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Business Briefs - July 2, 2008

Whayne named Ag-Chem dealer
DULUTH, Ga. — AGCO Application Equipment announced Whayne Supply Co. as a representative for Ag-Chem branded products in Kentucky and Indiana, effective Feb. 1, 2008. Whayne will provide custom applicators and innovative growers in the region with a one-stop source for RoGator and TerraGator application equipment sales, support and related spraying accessories.

Whayne, headquartered in Louisville, Ky., has more than 1,000 employees. It has 12 locations in its region, with numerous mobile technicians and overnight parts drop locations to support their customers.

AGCO also announced MacAllister Machinery Co., Inc. as a representative for Ag-Chem in Indiana, also effective Feb. 1. MacAllister, headquartered in Indianapolis, has more than 720 employees and 14 locations in its region, also with numerous mobile technicians and overnight parts drop locations.
Whayne and MacAllister are two of the leading dealers for AGCO’s Challenger line of agricultural equipment.

Dow acquires research station
LELAND, Miss. — Dow AgroSciences has expanded its PhytoGen cottonseed research with a move to a recently acquired, 225-acre facility in Leland, Miss. The purchase is part of the company’s commitment to offer cotton growers choices with superior fiber length, strength, micronaire and yield potential.

By the end of June, the PhytoGen staff will be operating from the station that Dow AgroSciences purchased from Syngenta Crop Protection, Inc. More research and storage at the new facility will allow additional staff and equipment to be brought in, while a 185-acre parcel of research plots will enlarge current breeding initiatives.
PhytoGen Seed Co. is a joint venture between Mycogen Corp., an affiliate of Dow AgroSciences LLC, and the J.G. Boswell Co.

CME, NYMEX closer to merger

CHICAGO, Ill. (PRNewswire-FirstCall) — CME Group, Inc. and NYMEX Holdings, Inc. announced that they have received clearance from the U.S. Department of Justice (DOJ) to complete their proposed transaction without conditions.

The transaction is subject to approvals of regulators, shareholders of both companies and NYMEX members, as well as the satisfaction of customary closing conditions. The closing of the transaction will be conditioned on, among other things, the regulatory, shareholder and membership approvals described above, at least 75 percent of the Class A memberships in NYMEX being repurchased by NYMEX and approval of amendments to the NYMEX certificate of incorporation and bylaws by the NYMEX members.

Subject to necessary consents and approvals, the companies expect to close the merger in the fourth quarter of 2008.

Tyson to sell Alberta operation

SPRINGDALE, Ark. (AP) — One of Canada’s largest beef-processing plants, Lakeside Farm Industries of Brooks, Alberta, will be sold to a Canadian company, XL Foods, Inc., in a deal worth about $107 million, Tyson Foods, Inc. announced last week.

Tyson said it had signed a letter of intent for the sale, and expects to complete the deal by the end of September. A top Tyson official said the sale would allow the company to focus more on the Latin American markets and Asia.

The announcement valued the transaction at C$107 million, with C$57 million of that to be paid to Tyson at closing, while the remainder, plus interest, will be paid over a five-year period. The values expressed in Canadian dollars represent approximately the same values in U.S. dollars, as the two currencies are trading near a 1-to-1 exchange rate.

Tyson said the sale includes the packing, feedyard and fertilizer assets of Lakeside Farm Industries Ltd. and its subsidiary, Lakeside Packers. But Tyson said it would retain the finished-product inventory, accounts receivables and accounts payables of the Lakeside operations as of the closing date.

The transaction is subject to government approvals as well as financing arrangements to be made by XL.

“Lakeside is one of the premier beef-processing operations in Canada and has operated successfully for many years,” said Richard L. Bond, president and CEO of Tyson Foods. “However, Lakeside no longer fits the long-term strategy of our company, as our current international strategy is focused primarily in Asia, Mexico and South America.”

Lakeside employs 2,300 workers and has the capacity to slaughter and process 4,700 cattle per day. The commodity boxed beef produced by the plant is primarily sold to customers in Canada and the U.S. XL Foods said it plans to continue operating the Lakeside facility after the sale is completed.

XL is part of the Nilsson Bros. Group, a Canadian cattle feeding and marketing company.

Website to promote value-added

SPRING HILL, Tenn. — Farmers interested in enhancing their bottom line have a new tool. Courtesy of the University of Tennessee, a new online directory catalogs resources available to help producers with their value-added enterprises, such as agritourism or selling finished products like salsa along with the produce.

A product of the Tennessee Value-Added Agriculture Priority Program, the directory provides information on livestock, wood and forestry, farmers’ markets, agritourism, marketing, farm waste, funding and fruits and vegetables. Additional topics expected in the future include getting started in value-added agriculture, business planning, bottled water and wine and winery development.

The Priority Program is spearheaded by the UT Center for Profitable Agriculture, a partnership between the Tennessee Farm Bureau Federation and the UT Institute of Agriculture. The Center is committed to the mission of increasing the value of Tennessee’s economy through new, expanded and improved processing and marketing of agricultural, aquacultural and forestry products.
The online resource guide can be found at http://valueaddedag.tennessee.edu and visitors are invited to check the site often, as information is constantly being updated.

CME announces July 4 hours

CHICAGO, Ill. — CME Group will close its trading floor on July 4, in observance of Independence Day. Abbreviated electronic trading hours will be held for certain products on both Thursday, July 3, and Monday, July 7.

For more holiday trading schedule details for CME open outcry and electronic trading on CME Globex, see www.cmegroup.com/tools-information/holiday-calendar/index.html

7/3/2008