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…

EU and Eastern Europe drought causes damage to wheat, maize and barley crops

EUROPE - The drought in many regions of the European Union and Eastern Europe has caused significant damage to wheat, maize and barley crops, according to FAO of the United Nations. FoodingredientsFirst reported that the Food and Agriculture Organization of the United Nations (FAO) said that the prices of these crops could remain under upward…

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…

RMG Ghana introduces new chemical ‘Belt Expert 480SC’ to fight armyworm

GHANA - Ghana’s agricultural company, Regional Marketing Group (RMG) Ghana Limited has introduced a new chemical Belt Expert 480SC to combat the fall armyworm menace. Belt Expert 480SC, manufactured by Bayer CropScience is described as a long standing solution for the control of various chewing (lepidopteran) pests and sucking pests on maize, vegetables, and other…

Seaboard Corp in a renewed bid to delist Unga after failed buyout

KENYA - Seaboard Corp, the American multinational conglomerate is planning to delist Unga Group from the Nairobi Securities Exchange (NSE) after a failed takeover bid of the Kenyan grain miller, according to Business Daily. The grain and commodity merchandising company is yet to face another stand-off with minority shareholders and investors who rejected its offer…

French equity fund acquires minority stake in Mozambican miller, Merec

MOZAMBIQUE - Amethis Fund II, Paris-based private equity fund has acquired a minority equity stake in Mozambique’s largest integrated wheat and maize miller, Merec Industries. In partnership with Proparco and Kibo Fund II, a funding arm of Mauritius based Kibo Capital Partners, Amethis seeks to reinforce Merec’s dominant position in Mozambique and expansion into the…

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…

Maize prices drop 40% on increase in supplies

TANZANIA - Maize prices declined by an average of 40% for the last three months as a result of increase in supply, according to an article on the Citizen. According to data by the Ministry of Industry Trade and Investment, prices fell in many regions, a 100-kilo bag of maize dropping to US$17.99 on July…

Grains board urges farmers to ditch middlemen and instead deliver grains to depots

ZIMBABWE - The Grain Marketing Board of Zimbabwe has urged farmers to deliver their grains to the nearest depots instead of using middlemen who have benefited from producer price in the stead of farmers, the Herald has reported. The board said only the parastatal and legal contractors were mandated to buy grain from farmers and…

Seaboard’s failure to reach 75% minimum threshold in Unga blamed on activist investors

KENYA - US firm, Seaboard’s planned buyout offer for Unga Group has flopped as it was unable to garner support from shareholders holding a minimum combined stake of 75% in the miller. Daily Nation has reported that a takeover failure was attributed to a group of significant investors who refused to sell their shares, accusing…