Maize flour prices in Uganda fall due to increased supply of cheap grains

UGANDA - Maize flour prices have dipped to a six-year low on increased supply of cheap grains from Uganda and harvests in western Kenya, easing inflationary pressure. According to Business Daily, the imports from Uganda and harvest has pulled down grain costs from Sh3, 200 a bag in January to below Sh2, 000, offering millers…

Seaboard sustains a US$2m loss in milling unit in the second quarter

USA - The Kansas based agribusiness company, Seaboard Corp has reported a loss of US$2 million in its Commodity Trading and Milling (CT&M) segment during the second quarter ended June 30. The company had operating income of US$9 million in the segment while net sales totalled US$890 million, a 27% increase from US$701 million in…

COCOBOD to introduce organic fertilizer on cocoa farms

GHANA - The Ghana Cocoa Board (COCOBOD) has unveiled plans to introduce use of organic fertilizer on cocoa farms in another strategy to increase yields and cocoa production in the country. The fertilizers will help in enriching the soil as opposed to use of chemicals and weedicides that has affected the soil fertility and yields…

Flour Mills of Nigeria profits drop 26% in a challenging business environment

NIGERIA - Flour Mills of Nigeria Plc, the Nigerian agribusiness company has reported 26% decline in group operating profit from US$41.81 million to US$31 million in the first quarter ended June 30. Group revenue fell to US$368.33m, down 11% from US$412.37 million a year ago while profit before tax was US$14.40 million for the three…

Agrana acquires 49% of Elafruits extending its presence in Africa

AUSTRALIA - Austrian ingredients producer Agrana has extended its presence in Africa by acquiring 49% of Elafruits, an Algerian producer of fruit preparations. Located in Akbou, around 200 km east of Algiers, Elafruits has a workforce of around 100 and generated revenues of approximately US$8.16 million in its 2017 financial year. The company reported that…

Spain, USA and UK researchers successfully create GM rice with HIV-neutralizing proteins

WORLD - An international team of researchers from Spain, the United States, and the United Kingdom has successfully created a strain of genetically modified (GM) rice that will produce HIV-neutralizing proteins. According to Crop Biotech, the scientists have been developing possible treatments for people infected with HIV. Their efforts to produce a vaccine against the…

Nigeria reports biotech cotton varieties allowing farmers access to biotech cotton seeds

NIGERIA – Nigeria has recorded a major breakthrough in crop biotechnology following official approval and registration of two Bt cotton varieties, allowing the farmers to access biotech cotton seeds. According to Crop Biotech, the registered Bt cotton varieties were MRC 7377 BGII and MRC 7361 BGII, and were approved by the National Committee on Naming, Registration…

Zambia’s food agency increases maize purchasing price after intervention

ZAMBIA - The Food Reserve Agency (FRA) of Zambia has increased its maize purchasing price to US$7.02 per 50kg bag for the 2018 crop marketing season, from the previously set US$6.5. Lusaka Times has reported that this follows a directive from President Edgar Lungu to revise the price that was announced by FRA Board Chairman…

Agricultural agency to outlaw importation of agricultural equipment

NIGERIA - The National Centre for Agricultural Mechanisation (NCAM) has said its plan to outlaw the importation of some agricultural equipment into the country are almost done, New Telegraph has reported. NCAM said the agency is looking to encourage local production of such farming tools since most of the imported implements have proved difficult to…

Uganda’s Local Content Policy boosts grain trade as volumes rise

UGANDA - Uganda’s local content policy has played a significant role in boosting grain trade as a result of increased volumes of grain bought locally, improved value for farmers and high quality grain, the East African has reported. Local content policy aims to improve production jobs, incomes while unlocking the potential of agriculture which contributes…