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Business news and notes Tuesday, November 4, 2008
Dairyland releases 29 new corn hybrids for 2009
WEST BEND, Wis. -- Dairyland Seed has released 29 new corn hybrids for the 2009 planting season.
The varieties range from 85-day corn to 110-day corn.
Dairyland Seed began its seed business in 1907. It has a dealership network throughout the upper Midwest with international sales in more than 20 countries.
Primary research facilities are located in Clinton, Wis.; Gibson City, Ill.; Otterbein, Ind.; Gilbert, Iowa; and Sloughhouse, Calif.
AGCO forms joint venture with Russian firm
DULUTH, Ga. -- AGCO Corporation and Concern Tractor Plants, a leading Russian industrial machninery builder, have signed an agreement to create a joint venture company to assemble diesel engines in Russia.
"The joint venture agreement is another very significant step in the growth strategy of our global engine business,'' said Martin Richenhagen, AGCO chairman.
AGCO plans to make an investment of $9 million in the joint venture over the next three years.
Outside group: Big Stone costs underestimated
ST. PAUL -- An independent report on the proposed Big Stone II power plant says the utilities that want to build the coal-fired plant have underestimated their costs.
The report to the Minnesota Public Utilities Commission also says the utilities have overestimated the costs of energy alternatives.
It was prepared by Boston Pacific Co. at the PUC's request. The plant would be built in South Dakota, but the utilities need the PUC's permission to run power lines into Minnesota.
The utilities, including Otter Tail Corp. of Fergus Falls, say they're not that far from the report's numbers on construction and fuel costs. And they challenge the report's assumption on the size of a future carbon tax.
Environmental groups say the report backs up their opposition to Big Stone.
NCGA, BASF offering $1,000 scholarships
ST. LOUIS -- The National Corn Growers Association and the BASF Corp. have joined forces to offer five, $1,000 scholarships to undergraduate and graduate students pursuing a degree in an agricultural-related field.
Applicants for the NCGA Academic Excellence in Agriculture Scholarship Program must be entering their second undergraduate year and they or their parent or legal guardian must be a NCGA member. Scholarship applications must be submitted by no later than Jan. 23.
Complete rules are available at the Web site www.ncga.corn/scholarship.
Valmetal acquires, will continue Badger brand name
ST.-GERMAIN, Quebec -- Valmetal, located in St-Germain with a warehouse in Wisconsin, has acquired the assets of Badger Farmstead. The acquisition includes the Badger name.
Valmetal will continue the Badger brand name.
"We are very happy that this business is going to the industry leader who wants to grow the Badger brand and understands the farmstead dealer and his needs,'' said John Miller, president and CEO of Miller-St. Nazianz of Nazianz, Wis. "Together, we are making sure that the transition will go smoothly for both Badger dealers and end-users.''
Soybean exports are setting records
ST. LOUIS -- The U.S. soybean industry set another record for exports in the marketing year ending September 30.
The United States exported more than 1.5 billion bushels of whole soybeans and soy products.
It's a 7 percent increase over the previous year's exports and is the third soy export record in the last four years. Every other row of U.S. soybean production is exported, which makes soy the No. 1 U.S. agriculture export totaling over $12 billion annually.
Whole soybean exports totaled a record 1.12 billion bushels. Soybean meal and soy oil sales also closed ahead of the previous year's export totals. Soybean meal increased by 11 percent and soybean oil export growth continued its rapid increase at 68 percent above 2007 levels.
Smith will lead Firestone's Des Moines facility
DES MOINES -- Norvel Smith is the new plant manager of the Des Moines Firestone Agricultural Tire facility. Smith is a 36-year veteran of the Bridgetone group of companies. He began his new duties on Oct. 16.
"We are confident that Norvel will be a strong asset to our team,'' said Ken Allen, vice president of the group. "Safety and quality are Novel's top priorities and with his experience and ability to motivate people we will continue to build upon the many successes here in Des Moines.''
Brabant will lead soybean efforts in Japan
ST. LOUIS -- LaVerne Brabant has been hired as the U.S. Export Council's new country director to Japan.
Brabant will relocate to Tokyo, where he will lead the program responsible for promoting U.S. soybean exports in Japan. The nation is the third-largest U.S. soybean export market.
Japan imported more than 110 million bushels of U.S. soybeans and products in the last year.
R-CALF offers health care opportunity
BILLINGS, Mont. -- R-CALF USA is offering members the opportunity to purchase health insurance through America's Healthplan Consultants.
"Most of our members are self-employed, independent business owners who find that health insurance is a major expense, yet they don't have access to any kind of clearing house for the various health insurance programs that may be available to them,'' said Bill Bullard, CEO of R-CALF. "By making a single phone call, this new service will assist our members who do not have adequate or affordable health insurance.''
Terra Nitrogen reports higher earnings for quarter
SIOUX CITY, Iowa -- Terra Nitrogen Company is reporting net income of $106.2 million on revenues of $246.6 million for the third quarter that ended on Sept. 30.
This compares to net income of $45.6 million on revenues of $113.2 million for the 2007 third quarter.
Terra said the improvement in earnings over last year was due to higher nitrogen product selling prices and sales volumes, which were partially offset by higher natural gas costs. Low grain inventories supported strong U.S. nitrogen demand and selling prices for the third quarter. |
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