Posted on 04/16/2008 6:26:22 AM PDT by TigerLikesRooster
Cargill profits soar as grain prices surge
Apr 15, 2008 04:30 AM
Cargill Inc., the largest U.S. agricultural company, said fiscal third-quarter profit rose 86 per cent because of surging global demand for fertilizers, grains and food ingredients.
Net income climbed to $1.03 billion (U.S.) in the three months ended Feb. 29, from $553 million in the same period a year earlier, Cargill said yesterday in a statement.
Cargill, which processes and distributes grains, oilseeds and other agricultural commodities, is benefiting from increasing demand from emerging economies that has pushed prices to records.
Wheat futures have soared 93 per cent in the past year while soybeans climbed 86 per cent and corn gained 54 per cent.
Mosaic Co., a Cargill unit and the world's second-largest fertilizer maker, said on April 4 profit surged more than 12-fold to a record $520.8 million, as rising crop prices boosted demand for fertilizers
Ping!
The government needs to take those profits </Hillary
Ag companies have been red hot with the rapidly increasing produce prices.
What, no congressman clamoring for a confiscatory tax on windfall profits?
No wonder my Post Toasties cost so much. I’m even considering buying store brands of cereal.
Great. Now the LIBs are going to hijack Congress with constant discussions on Windfall Profits Taxes against Big Grain! And the DBM and the DUmmies will go out and find all kinds of ties between W and Big Grain.
How many Americans will read this and immediatly think, “That damn Cargill! How dare they make a profit when we have to pay more for food!” How many have no clue on BASIC ECONOMICS?
Those evil, capitalist, running dogs making a profit on the backs of poor. They must be stopped and their profits taken away for the common good!
I thought Cargill was a privately owned company and didn’t publish earnings reports.
Wow. Sounds like they need a tax cut.
BIG GRAIN!!
NO BLOOD FOR GRAIN!
I want to know if Cargil is in a monopoly position. Does anyone else have a similar storage capacity? If Cargil’s inability to subsidize lower prices from their profits causes food prices to rise and create food riots in the 3rd world and extreme dissatisfaction with the status quo in America and the west and that makes it easier for marxists to come into power, ie., the election of Obama, then won’t they and their supporters on Free Republic get the government and economic policy they deserve?
That would be The Law of Unintended Consequences at work.
I buy Brand X cheereos. Can’t tell em from the real thing.
That’s a lot of bread.
BOSTON -- Two Massachusetts salmonella cases have been linked to a recent cereal recall.
The two individuals, a 34-year-old woman from Barnstable County and an 18-month-old child from Bristol County, are recovering, according to Massachusetts health officials.
The Massachusetts Department of Public Health said people should not eat any cereal products marketed under the Malt-O-Meal, or other private labels, because of salmonella bacteria contamination.
The Food and Drug Administration announced last week that at least 23 people in 14 states, including Massachusetts, were diagnosed with salmonellosis, caused by the same strain of salmonella found in the recently recalled unsweetened Puffed Rice and unsweetened Puffed Wheat cereals produced by Malt-O-Meal.
The FDA issued a voluntary recall by the manufacturer on April 5, announcing that Malt-O-Meal was voluntarily recalling unsweetened Puffed Rice and unsweetened Puffed Wheat cereals with "best if used by" dates ranging from APR0808 (April 8, 2008) to MAR1809 (March 18, 2009) because of potential salmonella contamination.
The recalled product was distributed nationally, marketed under the Malt-O-Meal brand and as some private label brands including Acme, America's Choice, Food Club, Giant, Hannaford, Jewel, Laura Lynn, Pathmark, Shaw's, Shoprite, Tops and Weis Quality. The cereals have "Best If Used By" dates from April 8, 2008 (coded as "APR0808") through March 18, 2009 (coded as "MAR1809").
The DPH said the products were sold in Massachusetts under the brand names of Shaw's and Hannaford. Grocery stores and other retailers in Massachusetts have removed the products from the shelves.
Symptoms of salmonella include fever, diarrhea, nausea, vomiting and abdominal pain. In rare circumstances, infection with salmonella can result in more severe illness. Consumers should contact their healthcare provider with any illness concerns.
Consumers should throw out any of this product from the recalled lots or return them to the place of purchase for a full refund.
I bought Potash Corp.(POT) for 153.00/share 16 days ago. It closed at 198.26 today.
Their employee stock-option contribution to my 401(k) has *vastly* outperformed the Index Fund which made up the rest of my 401(k) there.
Cheers!
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