Viterra posted a second quarter profit of $67.1 million this week, more than double the amount earned last year at the same time.
The improvement was attributed to strong grain exports and improved crop input sales.
Grain shipments in Western Canada increased 17 percent to 4.3 million tonnes.
Seeding got underway early, which allowed some sales that would normally occur in the third quarter to happen earlier.
An estimated 60 million acres were seeded in Western Canada, close to the normal level but well above last year’s 55.4 million acres.
In South Australia, Viterra estimates that total seeded acreage should increase by five percent to around 9.8 million acres.
Canola acres are expected to rise by about 30 percent to 865,000 acres at the expense of lentils, which are estimated to be down by about 12 percent. Seeded barley and wheat acres are expected to increase by about three to six percent.
There were also improvements in the company’s processing operations.
Viterra shareholders have already approved the $6.1 billion takeover bid from Glencore, but some Canadian regulatory approvals are still needed.
Reuters reported today that Agrium’s chief executive officer, Mike Wilson, told his company’s investors the takeover might not take place until August.
Once Glencore’s takeover is complete, the federal Competition Bureau will examine the second half of the deal, in which Glencore sells some Canadian elevator assets to Richardson, and Canadian and Australian crop input facilities and a minority stake in Canadian Fertilizers Ltd. in Medicine Hat, Alta., to Agrium.
