GAIL subsidiary of FMN Group boosts development of maize, soybean value chain in Nigeria

NIGERIA – Golden Agri Inputs Limited (GAIL), part of the agro-allied division of Flour Mills of Nigeria Group (FMN), has entered into a Memorandum of Understanding (MoU) with Kaduna State government to accelerate development of maize and soybean value chain in the region. The initiative, which is based on a well-defined Backward Integration Strategy, will be undertaken through the YALWA programme. According to FMN, the project will be carried out through strategic partnerships, with renowned hybrid seed companies like Corteva Agricscience and Golden Penny Fertilizer Company. About 25,000 farmers are…

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Absa Bank Ghana alongside other investors participate in Ghanaian Green Gold Farms’ US$1.6m fundraising

GHANA – Green Gold Farms, a Ghanaian agribusiness start-up, has completed raising US$1.6 million from Absa Bank Ghana, Diaspora Capital, Channel Ventures, EPMT Fund, and a number of early-stage seed investors. Green Gold Farms is a mechanized commercial farm, vertically orientated, and value adding agriculture business in the West African country. The capital raised will allow the farm to invest primarily in capital equipment to scale-up production of organic and non-GMO crops such as maize and soybeans; generate large numbers of well-paying, sustainable jobs; and launch an out-grower program for…

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Global oilseed production to grow 5 percent in 2021/22 buoyed by rise in soybean output in the Americas

GLOBAL – The global oilseed production is forecast to grow 5 percent in 2021/22, primarily on growth in soybean output in the United States and South America, according to a recently released report by USDA. The USDA projects that about 632 million tons of oil seeds will be produced during the year under review due to record plantings. Soybean production is forecast to rise 23 million tons to 386 million, a 6-percent increase while production of all oilseeds is forecast to increase, with all but cottonseed and rapeseed reaching at…

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ADM to invest US$350m in soybean crashing capacity to meet rising demand

US – Archer Daniels Midland (ADM) has announced that it will invest approximately US$350 million to build a new soybean crushing plant in North Dakota, US. The leading multinational food processing and commodities trading corporation said the new soybean plant will cater to increasing demand from the food, feed and biofuel industries. Based in Spiritwood, the crush and refining complex will reportedly feature ‘state-of-the-art’ automation technology and will have the capacity to process 150,000 bushels of soybeans per day. Construction of the facility, which ADM says is ‘strategically located’ in…

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Cargill expands specialty tapioca starch offerings in Asia, to invest $25m in US soybean processing plant

US — US agricultural commodities giant Cargill is partnering with Starpro, a key food grade tapioca starch producer in Thailand, to expand its specialty tapioca starch offerings in the Asia-Pacific region. The collaboration with Starpro is the latest move by Cargill to grow its specialty starch portfolio in Asia-Pacific, after announcing the expansion of a cold-water swelling starch line at its sweetener plant in Pandaan, Indonesia, as well as the construction of a modified starch plant in Songyuan, China. According to Cargill, the agreement will cover a full range of…

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China soybean imports from US surge in March as Brazil temporarily halts import duties to curtail inflation

CHINA — China’s soybean imports from the United States in March increased 320% to 7.18 million tonnes as delivery from the world’s top soybean exporter Brazil delayed due to weather related interruptions. As a result of the delays, occasioned mainly by rain, imports from Brazil dropped 85% in March to 315,334 tonnes from 2.1 million tonnes in the same month in 2020. This, according to a report by Reuters, was the lowest monthly import total from Brazil since January 2017. Darin Friedrichs, senior analyst at StoneX, told Reuters the high…

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