World Grain - December 2010 - 13

newsreview
Seaboard milling unit
suffers loss in quarter
SHAWNEE MISSION, KANSAS, U.S. -
The Commodity Trading and Milling Division of Seaboard Corp. sustained a loss
of $28,250,000 in the third quarter ended
Oct. 2, which compared with operating income of $6,466,000 in the same period
a year earlier. Excluding mark-to-market
adjustments, operating income in the quarter was $9,400,000, which compared with
$15,800,000 in the same period a year ago.
For the first nine months of fiscal 2010,
operating income in the division totaled
$13,907,000, down from $24,917,000. Excluding mark-to-market adjustments, operating income in the first nine months was $32,100,000,
down narrowly from $32,500,000.
Division sales totaled $458,310,000 in
the quarter, up 26% from $364,146,000.
For the first nine months, sales rose 15% to
$1,272,046,000 from $1,105,158,000.
"The increases are primarily the result of increased volumes of commodities sold to third
parties, principally corn, soybean meal and
wheat," Seaboard said in a Nov. 5 filing with
the Securities and Exchange Commission.
Overall, Seaboard net income in the third
quarter was $39,869,000, equal to $32.74
per share on the common stock, up 9% from
$36,715,000, or $29.69 per share. Net sales
for the quarter totaled $1,111,813,000, up
30% from $854,625,000 in the same period
last year. For the first nine months, net income was $180,251,000, or $146.93 per
share, up from $79,607,000, or $64.32 per
share. Net sales totaled $3,180,552,000, up
20% from $2,642,023,000.

GrainCorp to open European office
SYDNEY, AUSTRALIA - GrainCorp announced on Nov. 9 plans to open a European
market support and trading office, to be operational in the first half of 2011.
The office will allow the company to provide technical and marketing support to the
company's existing and potential bulk grain
customers in Europe, Africa and the Middle
East. The move will also increase the ability
of the company to gather market intelligence.
"This is the logical next step in the
growth of our grain supply business. Having feet on the ground in Europe will allow
GrainCorp to be better informed about international grain markets and provide customers in the region with the same level
of service we provide in Australia," said
GrainCorp CEO Alison Watkins.

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World Grain - December 2010

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