Flour Mills Nigeria enters partnership with DowDuPont for maize hybrid development

NIGERIA - Flour Mills of Nigeria PLC, one of Nigeria’s leading food and agro-allied companies and Corteva Agriscience, Agriculture Division of DowDuPont have entered into partnership for maize hybrid seed development in Nigeria. According to the company, this move reiterates the commitment of Flour Mills of Nigeria Plc (FMN) to be a catalyst in the…

Bunge files to list Brazilian sugar and ethanol business

USA - The global agribusiness and food company has filed a registration for a potential public offering of its sugar and ethanol business, Bunge Açúcar & Bionergia with the Brazilian Securities Commission. With the listing which is subject to market conditions and valuations, Bunge plans to operate the business as a stand-alone entity after obtaining…

Ukraine soybean production to fall 14% in 2018-19

UKRAINE - Ukraine’s soybean production is set to fall 14% to 3.3 million tonnes despite higher expected yields than the five-year average, according to USDA’s Global Agricultural Information Network (GAIN) May 16 report. Soybean planted area for the coming crop year is forecast at around 1.5 million hectares, a 23% decline from 2017-18. While Sunflower…

Bunge considers soybean exports to Argentina

USA - Bunge Ltd, multinational food and agribusiness company is considering exporting US soybeans to Argentina and the move would be ratified depending on the margins. The plans were revealed by Soren W. Schroder, chief executive officer of Bunge at an investor event in New York adding that they look forward to bumping up soybean…

Campbell Soup’s CEO Denise Morrison retires abruptly

USA - US soup maker Campbell Soup has announced that its CEO Denise Morrison abruptly decided to step down effective today and she has been replaced by Keith McLoughlin, who joined the company's board in 2016, as CEO on an interim basis. In a statement Campbell Soup, maker of V8, Pepperidge Farm, Pop Secret and…

Dairibord’s revenue up 17% on overall volumes growth

ZIMBABWE - Dairibord Holdings, Zimbabwe’s leading processor of food and dairy has reported 17% growth in revenue in the first quarter ended April as compared to the same period last year. The company indicated that overall volumes grew 8% above same period last year while demand was firm across all categories, reported the Herald. During…

Walmart’s revenue beat forecasts reaping big on online sales

USA - The American retail giant, Walmart’s revenue rose almost 2% higher than the forecasts to US$122.69 billion boosted by US online sales which grew 33% in the quarterly results. Earnings were up to US$1.14 cents per share as opposed to US$1.12 per share forecast by Thomson Reuters. Walmart e-commerce push reaped well on high…

Famous Brands expects to report US$9.21m loss from Gourmet Burger deal

SOUTH AFRICA - The South African fast-food franchises, Famous Brands said it expected to report a US$9.21m operating loss from the UK acquisition of Gourmet Burger Kitchen (GBK) in the financial year ending February results. Business Day reported its share price fell 5.4% to US$8.03 on Thursday morning after it warned shareholders it expected to…

Kenyan mango juice processor receives US$1.09m in funding from EU

KENYA - The European Union has extended US$1.09 million funding to Makueni County for a mango juice processor, Kalamba Fruit Processing plant, following an agreement between the Kenyan government and the EU. According to Business Daily, this agreement involves funding economic projects across 15 counties under the Instrument for Devolution Advice and Support (IDEAS) programme.…

Arla Foods butter brand expands with launch of Lurpak Softest

UK - Arla Foods, a global dairy company and co-operative, has expanded its number one butter brand to Lurpak Softest; a new soft blend butter that is spreadable straight from the fridge. Lurpak is UK’s number one butter brand, which has now combined the great taste that Lurpak is renowned for with the softest, most…