Consolidated Grain and Barge (CGB), Mandeville, La., has announced it has entered into an agreement to purchase the Savage, Minn., grain storage facility from Riverland Ag Corp., a 100 percent owned subsidiary of Ceres Global Ag Corp. The transaction is expected to close by the end of June, 2014, and is subject to the satisfaction of certain conditions and relevant regulatory approvals.
Plans are underway by CGB Fertilizer, a division of CGB, to construct a bulk fertilizer warehouse with inbound barge and outbound rail and truck capabilities at this location to support CGB Fertilizer’s expanding sales and distribution system.
CGB oversees a diverse family of businesses providing an array of services which includes grain merchandising, fertilizer trading, transportation, processing, bulk handling, financing, crop insurance, and logistics services for a global base of customers.
Uralkali has concluded a contract with Indian Potash Ltd. (IPL), for potash deliveries between April 2014 and March 2015. The contract’s delivery price has been set at US$322/mt CFR. Uralkali’s volumes under the contract will total 800,000 mt.
“Today’s agreement is a mutually beneficial one. India is a strategic market for Uralkali, and IPL is our long-term partner,” said Oleg Petrov, Uralkali director of sales and marketing. “We hope that the contract will help stimulate potash application rates in India, and support the country’s agriculture at the time of continued population growth and rising food demand. We expect that the conclusion of the Indian contract will boost the global potash market growth.”
While the price is much lower price for India than it has paid in recent years, it is still higher than China’s contract of $305/mt CFR, which was achieved early this year. China traditionally pays a lower price than India.
Rotem Amfert workers and management have resumed talks after a three week interruption in an attempt to halt the strike at the company’s production plants. The strike is costing Israel Chemicals Ltd. an estimated US$750,000 a day. The 1,100 Rotem Amfert workers have shut down all operations. Management has said that it will not pay salaries to the striking workers for the days of the strike. The workers went on strike to protest plans to fire 127 workers. Management has said it has no choice and needs to implement a reorganization plan for ICL due to a sharp drop in profits in the past year.
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