*Food and medicine exempt from U.S., EU sanctions on Iran. LONDON/ ANKARA, Aug 1- It should have been a routine delivery of vegetable oil to Iran for making margarine; instead the tanker spent months in the Gulf as banks held up payment for the cargo, fearing they would run foul of international sanctions.» Read More
Net earnings for the world's biggest fertilizer company by market capitalization fell to $472 million, or 56 cents per share, from $643 million, or 73 cents per share, a year earlier. Potash Corp had forecast 40 cents to 45 cents. Potash Corp raised its estimate of 2014 earnings to a range of $1.70 to $1.90 per share from a prior forecast of $1.50 to $1.80.
WASHINGTON— A bank that serves farmers and agribusiness is donating $10 billion to spur private investment in rural America. The White House was announcing the money Thursday as part of a rural conference it is holding this week.
Soybeans rose 19 cents to settle at $10.77 a bushel. Wheat rose 6 cents to $5.31 a bushel and corn added 3 cents to $3.71 a bushel. Mike Zuzolo, president of Global Commodity Analytics, said those forecasts helped nudge prices up Wednesday because many farmers planted their soybeans late in the season, which makes them more susceptible to changing weather.
July 23- Dow Chemical Co reported a better-than-expected quarterly profit as sales rose and margins improved due to higher prices and a tight control on costs.
CHICAGO, July 23- As U.S. farmers turn in record grain crops this autumn, many will have a powerful new tool- giant sausage-shaped storage bags- to help them avoid the lowest prices in years and gain more control over trade with giants such as Cargill Inc..
Marc Faber, Publisher, The Gloom, Boom & Doom Report, explains why he thinks the agriculture sector is a good place for investments.
Corn for delivery in September dropped 3.75 cents, or 1 percent, to $3.68 a bushel on Tuesday. "The weather conditions are beyond good," said Sterling Smith, a commodities analyst at Citigroup. Soybeans for the same month dropped 13.75 cents, or 1.3 percent, to $10.58 a bushel.
July 22- DuPont, the world's second-largest seed maker, said its agriculture business would not improve in the current quarter as it struggles to cope with farmers' preference for soybean rather than corn, the mainstay of the business.
CHICAGO— Grain futures were higher Tuesday in early trading on the Chicago Board of Trade. Wheat for Sept delivery was unchanged at $5.30 a bushel; Sept corn was 1.25 cents higher at $3.6525 a bushel; Dec oats were unchanged at $3.25 a bushel; while Nov soybeans was 1.50 cents higher at $10.72 a bushel.
Wawona Packing says no illnesses have been reported from a listeria scare of some of its produce, and the nationwide recall is a precaution.
Investors are buying up America's farmland through real estate trusts like Farmland Partners to cash in on rising food prices. NYT reports.
July 22- Chemicals maker DuPont forecast lower-than-expected operating earnings for the current quarter and warned of a loss in its agriculture unit as weak farm sales constrain both profit and revenue. DuPont has made a big push into agriculture, energy and specialty materials to insulate itself from more volatile businesses.
SPRINGFIELD, Ill.— The U.S. Department of Agriculture says Illinois' corn crop is maturing faster than normal and faring well. The USDA says in its weekly crop-status update that 81 percent of the state's corn is rated as either good or excellent. Eighty-two percent of the crop is silking, 12 percentage points better than the average of the previous five years.
Compared with the other animal proteins, beef produces five times more heat-trapping gases per calorie, puts out six times as much water-polluting nitrogen, takes 11 times more water for irrigation and uses 28 times the land, according to the study published Monday in the journal Proceedings of the National Academy of Sciences.
Over 80 percent of California is now in extreme or exceptional drought. CNBC's Jane Wells reports UC Davis predicts this will cost the state $2.2 billion.
CHICAGO— Grain futures were lower Monday in early trading on the Chicago Board of Trade. Wheat for Sept delivery was unchanged at $5.3225 a bushel; Sept corn was 7.25 cents lower at $3.64 a bushel; Dec oats were unchanged at $3.2525 a bushel; while Nov soybeans was 7.50 cents lower at $10.7775 a bushel.
KINGSTON, Jamaica— A severe drought is intensifying in Jamaica with water supply systems already well below normal, the Caribbean country's environment minister said Sunday night. In a national address, Robert Pickersgill told Jamaicans the government is trucking water to hard-hit farming districts where parched conditions have withered crops.
MUMBAI/ BANGKOK, July 21- Thailand is set to reclaim its status as the world's top rice exporter as weak monsoon rains curb India's crop, helping the Southeast Asian country's new military government offload bulging stockpiles.
SAO PAULO, July 18- Brazilian beef exports to China will increase by more than $1 billion next year following the decision by the world's second-largest economy to lift an embargo on Brazilian beef, the president of an industry group said on Friday.
SAO PAULO, July 18- Low corn prices in Brazil following a bumper crop are worrying farmers but providing favorable margins for an incipient corn-ethanol industry, said the manager of Usimat, the first Brazilian mill to produce the corn-based biofuel.