The India Potash Ltd. called a urea tender to close July 16. The call came about a week earlier than expected. Sources expect IPL to take about 1 million mt to top off demand for the upcoming application season. The tender documents call for offers to be valid until July 19 with the end of the month for shipping. The documents also alerts offering companies that it is not required to take the lowest offer. One source noted that this provision will allow IPL to avoid being limited to only a few tons from an outlier offer. More details will be in the Green Markets Web Edition July 11.
CHS Inc. reported a 51 percent increase in earnings for the third-quarter ending May 31, 2014 to $379.5 million from the year-ago $250.8 million. Revenues were comparable with the year-ago figure at almost $12 billion.
Earnings were up due to a one-time gain attributed to the establishment of a new flour milling joint venture as well as the stronger performance by retail agronomy, wholesale crop nutrients and grain marketing.
Third-quarter Ag earnings were $109.4 million, up from the year-ago $40 million.
CHS-wide, nine month earnings were up only 1 percent to $881.7 million versus the year-ago $869.6 million. Nine-month revenues were off 3 percent from the year-ago $33.5 billion, due mainly to lower grain prices.
Nine-month Ag earnings were $257.4 million, up from $202.7 million.
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