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Canadian dollar flirts with U.S. parity

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The Canadian dollar has reached parity with its U.S. counterpart because of the Bank of Canada’s commitment to a tightening bias. Despite struggling economies in the U.S. and the euro zone, the Canadian dollar will likely hover around the parity mark for the remainder of the year, according to one analyst. “The Bank of Canada
Crops, News

Canadian farm groups want curbs on Agrium’s clout

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Reuters / Two influential Canadian farm groups will urge the country’s Competition Bureau to scale back Agrium Inc.’s proposed purchase of Viterra Inc. assets, saying Agrium might become too powerful in the sale of fertilizer and other crop supplies. In a $6.1-billion deal, global commodities giant Glencore International PLC will buy Viterra, Canada’s biggest grain
Cereals, News

Viterra shareholders back Glencore

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Reuters / Shareholders of Canada’s largest grain handler, Viterra Inc., voted overwhelmingly May 29 in favour of a friendly takeover bid by Swiss commodities trader Glencore International Plc., pushing the biggest deal in years for the global agricultural sector closer to reality. The deal was supported by 99.8 per cent of shareholders, far more than
Cereals, Opinion

The Brand X elevator and corporate control of the food supply

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The potential for contracted acres to be linked to herbicide and fertilizer purchases as well as point of delivery was already there

When Manitoba Pool Elevators and the Alberta Wheat Pool amalgamated in 1998 to become Agricore, I joked at the local watering hole that we really needed to invent an elevator sign that was Velcro backed. Even then, it was apparent that there was a lot of work involved in rebranding trade names on very tall
Hogs, Opinion

Travel, trade and local markets

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It was no surprise to learn last week that our federal minister of agriculture has racked up $271,000 in travel expenses since March 2011, the most of anyone in the federal cabinet. But unlike some of his colleagues, whose expense accounts have raised eyebrows among Canadians and howls of protest from opposition critics, we expect
News

Ritz says budget cuts won’t affect food safety

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Agriculture Minister Gerry Ritz is brushing off accusations that cuts at the Canadian Food Inspection Agency will eliminate the jobs of 100 veterinarians and inspectors. Reductions will be predominantly “backroom changes,” said Ritz. “Anyone who says this will affect food safety is off the mark,” he said. But the president of the agriculture division of
Crops, News

Viterra shareholders to vote May 29

Reuters / Shareholders in Viterra Inc. will vote May 29 whether to approve a $6.1-billion friendly takeover of Canada’s biggest grain handler by Swiss-based commodities trader Glencore International PLC. The vote will be taken at a special shareholder meeting in Calgary, Alberta, a Viterra spokeswoman said. The deal’s completion requires approval of two-thirds of the
Cereals, News

Budget pushes CGC changes

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The Canadian Grain Commission, grain industry watchdog and wheat quality guardian for 100 years this month, won’t be financed by taxpayers after 2014. Last week’s federal budget included $44 million to help the commission transition to full self-sufficiency over the next two years. The federal government also plans to reintroduce legislation to “modernize” the commission.
Cereals, Crops, News

Richardson International’s rise to share top grain spot

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The pending multibillion-dollar sale of Viterra demonstrates the value of patient capital and private ownership, says Richardson International president Curt Vossen. Last week publicly traded Viterra, Canada’s largest grain company, announced it was selling to the world’s No. 1 diversified commodities trader, Swiss-based Glencore, for $16.1 billion. But in a move believed aimed at getting
Cereals, News

Canada’s Harper says Viterra bid not “primarily” foreign

reuters / Canadian Prime Minister Stephen Harper said March 25 that the structure of Glencore’s $6.1-billion deal to buy No. 1 Canadian grain handler Viterra means it should not necessarily be seen as a full foreign takeover. Harper’s comments come as the Canadian government and regulators begin reviewing the offer by Swiss-based Glencore, already the

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