Cargill

After two years of consecutive profits, Cargill promotes its 31 year old veteran Brian Sikes from Chief Operating Officer to Chief Executive Officer. David Maclennan becomes the Executive Chair.

A 50/50 joint venture between The Love’s Family of Companies and Cargill call Heartwell Renewables, broke ground on its 80 MMgy renewable diesel biorefinery in Hastings, Nebraska. The facility is expected to be operational in 2024.

Cargill recently released its Environmental and Social Gorvernance Report. “Since Cargill was founded 157 years ago, our food and agriculture system has evolved significantly to meet the needs of a growing, global population,” wrote David MacLennan, former chief executive officer, now Executive Chair at Cargill,“ Driven by our values and guiding principles, we have worked throughout the decades to make this system safer and more sustainable.”

Cargill has appointed BBDO India to manage the brand strategy and creative for their edible oil brands portfolio. 

Cargill’s land-based salmon feed in partnership with Salmon Evolution, has shown strong results from initial production. Salmon Evolution will catch 30,000 salmon on November 7th and will harvest the rest of the 70,000 fish from the first batch in the fourth quarter.

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Tyson Foods

Tyson Foods CFO, John Tyson, 32-year-old Harvard/Stanford ended up entering a home that was not his and falling asleep in someone else’s bed. It happened in Fayetteville, Arkansas earlier this month. The woman called the cops and they realized it was John after pulling his ID out of his pocket. They tried to rouse him, with little success before arresting him.

Shares of Tyson Foods Inc. Cl A TSN, +1.88% rose 1.88% to $66.75 Monday. This was the stock’s fourth consecutive day of gains. Tyson Foods Inc. Cl A closed $33.97 short of its 52-week high ($100.72), which the company reached on February 8th. However, it is currently outperforming the market due to annual sales above expectations.

On Wednesday Tyson Foods eliminated a requirement that employees receive COVID-19 vaccinations.

Smithfield

Smithfield Europa, a subsidiary of U.S.-based meat processing company Smithfield Foods, said on Tuesday that it has signed an agreement to acquire Goodies Meat Production, a Romanian company operating in the same industry. The acquisition will be carried out through Smithfield Europa’s Romanian subsidiary Elit.

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JBS

JBS’s overall business recorded its highest net revenue in history at R$98.9 billion (Brazilian Real), and annualised revenue close to R$400 billion, making it the largest food company in the world in terms of revenue.

In its Australian business (being reported separately from the US beef division for the first time this year), JBS reported net revenue last quarter of US$1.7 billion, an increase of 19pc compared to the same time last year. Adjusted EBITDA for Australian operations was US$59m, down 49pc. 

In its US beef operations, JBS recorded a large profit drop, with a 73pc year-on-year decline in EBITDA of US$403.1m. Net revenue was $5.55 billion, down 5.2pc from last year.

Brazil’s JBS SA quarterly profit plunged 47.1%, but results still beat analysts’ estimates as higher revenues helped offset shrinking margins in its U.S. beef division.

JBS is being investigated for using child labour. The children reported about working long hours or overnight shifts. Others reported working on power-driven machines or on the kill floor. Packers Sanitation Services Inc. LTD, contracts with JBS to provide children for “cleaning and sanitation services.” 

A group of the largest red-meat producers in the United States (including JBS) — companies that collectively make up about 80% of the market — faces a class-action lawsuit from workers claiming that since 2014, the companies have colluded and conspired to fix and depress wages and salaries. 

The list of defendants in the lawsuit includes a veritable who’s who of red meat production giants:

  • Agri Beef Co., based in Boise, Idaho. 
  • American Foods Group LLC, based in Green Bay, Wisconsin. 
  • Cargill Inc., based in Minneapolis. 
  • Hormel Foods Corp., based in Austin, Minnesota. 
  • JBS USA Food Co., based in Greeley.
  • National Beef Packing Co. LLC, based in Kansas City, Mo.
  • Perdue Farms LLC, based in Salisbury, Maryland. 
  • Seaboard Foods LLC, based in Merriam, Kansas. 
  • Smithfield Foods Inc., based in Smithfield, Virginia. 
  • Triumph Foods Inc., based in St. Joseph, Missouri. 
  • Tyson Foods Inc., based in Springdale, Arkansas. 

The lawsuit compares these defendants to a “cartel.”

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Kerry Group

Kerry Group said it will pay suppliers an unchanged base price of milk in October. The processor’s base price offering will be 56c/L including VAT, at constituents of 3.3% protein and 3.6% butterfat.

Signatures from a group of shareholders seeking a special general meeting (SGM) is advancing, due to concerns about a potential joint venture. Concerns came from Kerry Co-op, the largest shareholder in Kerry Group with an 11.4% stake in the company worth around €2 billion.

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BRF

BRF/Minerva announced plans to secure a large Uruguayan beef processor from its Japanese owners.

Minerva has made a non-binding offer for the assets of Breeders and Packers Uruguay (BPU), a subsidiary of Japanese meat giant NH Foods, which also holds significant processing assets in Australia. The transaction is subject to a due diligence process expected to be wound up by the end of 2022.

BPU’s single processing facility in Uruguay has capacity for 1200 head per day, and is regarded as one of the more modern facilities in South America.

Plukon

The board of Plukon Food Group announced at the end of October 2022 that the current Plukon boss Peter Poortinga is retiring as CEO on March 31, 2023. His successor will be Kees Kraijenoord, the current Chief Financial Officer, from April 1, 2023.

Charoen Pokhand

CP is considering investments in aquaculture, rice, corn and swine production in the Philippines. CP Group, which has eight business lines covering 14 business groups, has $2 billion worth of investments in the Philippines. The largest Thai investment in Philippine agriculture is Charoen Pokphand Foods Philippines Corp., a subsidiary of Charoen Pokphand Foods Public Co. Ltd. (CPFPC).

Charoen Pokphand Foods : CPF’s Q3 2022 earnings jumped 195% on recovery of pork prices in China.

CPF vows to hit net-zero by 2050.

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New Hope Liuhe’s

New Hope Liuhe’s Hog Sales Revenue Soars 171% in October on the back of pork prices up almost 50% this year.

Astral Foods

Audited results for the year ended 30 September 2022
- Revenue up 22%
- Operating profit up 103%
- Earnings per share up 127%
- Headline earnings per share up 125%
- Total dividend per share up 97%

Astral foods warned the public of expected poultry prices increases.

Landmark Grimsby

The former Five Star Fish facility, Landmark Grimsby will shut down after losing $9.5M due to Brexit, the pandemic and Russia’s invasion of Ukraine.

Mowi

The world’s largest Salmon farmer’s earnings at its Scottish operations have dropped 70% due to low growth and high mortalities, reducing its expected harvest by 17%.

Le Roy Seafood

Salmon farming and whitefish giant Leroy Seafood Group confirmed to IntraFish it was interested in acquiring one of Norway’s largest, Sinkaberghansen.

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Impossible Foods

Impossible Foods announced Noel Clarke as the company’s new Senior Vice President of International, charged with leading Impossible’s international strategy and sales team to build growth and drive demand across its non-domestic markets. Clarke joins the company this month after more than 10 years at Unilever.

Impossible Foods will press ahead with a patent lawsuit accusing rival startup Motif Foodworks Inc of violating its patents.

Beyond Meat

Beyond Meat’s Pennsylvania facility has been accused (anonymously) of Listeria food safety problems, according to internal documents and photos leaked to Bloomberg on Monday. Internal documents show that Beyond Meat products tested positive for Listeria 11 times between the second half of 2021 and the first half of 2022, according to the report.

Last month 20% of Beyond Meats employees was laid off, with share price down 83% in the past 12 months.

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Archer Daniels Midlands – ADM

Shares of ADM far outperformed the S&P 500 in October, rising 20.5% for the month compared to an 8% increase by the broad market index.

Bunge

Bunge & BZ Group has announced the signing of a strategic partnership. As part of this agreement, Bunge acquires 49% of BZ Group while the Beuzelin family remains the majority shareholder with 51% ownership.

Bunge and Advanta Seeds UK have agreed to acquire a 20% stake in SEEDCORP|HO. SEEDCORP|HO was established in 2017 in partnership between GDM, Produtiva Sementes, and Sipar. It is a soy genetics company with an integrated seed platform and its own genetic improvement program. The company operates in Brazil, Paraguay, Uruguay and Argentina.

Eliane Aleixo Lustosa de Andrade has been named to the board of directors of Bunge Ltd.

Bunge breaks above “200-Day” moving average.

Danone

Danone Global Energy Excellence Program aims to improve Danone’s energy efficiency by 30% by 2025 and increase its use of renewable energies such as biogas, biomass etc to make its operations more agile, energy- and cost-efficient, resilient and sustainable.

Fonterra

Fonterra sells Chile unit Soprole to Peru’s Gloria Foods for CLP591.07bn (US$641m).

Maersk

Khazaen Dry Port now bookable on Maersk.com as port of origin or destination. AP Moller-Maersk is pushing forward its development of integrated logistics services with the opening of a 14,000 sq.m warehouse for handling batteries for electric cars (EVs) in Teplice, in the north of the Czech Republic. 

CMA CGM

CMA CGM said Ed Aldridge, president of CMA CGM America and American President Lines (APL), will retire Dec. 6 and be replaced by Peter Levesque, the former president of Ports America Group.

Hapag Lloyd

German liner major Hapag-Lloyd has signed a 5-year global partnership with Portchain, a Danish startup focusing on digitizing operations in the container shipping sector.

Hapag-Lloyd to deploy Portchain Connect across its terminals. Portchain Connect provides a platform that enables carriers and terminals to securely share their schedule data with each other through their systems and an easy-to-use web application.

Cosco

Cosco launches trailer platform to enhance logistics service. The platform will manage the operations of trailers linking 87 major Chinese ports, covering almost all domestic markets and inland box logistics points.

MSC

Shipper MSC drops interest in ITA Airways privatisation. MSC had partnered with German airline Lufthansa earlier this year to bid for a stake in ITA, the successor to Alitalia, in a process that failed to result in a deal.

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