World Grain - September 2024 - 12

NEWS REVIEW
CHS partners on Brazilian port terminal
ST. PAUL, MINNESOTA, US - CHS, Inc., the largest farmer-owned
cooperative in the United States, has reached an
agreement with Brazilian rail operator Rumo to build a terminal
at the Port of Santos, Brazil, as part of a new 50-50 joint
venture.
The terminal, which is expected to take about 30 months
to build, is projected to handle 9 million tonnes of grains and
3.5 million tonnes of fertilizers annually. Construction is subject
to the fulfillment of certain conditions, including licensing,
legal and regulatory approvals. Financial terms of the
Lower crush margins crimp ADM earnings
CHICAGO, ILLINOIS, US - Net earnings for ADM in the
second quarter ended June 30 fell 48% as lower soybean crush
margins had a negative impact, although starches and sweeteners
turned in a strong quarter.
Net earnings of $486 million, or 98¢ per share on the
Flour Mills of Nigeria profit rises in Q1
LAGOS, NIGERIA - Flour Mills of Nigeria PLC (FMN)
showed a net profit of N6.9 billion ($4.3 million) during the
first quarter, a significant improvement from a loss of N9.3
billion during the same period a year ago.
FMN Group revenue, which includes subsidiaries, was
N763.1 billion for the three months ended June 30, down from
Ardent Mills income feels drag of lower volume
CHICAGO, ILLINOIS, US - After a historically strong fiscal
2023, net earnings were lower at Ardent Mills LLC in fiscal
2024.
Information regarding Ardent Mills' financial results was
published July 11 in a Form 10-K filed with the Securities and
Exchange Commission by Conagra Brands, Inc., which holds
a 44% stake in the nation's largest flour milling company.
According to the filing, Ardent Mills registered lower
agreement, announced Aug. 8, were not disclosed.
The Port of Santos, located on the São Paulo coastland, is
the largest in Latin America, connecting more than 600 ports
in 125 countries.
" Brazil is a growing producer and shipper of crops that
CHS global customers rely on, and this project creates longterm
value for our US-based owners by strengthening the position
of CHS as a competitive supplier of grains and oilseeds
for customers around the world, " said John Griffith, executive
vice president, CHS ag business and CHS Hedging.
common stock, were down 48% from $927 million, or $1.70
per share, in the previous year's second quarter. Earnings before
income taxes were $596 million, down 47% from $1.13
billion in last year's second quarter due to lower pricing and
execution margins and higher corporate unallocated costs.
N456.3 billion in the same period last year. The Food segment,
which involves flour milling and production of pasta
and noodles, posted a net profit before taxes of N5.3 billion
during the first quarter, up from a loss of N11.4 billion the previous
year. The Agro-Allied segment, which includes animal
feed, fell to a net profit before taxes of N626 million.
earnings in the year ended May 26. Ardent Mills' earnings after
income taxes were $361.5 million, down 21% from $453.2
million in fiscal 2023.
Net sales were $4.6 billion in fiscal 2024, down 12% from
$5.24 billion the year before.
Gross profits were $642 million, down 14% from $745.4
million in fiscal 2023 but up 24% from $516.5 million in fiscal
2022.
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World Grain - September 2024

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