A BIG year ahead for ADM; new port investment for Glencore; Russia’s grain export duty takes effect; AGIC Asia is on again.
Nanjing Night Net

Big year for ADMTHE massive US harvest has been a boon for Archer Daniels Midland (ADM), which has announced a massive 87.4 per cent year on year boost in earnings for the December quarter.

The grains powerhouse reported net earnings of US$701 million (A$900.2m) up from $374m (A$480.3m).

North American grain-related activity was a key driver of the good results, as was the oilseeds business in both North America and Europe.

Glencore port investmentGLENCORE has announced it will take a 50pc share in an ADM export port facility in Brazil.

Glencore which participates in the Australian grain export scene through its ownership of Viterra, which runs all grain exports ports in South Australia, will take the stake in a terminal at Barcarena, in the northern Brazilian state of Pará.

ADM and Glencore plan to quadruple the terminal’s capacity from 1.5 million tonnes to 6 million tonnes to take advantage of growing agricultural production in Brazil’s north and west.

In addition to its increased capacity, the upgraded terminal will be able to handle larger Panamax vessels.

Russian export duty Russia’s grain export duty has taken effect.

The 15pc export duty, which was designed to ease pressure on the Russian domestic grain market, took effect on February 1.

When the Russian government was planning the duty, it had the effect of spurring world grain prices, but the 15pc value has been seen as manageable by international analysts and prices have since dropped significantly.

AGIC Asia on again GRAIN Trade Australia (GTA) will expand on its successful Australian Grains Industry Conference Asia concept this year, holding events in both Singapore and Hong Kong.

Last year, GTA ran its inaugural AGIC Asia event in Singapore, expanding from the popular AGIC event held in Australia each winter.

GTA chief executive Geoff Honey said the Singapore event had been well received and that this year there would be the chance to interact with east Asian, as well as south-east Asian grain industry participants at the Hong Kong conference.

The Singapore event will be held on March 9 and the Hong Kong conference is on March 11.

This story Administrator ready to work first appeared on Nanjing Night Net.