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Tuesday, June 25, 2019

Cargill Inc News

U.S. Transportation Secretary Elaine L. Chao

U.S. DOT Announces New MTSNAC Members

U.S. Transportation Secretary Elaine L. Chao today announced the appointment of 29 members to the Maritime Transportation System National Advisory Committee (MTSNAC).Established in 2010, the MTSNAC is made up of leaders from commercial transportation firms, trade associations, state and local public entities, labor organizations, academia, and environmental groups that advise the Secretary on policies to ensure that the marine transportation system can respond to projected trade increases.“This advisory committee will help strengthen and modernize our nation’s maritime capabilities…

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Bunge Posts Q4 Loss as Trade War Hits Soy Prices

Global grains merchant Bunge Ltd reported a fourth-quarter loss on Thursday as fallout from the U.S.-China trade war dragged down soybean prices in Brazil.Shares of the White Plains, New York-based company slumped nearly 4 percent in premarket trading to $50.75 per share.Brazilian soy prices had swelled to a steep premium to U.S. beans after China slapped steep tariffs on shipments from the United States in July. But that premium narrowed after the countries declared a temporary truce in their trade war on Dec.

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Brazil Freight Policy Signed into Law

Brazil's President Michel Temer signed into law a bill authorizing the government to set minimum truck freight prices, drawing criticism from farm groups who said the measures would drive up costs for food.According to a decision published in the official gazette on Thursday, Temer only vetoed one provision that would have pardoned truckers from paying fines for their role in staging an 11-day strike in May. The stoppage crippled Brazil's roads, hampering deliveries of everything from fuel to grains.The new law requires truck freight prices to be equal to…

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Brazil companies mull buying trucks to avoid higher shipping fees

Manufacturers of heavy trucks have been fielding inquiries from Brazilian companies looking into purchasing their own fleets to get around higher mandatory pricing for independent truckers who staged a nationwide strike in May against high fuel costs and low compensation.Volvo AB and the Mercedes-Benz truck unit of Daimler AG have received inquiries from big companies looking into owning and operating their own truck fleets, representatives for the truck makers said.Smaller buyers such as farmers have already begun placing orders…

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Cargill Aims to Cut Ship Emissions 15% by 2020

Cargill Inc aims to cut carbon emissions from its international shipping unit by as much as 15 percent by 2020, to meet U.N. regulations to reduce pollution and demands from some of its food manufacturer customers for more environmentally-friendly operations.The global commodities trader, which was scheduled to announce the emissions goal late on Monday, told Reuters the reduction of CO2 per cargo-ton-mile was targeted at its time-chartered fleet. But overall, Cargill plans to cut total greenhouse gas emissions on an absolute basis across all company operations by 10 percent by 2025.Cargill…

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Ships Carrying US Sorghum U-turn after China Tariffs

Several ships carrying cargoes of sorghum from the United States to China have changed course since Beijing slapped hefty anti-dumping deposits on U.S. imports of the grain, trade sources and a Reuters analysis of export and shipping data showed.Sorghum is a niche animal feed and a tiny slice of the billions of dollars in exports at stake in the trade dispute between the world's two largest economies, which threatens to disrupt the flow of everything from steel to electronics.The supply-chain pain felt by sorghum suppliers on the Pacific…

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Brazil Mulls Longer, Flexible Port Licenses to Draw Investment

Brazil may revise public port regulations to lengthen operators' contracts and encourage improvements, officials told Reuters, in an effort to attract more private investment in infrastructure that is crucial to the country's powerhouse farm sector. Building on the success of recent airport and power line auctions , President Michel Temer's government is hoping to add capacity at ports exporting commodities from sugar and coffee to soy at some of the world's lowest prices. Samuel Cavalcanti…

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More Woes for Grain Merchants

In the face of a global grain glut that is crushing profits and raising questions about long-term prospects for the world's big grain merchants, the companies maintain they need only a drought or other supply shock to return to the riches of the past. But a two-day rout on Wall Street earlier this week for two of the industry's biggest firms - Archer Daniels Midland Co and Bunge Ltd - underscores concerns that poor recent profits may be more than just a leg of a cyclical downturn and instead point to fundamental change.

Cargill Posts Net Profit on Special Gains; Revenue Declines

Global commodity trader Cargill Inc on Wednesday said it turned in a quarterly net profit, boosted by special gains that offset poor results from trading and oilseed processing. Revenue for the privately held company declined for the eighth straight quarter. Minnesota-based Cargill reported net income of $15 million for the fourth quarter ended May 31, compared with a net loss of $51 million a year earlier. Revenue fell 5 percent to $27.1 billion. Excluding items such as inventory adjustments and gains or losses from sales of assets…

Dieleman Takes over as Cargill Shipping Head

Commodities trader Cargill has appointed a new head of its shipping business, weeks after announcing it would close its London freight unit amid a worsening global seaborne market. The dry bulk sector, which transports commodities such as coal and grain, continues to suffer from too many ships available for hire and slowing demand for goods, especially from top importer China, which has led to freight rates slumping to record lows. Cargill, a leading shipping player, said on Friday Jan Dieleman had taken the helm since March 1 of its ocean transportation business…

Wage Row Between Argentine Crushers, Companies Reaches Crunch Point

Pressure grew on Friday for a resolution to wage talks between exporters and striking crushers in Argentina's Rosario grains hub, with another powerful union threatening to launch its own industrial action on Monday that would paralyze exports. The strike by the Soyoil Workers Federation, which represents about 20 percent of crushing workers in the world's No. 1 soyoil and soymeal exporter, began more than three weeks ago at the peak of an expected record harvest. "On Monday there's no turning back," union head Daniel Yofra said by telephone.

ASCE to Release New Report Detailing Trade Impacts

ASCE to Release New Report Detailing Trade Impacts of Failing to Invest in America’s Seaports/Inland Waterways. The nation’s seaports and inland waterways are critical links that make commerce possible. With the expansion of the Panama Canal by 2015, these facilities require rapid modernization. Recognizing this, the American Society of Civil Engineers (ASCE) will unveil a new economic study on THURSDAY, SEPTEMBER 13th at 10 AM. The study measures the impacts on jobs, GDP and…