A massive explosion
at Lebanon’s main port rocked Beirut, overwhelming hospitals
dealing with the injured and dying. The blast was so large it blew out windows
across the capital and was even heard from Cyprus, according to Bloomberg, which reported that the casualty
toll continued to climb through the night on Tuesday, with the health minister
saying around 11 p.m. that 67 people were killed and some 3,600 injured.
Authorities told the local media
that it was believed the explosion originated from a highly explosive material that was confiscated from a ship
some time ago and stored at the port. Both ammonium and sodium nitrate were
mentioned.
Compass Minerals, Overland Park,
Kan., reported second-quarter net income of $1.7 million on sales of $256.1
million compared to a year-ago loss of $11.8 million and $245.2 million,
respectively. Operating earnings were up at both Plant Nutrition North America
and Plant Nutrition South America, with both segments reporting increased fertilizer
volumes and lower prices.
The Andersons Inc. Maumee, Ohio,
reported that its Plant Nutrient Group posted an income boost of more than 20
percent during the second-quarter to $19.4 million versus the year-ago $15.9
million. Company-wide, net income attributable to the company edged up to $30.4
million from the year-ago $29.9 million.
In addition, the company announced
some reorganization and management changes. The Plant Nutrient Group and Rail
Group are being combined, and will be led by Joe McNeely, who formerly headed
the Rail Group. The Trade and Ethanol Groups will be combined and led by
President Bill Krueger, who formerly led the Trade Group. Jim Pirolli, who
headed Ethanol has been appointed Senior Vice President of the combined group.
Egyptian and Chinese
urea prices jumped dramatically as the week opened. Sources reported sales of
Chinese granular urea at $270/mt FOB, against a price in the low $240s/mt FOB
last week. Also, Helwan in Egypt sold a granular cargo of 30,000 mt at $280/mt FOB,
against a price last week of $250/mt FOB. Sources said the prices were a
reaction to a tight market.
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