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Profits were also hurt by “significant insurance settlements” among ADM’s businesses tied to sorghum shipments in early 2018. Last April, Reuters reported that several ships carrying cargoes of sorghum, a niche animal feed, from the United States to China changed course after Beijing slapped hefty anti-dumping deposits on U.S. imports. An anti-dumping probe by Beijing, which halted trade between the world’s biggest buyer and seller of the grain early last year, was among the first fights between the United States and China, which are still embroiled in a trade war.
ADM’s origination unit, which buys grain from smooth wrap cufflinks gun metal farmers, received an intra-company settlement in the quarter from its captive insurance subsidiary related to sorghum shipments intended for China in the first half of 2018, ADM said in a statement to Reuters on Tuesday, One key bright spot was its oilseeds unit, with quarterly operating profit more than doubling, The unit crushes soybeans and exports beans grown in Brazil and elsewhere, Crush volumes for the quarter “were among the highest ever,” with oilseeds’ operating profit up almost 80 percent for full-year 2018 from the year earlier, ADM Chief Financial Officer Ray Young told analysts on a conference call..
Crush margins “will not be as spectacular” in 2019, ADM Chief Executive Officer Juan Luciano said on the call, although margins would be above the average from the last five years. “Despite maybe some modest reduction in crush margins versus the previous year, we expect that we’re well positioned to grow profits in 2019,” Luciano said. ADM’s fourth-quarter woes came amid a bruising U.S.-China trade fight that virtually halted sales of U.S. soybeans to the world’s top importer, swelling supplies and dragging prices to decade lows.
But as China turned to Brazil for its soybeans, grain traders including ADM jumped at the chance to ship the oilseeds from South America, and buy them at a discount from U.S, farmers for processing, Luciano acknowledged that “rapidly changing trade, geopolitical and market conditions” had an impact on the company, Profit also declined at ADM’s other two business units, The carbohydrate solutions business was pressured in part by poor margins in corn-based ethanol production, while its nutrition group was hurt smooth wrap cufflinks gun metal by lower sales and margins in Europe and the Middle East, and lower margins in North America..
ADM also had some production problems during the quarter, including a dust explosion and fire last November at its massive Decatur, Illinois, processing complex, hurting results. Net earnings attributable to ADM fell to $315 million, or 55 cents per share, from $788 million, or $1.39 per share, a year earlier, when the company recorded $249 million in tax gains. Excluding one-time items, the company earned 88 cents per share, while analysts, on average, estimated 92 cents, according to IBES data from Refinitiv.
WINNIPEG, Manitoba/BEIJING (Reuters) - A political dispute between China and Canada over the arrest of a Huawei executive is slowing canola shipments through Chinese ports and causing some importers to hesitate smooth wrap cufflinks gun metal to buy from their biggest supplier, according to interviews with a dozen traders, Since Canadian authorities arrested Huawei Chief Financial Officer Meng Wanzhou in December for extradition to the United States, China detained two Canadians and escalated a drug smuggling sentence against a third Canadian to death, moves Ottawa has described as deeply concerning..
In the same period, cargoes of Canadian canola have taken longer to clear Chinese customs and GMO permits needed to import genetically modified crops, including canola, became more difficult to obtain, traders said. Back in Canada, canola stocks piled up to a record-high level at year-end, Statistics Canada said on Tuesday. China buys some C$2.5 billion ($1.90 billion) of Canadian canola per year, and a slower sales pace would be another hit to exporters, which include Richardson International, Viterraand Cargill Ltd in a year when Prime Minister Justin Trudeau faces a tough race for re-election.
Spokespersons for Richardson and Viterra did not respond and Cargill declined to comment, While several cargoes of Canadian canola have cleared customs since Meng’s Dec, 1 smooth wrap cufflinks gun metal arrest, many were unusually delayed, said traders, One Chinese crusher that had a cargo that arrived at the end of December said it took more than 20 days to clear customs, about twice the usual time, as authorities carried out more thorough inspections related to GMOs, A second cargo that arrived in mid January had not been cleared by the end of the month..
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