Latest news with #LouisDreyfusCompany
Reuters
19-03-2025
- Business
- Reuters
Louis Dreyfus sticks to North America oilseed plans despite tariff storm
PARIS, March 19 (Reuters) - Louis Dreyfus Company is pushing ahead with plans to expand its oilseed processing in North America and expects Canadian vegetable oil to continue flowing to the United States despite tensions over tariffs, the global crop merchant's CEO said on Wednesday. U.S. President Donald Trump's use of tariffs as a core economic and diplomatic tool has upended ties with trading partners including neighbours Canada and Mexico. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. Washington's tariff offensive has unsettled the U.S. agricultural sector, which relies heavily on North American trade, including large volumes of canola oil and fertiliser from Canada. Uncertainty over U.S. biofuel policy, after rapid investment in renewable diesel using vegetable oil, has also clouded the outlook for agribusiness firms. LDC is monitoring tariff discussions but so far has made "no change in timing, scale, or expectation" to its oilseed expansion plans in North America, CEO Michael Gelchie told Reuters. U.S. import requirements in vegetable oil should also temper any tariff effects, he said. "From our standpoint, the U.S. market tends to be in deficit in (vegetable) oil," he said in an interview following LDC's annual results. "So I suspect that flow will continue to find its way from Canada." More widely, LDC expects its worldwide geographical reach to help it withstand any trade disruptions linked to tariffs, he added. Bunge, another global agricultural commodity firm, warned last month that its 2025 earnings could sink to their lowest level in six years, partly due to trade tensions. LDC reported lower earnings for last year as, like its peers, it faced more subdued prices in staple grains. But the group talked up a 17% rise in volumes handled, supported by investments in its supply chain and processing. High use rates at its new oilseed processing facility in Nansha, southern China, supported the group's optimism about Chinese demand, Gelchie said. Asked about job cuts by other agribusiness groups to reduce costs, Gelchie said LDC had no such plans and was more likely to increase headcount as it integrated a string of new activities.
Yahoo
12-03-2025
- Business
- Yahoo
Four killed in Russian strike on grain vessel in Odesa port, Ukraine says
(Reuters) - A Russian missile attack on Tuesday damaged a grain vessel in the Black Sea port of Odesa, killing four people, Ukrainian authorities said. A ballistic missile struck the MJ Pinar bulk carrier that was loading wheat for Algeria, killing four Syrian nationals and injuring one other Syrian and a Ukrainian, Ukraine's Deputy Prime Minister Oleksiy Kuleba said on Telegram. "Russia is attacking Ukraine's infrastructure, including ports, which are involved in ensuring the world's food security," Kuleba said. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. Global grain merchant Louis Dreyfus Company said in an emailed statement that the vessel had been loading at its Brooklyn-Kiev terminal at Odesa port, with terminal infrastructure also damaged. LDC said its terminal employees were safe, with the dead among the crew of the chartered vessel. Kuleba said another vessel was also damaged, without giving further details. Ukraine, like Russia, is a major grain exporter. It has managed to re-establish large-scale maritime exports during the war, despite Russian strikes on ports. Chicago wheat futures, a global price benchmark, were little changed on Wednesday. Ukraine also reported other Russian strikes overnight as fighting continues in the three-year-old war in parallel to U.S. efforts to negotiate a ceasefire.
Reuters
12-03-2025
- Business
- Reuters
Four killed in Russian strike on grain vessel in Odesa port, Ukraine says
March 11 (Reuters) - A Russian missile attack on Tuesday damaged a grain vessel in the Black Sea port of Odesa, killing four people, Ukrainian authorities said. A ballistic missile struck the MJ Pinar bulk carrier that was loading wheat for Algeria, killing four Syrian nationals and injuring one other Syrian and a Ukrainian, Ukraine's Deputy Prime Minister Oleksiy Kuleba said on Telegram. "Russia is attacking Ukraine's infrastructure, including ports, which are involved in ensuring the world's food security," Kuleba said. Global grain merchant Louis Dreyfus Company said in an emailed statement that the vessel had been loading at its Brooklyn-Kiev terminal at Odesa port, with terminal infrastructure also damaged. LDC said its terminal employees were safe, with the dead among the crew of the chartered vessel. Kuleba said another vessel was also damaged, without giving further details. Ukraine, like Russia, is a major grain exporter. It has managed to re-establish large-scale maritime exports during the war, despite Russian strikes on ports. Chicago wheat futures , a global price benchmark, were little changed on Wednesday. Ukraine also reported other Russian strikes overnight as fighting continues in the three-year-old war in parallel to U.S. efforts to negotiate a ceasefire.
Reuters
29-01-2025
- Business
- Reuters
LDC says Brazil soymeal cargo returned from port for reprocessing
SAO PAULO, Jan 29 (Reuters) - A cargo of Louis Dreyfus Company soymeal destined for export from the southern Brazilian port of Paranagua was returned for reprocessing at one of the company's local plants, the grain processor told Reuters on Wednesday. LDC declined to provide details such as the timeline of the refusal, size of cargo and destination, or the nature of the issue with the cargo. However, a person with knowledge of the matter said LDC's soymeal was sent by trucks to the port but subsequently rejected last week for containing impurities. Brazil's ability to track agricultural commodities cargoes has come under heightened scrutiny after China suspended five local soybean exporters, citing product non-conformities earlier this month. "The Louis Dreyfus Company clarifies that, with regard to the aforementioned cargo, given the absence of any type of adulteration or harmful agents, it carried out the procedure established in current legislation, returning the cargo for reprocessing," the company said in a statement. The port authority did not have an immediate comment on LDC's soymeal. The refusal of LDC's soymeal came after authorities at the port of Paranagua said on Tuesday 51 truck-loads carrying 2,200 tons of soymeal were turned down for "product adulteration", without naming the companies involved. LDC said none of its soy processing plants in the states of Parana, Mato Grosso and Goias had sent allegedly contaminated soymeal products to Paranagua. The source said the soymeal cargo's origin was LDC's factory in Ponta Grossa in the state of Parana.
