CHICAGO (Reuters) – Earlier this month, executives at Hong Kong-based commodity trader Noble Group (NOBG.SI: Quote, Profile, Research, Stock Buzz) talked with a Kansas agricultural economist about their ambitions to join the biggest wave of industry consolidation in more than a decade.
The executives, who had already decided not to pursue a bid for major U.S. grain trader Gavilon, said they were “thinking about where (they) fit and what’s a good investment,” said Jay O’Neil, an agricultural economist for Kansas State University’s International Grains Program who also does consulting work.
By Karl Plume
(Reuters) – Major importers stepped up their purchases of U.S. beef last week despite the discovery of a case of mad cow disease in California, government data showed on Thursday.
Export sales of fresh, chilled or frozen muscle beef totaled 16,829 tonnes in the week ended April 26, up 8.8 percent from the previous week, the U.S. Department of Agriculture said.
CHICAGO (Reuters) – U.S. live cattle futures tumbled more than 2 percent on Tuesday for their biggest drop in seven months, hit by rumors of a new, domestic case of mad cow disease that later received government confirmation.
Funds liquidated their long positions amid fears that importers of U.S. beef will shut their doors just like they did in 2003, when the United States discovered its first case of bovine spongiform encephalopathy.
BEIJING/CHICAGO (Reuters) – China Grain Reserves Corp (Sinograin), which manages the state grain reserves, may have signed deals to import U.S. corn and it is ready boost purchases to replenish depleted reserves if the prices are attractive.
Sinograin’s interest comes after Chicago Board of Trade corn prices dropped to about $6 a bushel last week, the first time they have breached that level for about three months, but talk of China’s buying pushed up prices to a high of $6.28-1/2 per bushel on Friday.
CHICAGO (Reuters) – Oil markets rebounded from two days of losses on Wednesday as U.S. government data showed a steeper-than-expected drop in domestic fuel stocks, while gold dipped after a four-session rally and copper steadied near a three-month low.
Cotton climbed nearly 2 percent in a short-covering rally a day after the U.S. government forecast record-high global cotton stocks, and cocoa and coffee rose in reaction to a strong earthquake off Indonesia that triggered tsunami warnings in the world’s No. 3 coffee producer.
CHICAGO, April 3 (Reuters) – U.S. agribusiness Archer
Daniels Midland Co will continue to eye acquisitions of
smaller assets in North America to expand its reach in the
agricultural sector, while large acquisitions may be less
likely, a company executive said on Tuesday.
“Other than one-off deals, we can’t really grow too much in
North America,” said A. James Shafter, vice president of mergers
and acquisitions said on the sidelines of The State of
Agribusiness conference in Chicago.
By Karl Plume
(Reuters) – China bought 120,000 metric tons of U.S. corn for shipment by the end of August, the largest in a month, the U.S. government said on Thursday, bringing the country’s total confirmed purchases of the grain this season to nearly 4 million metric tons.
More old-crop sales to the world’s No. 2 corn consumer were expected so the latest U.S. Department of Agriculture forecast for imports by China was likely too low, suggesting U.S. stocks of the grain, already seen shrinking to a 16-year low by the next harvest, could tighten further.
March 29 (Reuters) – China bought 120,000 tonnes of U.S.
corn for shipment by the end of August, the largest in a month,
the U.S. government said on Thursday, bringing the country’s
total confirmed purchases of the grain this season to nearly 4
More old-crop sales to the world’s No. 2 corn consumer were
expected so the latest U.S. Department of Agriculture forecast
for imports by China was likely too low, suggesting U.S. stocks
of the grain, already seen shrinking to a 16-year low by the
next harvest, could tighten further.
CHICAGO (Reuters) – Soybean futures rebounded on Friday as worries about drought-reduced crops in South America and that early corn seeding in the Midwest may divert planted acres from soybeans lifted prices more than 1 percent.
Corn followed soybeans higher, adding 0.6 percent in a short-covering bounce, although gains were capped by expectations for the most planted acres this year since 1944.
By Karl Plume
(Reuters) – Ohio filed an antitrust lawsuit against agribusiness Cargill Inc and Morton Salt Inc on Wednesday, accusing the companies of driving up the cost of road de-icing rock salt during the past decade.
The complaint, filed by the attorney general in Tuscarawas County Common Pleas Court, alleges Cargill and Morton, the state’s only two rock salt miners, conspired to reduce bidding competition and thus artificially drove up prices paid by public entities.