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FEBRUARY 28, 2013 | WWW.PRODUCER.COM | THE WESTERN PRODUCER
NEWS
WORLD IN BRIEF FOOD SECURITY
Ministers treated to buffet of waste OSLO, Norway (Reuters) — The United Nations treated government ministers and officials to a meal of blemished African fruit and vegetables last week to highlight how edible food is being rejected by European supermarkets. The five-course meal for 500 delegates at a week-long UN Environment Programme (UNEP) event in Nairobi, Kenya, included grilled sweet corn tamales, yellow lentil dal and mangomisu, a tropical version of the Italian dessert tiramisu. The food was all reject-grade by the standards of European buy-
ers, who sometimes cancel orders after produce has been harvested. The rejected food often rots or is fed to livestock because farmers produce more than local markets can absorb. “No economic, environmental or ethical argument can be made to justify the extent of food waste and loss currently happening in the world,� said Achim Steiner, head of the UN Environment Programme, which hosted the dinner. “With this dinner, we are demonstrating to retailers, consumers and policy-makers who can push for change that the astonishing amount of food we throw away is not just edible and nutritious, but also delicious,� he said. A total of 1.7 tonnes of food was collected, both for the meal and as a donation to local charities.
to come as unions gear up to resist a sweeping reform of port regulations. Port workers nationwide planned a series of scheduled walkouts.
TRANSPORTATION
Brazil port faces labour strife SAO PAULO, Brazil (Reuters) — Brazilian dock workers are threatening a national strike after the union ended a two-day occupation of a Chinese ship Feb. 19 in Santos to protest modernization plans at the port. Unions fear the government modernization plan will cost jobs and cut wages. About 60 stevedores boarded the Zhen Hua 10 early on Feb. 18, stopping it from unloading cranes manufactured by the Shanghai Zhenhua Heavy Industry Co. Although the protest was brief with no perceived impact on Santos port, it gave a taste of what is likely
MARKETS
Oil trader forays into ag LONDON, U.K. Reuters) — Top oil trader Vitol is building a global grains desk and has taken advantage of Glencore’s takeover of Canadian grains giant Viterra to hire a team of its traders, trading sources said. Vitol, which has an annual turnover of nearly $300 billion, will vie for market share along with rival trading firms Gunvor and Mercuria, which have also expanded in agricultural commodity markets as they seek to expand across new markets. The Swiss firm’s advance into
agriculture could help it spot niche opportunities in energy and soft commodity markets, which are seen as increasingly connected due partly to the growth in crop-based biofuels. “Markets are now linked in ways that they never were before. Ten years ago an oil trader could lead a happy existence without ever knowing what was happening to the corn price. Those days are gone,� said Robert Piller, director of Aupres Consult and commodities lecturer at the Geneva Business School. MARKETS
Russia grain falls below expectations MOSCOW, Russia (Reuters) — Russia’s 2013 grain harvest is likely
CF INDUSTRIES | FINANCIAL RESULTS
CF Industries posts profit, but outlook less promising WINNIPEG (Reuters) — CF Industries posted a record-high fourthquarter profit Feb. 19, but shares eased after investors were disappointed by outlook for the full year ahead. The company, which is the world’s No. 2 producer of nitrogen fertilizer, s a i d i t e x p e c t s “ ro b u s t g l o b a l demand� for nutrients, especially nitrogen, during the first half of 2013, but had little to say about the second half, tempering expectations after record-high full-year profit in 2012. CF said it expects U.S. farmers to plant 97 million acres of corn, the same area as in 2012, resulting in high corn prices and strong fertilizer demand. Net earnings for the fourth quarter rose to $470.7 million, or $7.40 per share, from $438.9 million, or $6.66 per share, a year ago. Net sales for the Illinois company, which also mines phosphate, fell 14 percent to $1.5 billion. Analysts had on average expected CF to earn $6.95 a share, according to Thomson Reuters. The value of fourth-quarter net sales of nitrogen fertilizer dipped 16 percent to $1.2 billion, while phosphate net sales were flat at $255.8 million, CF said. Full year 2012 profits were recordlarge at $1.8 billion, or $28.59 per share, as CF benefited from strong demand from U.S. farmers because of high grain prices. The cost of natural gas, a key input in nitrogen production, has fallen because of a supply glut, boosting margins for fertilizer makers. Nitrogen is important to boosting corn yields. Yara International ASA of Norway, the world’s No. 1 nitrogen fertilizer producer, reported lower year over year quarterly earnings in mid-February, reflecting lower prices. CF is awaiting a Canadian regulator’s approval to buy the 34 percent stake it doesn’t own in Canadian Fertilizers Ltd. from Glencore International PLC. Canadian Fertilizers is Canada’s largest nitrogen plant.
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