GFM Network News

Smithfield Foods third-quarter results beat Wall Street estimates

reuters / Smithfield Foods Inc., the largest U.S. hog producer, reported third-quarter results that beat Wall Street estimates, helped by higher sales of packaged meat products such as Smithfield bacon and Eckrich and Armour sausages. The company, which receives nearly half of its revenue from packaged meat, said higher demand from international markets, particularly from

Agrium profit, outlook slump on lower potash sales

Agrium shares slumped seven per cent after it reported a 56 per cent drop in third-quarter profit on lower potash sales and offered a weaker-than-expected outlook for the fourth quarter. Downtime at Agrium’s Saskatchewan potash mine and drawn-out contract talks with China and India hurt third-quarter performance, CEO Mike Wilson said. The company’s stock had

Pfizer separates animal health unit

Pfizer Inc. plans to separate its animal health unit into a stand-alone company, a move Wall Street expected as the largest U.S. drug maker focuses more intently on its core pharmaceuticals business. Pfizer said on Thursday that preparations were underway for a public offering of a minority stake in the new animal health company, which

ICE set to introduce five new U.S. grain and oilseed contracts

Reuters / ICE Futures US intends to begin offering five new U.S. grain and oilseed contracts, pending review by the Commodity Futures Trading Commission. The contracts include U.S. corn, wheat, soybeans, soybean meal and soybean oil, IntercontinentalExchange (ICE) announced. Futures contracts are slated to be available on May 14, with options available May 15. “These contracts

Grain revenue jumps for CP Rail’s Q4

A jump in revenue from slightly higher grain traffic in the last three months of 2011 helped bolster a beleaguered Canadian Pacific Railway in its fourth fiscal quarter (Q4). CP on Jan. 26 booked net income of $221 million on total revenues of $1.408 billion for its quarter ending Dec. 31, up from $186 million

More Crops Briefs, Jan. 26

Viterra shares stumble after disappointing Q4 Reuters / Shares of Viterra fell sharply after the grain handler reported disappointing quarterly results. The company reported lower-than-expected fourth-quarter earnings of three cents a share, although revenue of $3.1 billion topped expectations. CEO Mayo Schmidt said the results were “definitely disappointing.” However, for the year, Viterra’s profit jumped

Cargill Earnings Tumble

U.S. agribusiness and trading firm Cargill Inc. posted a steep drop in quarterly earnings Oct. 10, citing economic uncertainty and volatile commodity markets. Minneapolis-based Cargill, one of the world s largest privately held corporations, reported $236 million in earnings from continuing operations for the quarter ended on Aug. 31, down 66 per cent from $693

Beef Plant Gains Russia Access

Russia has allowed beef imports from Cargill’s plant in Guelph, Ontario, as the world’s No. 2 beef importer gradually lifts restrictions it has had in place on Canadian plants since a 2003 discovery of BSE, or mad cow disease in Western Canada. Access to Russia will mean an additional $2 million in annual sales for

Australian Operations Boost Viterra’s Year-End

Expanding Down Under has boosted the bottom line for grain handler Viterra in fiscal 2010. Canada’s largest grain handler, which bought Australia’s ABB Grain in September 2009, on Jan. 19 booked its first full fiscal year including the Adelaide-based grain firm’s revenues and expenses. Viterra reported profit of $145.27 million on $8.256 billion in revenues