Tom's Feed
Oct 20, 2014

Syngenta lawsuit against Bunge over GMO corn revived on appeal

CHICAGO (Reuters) – A federal appeals court has opened the door for Syngenta Seeds to revive a lawsuit it brought against Bunge North America in 2011 over the agribusiness company’s refusal of a type of genetically modified corn.

An opinion in the case came on Monday as Syngenta and its parent company, Swiss-based Syngenta AG, have become the target of lawsuits over the same variety of corn, Agrisure Viptera.

Oct 20, 2014

Markets hit 1-week lows on improved U.S. harvest weather

CHICAGO, Oct 20 (Reuters) – U.S. corn and soybean futures
fell to one-week lows on Monday as drier weather in the U.S.
Midwest was set to allow harvesting to accelerate after rain
delays.
Forecasts for mostly dry conditions across the Corn Belt
drove down prices after markets rallied in recent weeks on
concerns about wet weather slowing the harvest of record-large
U.S. crops.
“Corn harvest should get underway in a big way this week,”
said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage
in Iowa, the top corn and soy producing state.
Weather conditions look “excellent” over the next week to 10
days, he added.
At the Chicago Board of Trade, December corn fell 1.5
percent to $3.42-3/4 a bushel by 10:30 a.m. CDT (1530 GMT) after
trading to a one-week low of $3.42. November soybeans
dropped 1.3 percent to $9.39-1/4 a bushel after touching a
one-week low of $9.36.
The U.S. Department of Agriculture, in a weekly report on
Monday, will issue an update on harvest progress for corn and
soybeans. The soybean harvest may be 50 percent to 55 percent
complete, Pfitzenmaier said.
A week ago, the soybean harvest was 40 percent complete,
compared with an average of 53 percent for that date, while the
corn harvest was 24 percent complete, compared with the average
of 43 percent.
“With today’s harvest equipment, once the fields are fit
farmers can catch up in a hurry,” Pfitzenmaier said.
Futures International estimated the soybean harvest at 56
percent complete and the corn harvest at 27 percent complete.
Wheat prices also were lower, with the CBOT December
contract down 0.8 percent at $5.11-3/4 a bushel.
The market came under pressure from concerns that abundant
supplies of lower-priced corn will hurt demand for wheat from
the feed sector, traders said. Both grains can be used for
animal feed.
Gains in wheat will be limited by “continued global feed
substitution back to corn,” Morgan Stanley said, adding that
there were adequate supplies in Europe and the former Soviet
Union.

Prices at 10:27 a.m. CDT (1526 GMT)

LAST NET PCT YTD
CHG CHG CHG
CBOT corn 343.00 -5.00 -1.4% -18.7%
CBOT soy 939.50 -12.25 -1.3% -28.4%
CBOT meal 328.10 -2.40 -0.7% -25.0%
CBOT soyoil 31.62 -0.40 -1.3% -18.5%
CBOT wheat 512.00 -4.00 -0.8% -15.4%
CBOT rice 1253.50 -1.00 -0.1% -19.2%
EU wheat 159.50 -0.50 -0.3% -23.7%

Oct 16, 2014

Ex-Cargill manager fights attempt to keep him from rival

CHICAGO, Oct 16 (Reuters) – Valuable trade secrets that
Cargill Inc claims were stolen by a longtime manager
in its meatpacking division who quit for rival JBS SA
are nothing more than basic butchery, lawyers for the employee
said in court documents.

Privately held Cargill, one of the top U.S. meat producers,
is asking a federal judge in Denver to forbid Jason Kuan from
working for a competitor for one year to prevent damages
stemming from the loss of confidential information.

Oct 14, 2014

CME to cut 5 percent of global workforce to reduce costs

CHICAGO (Reuters) – CME Group Inc (CME.O: Quote, Profile, Research, Stock Buzz) plans to cut 5 percent of its global workforce, or about 150 jobs, to reduce costs with most cuts hitting its technology operations, the world’s largest futures exchange operator said on Tuesday.

CME’s Chicago headquarters will suffer the majority of the layoffs, although they will affect global offices, a spokeswoman said. Corporate and administrative jobs will be among those eliminated.

Oct 14, 2014

CME Group to cut 5 percent of global workforce

CHICAGO, Oct 14 (Reuters) – CME Group Inc plans to
eliminate 5 percent of its global workforce, or about 150 jobs,
with most cuts hitting its Chicago headquarters, the world’s
largest futures exchange operator said on Tuesday.

Most of the layoffs will come from CME’s technology
operations, with the rest in corporate and administrative
departments, the company said.

Oct 9, 2014

CFTC sues Chicago broker for trade violations, lax supervision

CHICAGO, Oct 9 (Reuters) – The compliance officer of a
futures brokerage that was a top player in a market on the
Chicago Board of Trade floor never reviewed company policies on
floor operations or oversaw activities related to the trading
floor, U.S. regulators said on Thursday in a lawsuit charging
the firm with violations.

The Commodity Futures Trading Commission, in a civil
complaint filed in U.S. district court in Chicago, said Futures
International and its chief operating officer, Amadeo Cerrone,
failed to properly supervise employees, created trading records
with false information and engaged in unauthorized trading.

Oct 8, 2014

Feed ingredient unlikely to spread killer pig virus: experts

CHICAGO/PARIS (Reuters) – The World Organization for Animal Health said on Wednesday that an animal-feed supplement suspected of spreading a deadly pig virus is not likely to transmit the disease if manufacturers follow proper safety measures.

Multiple studies suggest that spray-dried porcine plasma, a supplement containing pigs’ blood that is fed to piglets, is not a likely source of Porcine Epidemic Diarrhea virus (PEDv) “provided that good manufacturing practices and biosecurity standards are followed,” the organization, known as the OIE, said in a fact sheet.

Oct 6, 2014

U.S. farmers latest to sue Syngenta over GMO corn rejected by China

CHICAGO, Oct 6 (Reuters) – Farmers from the biggest U.S.
corn-growing states have sued Syngenta AG over sales
of genetically modified corn seed not approved by China, joining
global exporters in pursuing damages from the Swiss-based
company.

In coordinated lawsuits filed on Friday in federal courts in
Iowa, Illinois, Nebraska, Kansas and Missouri, farmers accused
Syngenta of being reckless when it launched U.S. sales of
Agrisure Viptera corn seed in 2011 without obtaining import
approval from China, a major buyer.

Sep 19, 2014

U.S. options clearinghouse CEO to retire after year in top spot

CHICAGO, Sept 19 (Reuters) – The chief executive of the
clearinghouse for all U.S. stock options will retire from the
company at the end of the year after one year in the role, the
company said on Friday.

Chicago-based OCC, formerly known as the Options Clearing
Corp, did not immediately say why CEO Michael Cahill, 56, is
retiring or what his plans are. He has worked at the
clearinghouse for 32 years and was promoted to CEO from
president, chief operating officer and treasurer on Jan. 1.

Sep 17, 2014

Ingredion bans new GMO corn at plant, mulls fate of second type

CHICAGO (Reuters) – Ingredion Inc, manufacturer of sweeteners and starches made from corn, will not buy a new variety of genetically modified corn developed by Syngenta AG, according to a notice on the ingredients supplier’s website on Wednesday.

The Illinois-based manufacturer did not say why it will not accept the genetically modified Agrisure Duracade corn, which has been shunned by the world’s biggest commodity traders because it is not approved by major importers.