Seitz to remain Nutrien ceo

Ken Seitz, who took over in January as interim chief executive officer of Nutrien has been confirmed in that position for the future.

He took over from Mayo Schmidt who lost support from the board of directors.

Seitz grew up on a dairy farm in Saskatchewan and is heading Nutrien during chaotic times = COVID=19, supply chain disruptions, Russia’s invasion of Ukraine.

The company announced in June that is would increase potash production by 20 per cent.

It’s quarterly profit doubled to $3.6 billion, but it has cautioned investors that it expects  a decline is coming, mainly because it is having challenges meeting nitrogen demand.

Nutrien said “under Mr. Seitz’s leadership, Nutrien has achieved record results, delivered bold actions in response to changes in agricultural markets, advanced the organization’s sustainability strategy and brought together key parties to help navigate unprecedented global food security challenges.”

Berkshire-Hathaway loses $48.3 billion

 Berkshire-Hathaway lost $48.3 billion in its most recent quarter.

The company owns many companies, including Tim Horton’s, Burger King, Popeyes and Kraft-Heinz.

It’s major investments are in re-insurance and insurance companies, including Geico.

Despite the huge net loss, “the results show Berkshire’s resilience,” said James Shanahan, an Edward Jones & Co. analyst who rates Berkshire “neutral.”

“Businesses are performing well despite higher interest rates, inflation pressures and geopolitical concerns,” he said. “It gives me confidence in the company if there is a recession.”

Premium Brands buys Golden Valley

Premium Brands of Vancouver has bought the second half of Golden Valley Farms.

It is also buying King’s Command from American Foods Group. The two deals cost $86.5 million.

Premium Brands now owns about 30 companies, including Belmont Meats in Toronto.

Golden valley Farms in Arthur was started by P+H’s Butterball turkey division and by Piller’s Sausages and Delicatessens Ltd.

Premium Brands owns Piller’s. It already owned half of Golden Valley.

CFIA lifts Wingham AI quarantine

The Canadian Food Inspection Agency has lifted an avian influenza quarantine zone around Wingham.

There have been no outbreaks in Ontario for more than a month, but there have been two new ones in Quebec this month.

Saputo profits soar

Raw milk price increases seem to be good for Saputo Inc., the nation’s largest milk processor.

Revenues for its most recent quarter increased by $800 million to $4.3 billion.

Profits soared from $53 million to $139 million from the same quarter last year.

Maple Leaf profits plunge

Maple Leaf Foods Inc. reports a $54.4-million loss for its second quarter, despite a 3.1 per cent increase in sales to $1.195 billion.

The company is reducing its plant proteins business, a process that will continue well into next year. It expects the plant protein market will expand by 10 to 15 per cent.

President and chief executive officer Michael McCain said “this chaotic and unpredictable operating environment is unprecedented in my 40-year career in the food industry. 

“Driven by a post-pandemic economy and the tragic conflict in Eastern Europe, we have been unable to hire adequate people resources to operate our supply chains, experienced unnatural agricultural and trading markets, and realized hyper-inflation that has been challenging to keep up with pricing. 

“While our results fell short of expectations  . . . we see signs of these conditions abating,”he said.

Meat Protein Group sales grew to $1,160.2 million, an increase of 3.8 per cent, but the plant protein business took a $18.6-million restructuring charge. It lost $10 million on sales of $40 million.

Sharp decline in beef herd

 

The beef herd has declined by more so far this year than in the previous 35 years, according to an agricultural economist at Oklahoma State University.

National cow slaughter has increased by 14 per cent.

In Oklahoma it’s because of severe drought that has driven ranchers to sell cattle.

Auction-house volumes doubled and cull cow prices plunged from $89 to $69 hundredweight.

Calves are being weaned early and cattle on pasture are going to market at lighter weights.