Cargill profit rises in 2Q
The company reported net earnings of $1.19 billion for the quarter, up from $954 million last year. For the first six months, it earned $2.68 billion, up 43 percent from $1.87 billion a year ago.
“Cargill performed solidly in a period like no other,” said Greg Page, Cargill chairman and chief executive officer. “The global financial system was under significant stress, energy and agricultural commodity prices fell sharply, and recessionary risks took hold in developed economies in a worsening global economic environment. Because of Cargill’s focus on market fundamentals and risk management, we were able to work our way safely through exceedingly volatile conditions.”
Among Cargill’s business segments, results in the second quarter were led by its origination and processing segment and by its industrial segment, both of which reportedly increased earnings significantly from a year ago. Earnings in agriculture services decreased moderately. Results declined overall in the food ingredients and applications segment, with steady or improved performance in some food ingredient and meat units offset by weaker performance elsewhere.
Source: Cargill Inc.
Large harvest brings down crop prices
Media reports said that corn futures dropped 60 cents, or 7 percent, to close at $3.81 a bushel on the Chicago Board of Trade after the report was released. Soybeans also fell 7 percent, losing 70 cents to close at $9.66 a bushel.
Farmers produced the second largest corn crop on record despite major floods throughout the
There were 12.1 billion bushels of corn grown for use as grain, down 7 percent from 2007's all-time record of 13.04 billion bushels, according to the U.S. Department of Agriculture's National Agricultural Statistics Service.
The soybean crop of 2.96 billion bushels was the fourth largest in
The drop in prices could be for companies such as Tyson Foods Inc., Pilgrim's Pride Corp. and Smithfield Foods Inc. Meat processors, especially in the poultry segment, have struggled as high grain prices last year pushed feed costs to record highs.
Source: Associated Press
NPB names Celebrated Chefs
"The Celebrated Chefs program, developed in 1996, is designed to keep pork at the forefront of the latest menu trends," says Karen Buchholz, Director of Foodservice Marketing for the Pork Checkoff. "This program connects some of the best chefs in the nation to pork, a top protein they are all passionate about."
The 2009 Celebrated Chefs are comprised of both independent and chain operators. The spokespeople for this year are:
• Chris Lilly of Big Bob Gibson Bar-B-Q in
• John Sundstrom of Lark in
• Kevin Storm of Bellerive
• Michael Paley of Proof on Main in
• Tyler Wiard of Elway's Cherry Creek in
The chefs will be featured in a Checkoff-funded media tour in the spring.
Source: Pork Checkoff