Stormy Weather Ravages Midwest
Corporate announcements make up a bulk of last week’s top news
The top news stories for the week of June 23 are …
- Tornadoes Damage Grain Co-op in Pilger, NE
- General Mills Looking for New Cost-reduction Initiatives
- Cargill Introduces New Neonatal Pig Feeding Program
- AFIA Requests Animal Food Exemption in FSMA Reportable Food Registry
- CHS Inc. Files $2 Billion Shelf Registration Statement
Summer's storms have been frequeent and powerful in the Corn Belt over the past few weeks. Few places felt the impact as much as Pilger, NE, where two tornadoes touched down side by side, killing two and sending at least 19 more to the hospital. Around 75% of this small farming town was damaged or destroyed, including the local grain co-op. The storm produced four tornadoes altogether, but strong adjacent tornadoes are a rare meteorological event. The town's people are thankful that more were not hurt, and though it will take time, they plan to rebuild what was lost.
General Mills yearly fiscal results came in lower than last year, crushing analyst expectations. With the release, General Mills announced that it would be making cut backs in order to become more efficient and increase earnings, but the details of the plan were not made clear.
Cargill’s new feeding program is said to increase the likelihood that piglets will survive by as much as 6%. They do this by focusing on the special needs of piglets in the first 28 days of life, where the mortality rate can be up to 18%. The program maximizes the piglets’ feed and nutritional intake and has shown effectiveness in weight gain and overall livability in testing. With the cost of pork rising and PEDv still running rampant, producers need every advantage to keep piglets alive.
The American Feed Industry Association asked for the feed industry’s exemption from the Food Safety Modernization Act, and based on comments by the Food and Drug Administration, may have gotten it. They argued that the original intent of the law was designated for human food products and was never intended to be applied to animal feed or pet food.
By filing a $2 billion shelf registration with the Securities and Exchange Commission, CHS, Inc. has given itself fiscal leeway for upcoming business opportunities. This statement will allow the company to sell up to 2 billion of its Class B cumulative redeemable preferred stock over the next three years. Though statement has been filed with the SEC, it has not yet become effective.
Well, those are the top five. I want to remind you to email me if you have any story ideas, comments on what news you want to hear about, or just to say hey. Subscribe to Industry Watch, follow us on Twitter or like us on Facebook for all the latest news in the industry.