(Reuters) - McDonald’s has sued JBS, Tyson Foods and other leading meat processing and packing companies for allegedly conspiring for years to limit beef supplies, boosting their profits while causing the fast food giant to pay artificially higher prices. McDonald’s said in a lawsuit filed on Friday in Brooklyn federal court that the meatpackers, also including Cargill and National […] Read more
Stories by Reuters News Service
JBS expects earnings hike
SAO PAULO, Brazil — Brazilian meat packer JBS expects its core earnings this year to reach as high as US$6.75 billion on net revenue of $76.5 billion, the company said in a recent securities filing. In its filing, JBS forecasted 2024 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of core profitability, […] Read more
Chemical companies beat price-fixing lawsuit
REUTERS — A U.S. judge has dismissed a lawsuit accusing agriculture giants Bayer, Corteva, Syngenta and others of conspiring with wholesalers and retail outlets to fix prices for seeds and crop protection chemicals, causing farmers to pay higher prices. St. Louis-based U.S. District Judge Sarah Pitlyk ruled in mid-September that farmers and other plaintiffs failed […] Read more
Louis Dreyfus profit drops
PARIS, France (Reuters) — Louis Dreyfus Co. has posted higher first-half sales volumes and a drop in profit as the commodity group faces rising supply and lower prices of some major crops. LDC, one of the world’s largest crop traders and processors, said its core earnings were US$1.057 billion in the first six months of […] Read more
U.S. barley farmers worry as beer loses ground
Plains states face a huge glut of the crop as overall beer consumption in the U.S. slides to its lowest level since the 1970s
SHARON, North Dakota (Reuters) — Don Nygaard, a third-generation farmer in a remote corner of North Dakota, used to grow malt barley for Rahr Malting Corp. to make lagers, pale ales and IPAs. But this year, he received no lucrative contracts from Minnesota-based Rahr or any beer makers, so his sprawling farm is growing food-grade […] Read more
U.S. port strike ends leaving cargo backlog
Reuters — U.S. East Coast and Gulf Coast ports began reopening late on Thursday after dockworkers and port operators reached a wage deal to settle the industry’s biggest work stoppage in nearly half a century, but clearing the cargo backlog will take time. The strike ended sooner than investors had expected, weakening shipping stocks across […] Read more
Montreal port says strike by workers is over, clients can expect delays
OTTAWA (Reuters) - A three-day strike by unionized Montreal port workers that shut down two container traffic terminals ended early on Thursday as scheduled, the port authority said in a statement. “All Port of Montreal terminals are now open, and cargo can be picked up or dropped off as usual … clients waiting to import or export […] Read more
U.S. East Coast dockworkers strike, halting half of U.S. ocean shipping
NEW YORK (Reuters) - Dockworkers on the U.S. East Coast and Gulf Coast began a strike early on Tuesday, their first large-scale stoppage in nearly 50 years, halting the flow of about half the nation’s ocean shipping after negotiations for a new labor contract broke down over wages. The strike blocks everything from food to automobile shipments across dozens […] Read more
Vancouver grain workers reach tentative deal to end strike
Workers at six grain terminals in the Port of Vancouver have reached a tentative deal, ending a strike potentially impacting exports from the world’s top canola and number three wheat exporter during the harvesting period. The Grain Workers Union and the Vancouver Terminal Elevators’ Association reached the tentative agreement to get Canada’s harvest to market, […] Read more
Syngenta slashes jobs
ZURICH, Switzerland (Reuters) — Syngenta is cutting slightly more than 10 per cent of its workforce at its Swiss headquarters in Basel, following a big downturn in its crop protection business this year. Up to 150 of the 1,100 positions in the city will be affected at the Chinese-owned company, which employs 60,000 people globally. […] Read more
