumbling commodities markets and volatile currencies to turn in a 20-percent gain in first-quarter profit, the privately held company said on Wednesday.
The Minnesota-based company’s grain and oilseed supply chain and energy businesses were standouts in the quarter ended Aug. 31, in stark contrast with several rival agribusinesses that have struggled in the commodities market downturn.