Glencore agricultural production down 6%

by World Grain Staff
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CANTON OF ZUG, SWITZERLAND — Glencore reported on Aug. 13 that in total, its Agriculture segment produced 4.5 million tonnes in the first half of 2015, compared with 4.8 million tonnes in the first half of 2014. Crush volumes of 2.7 million tonnes were in line with the prior period, reflecting the addition of the newly acquired Magdeburg plant in Germany and higher production at the Timbues plant in Argentina, offset by lower production at various other sites, depending on availability of seeds and general commercial conditions.

Wheat milling production was 486 million tonnes, down 7% compared to the prior period that produced 525 million tonnes.

Rice milling production was 91 million tonnes, down 28% compared to the prior period that produced 127 million tonnes. Currency devaluation and economic slowdown adversely impacted wheat milling in Brazil, and lower Asian rice prices provided a challenge for the company’s South American rice milling business.

Soybean crushing in Argentina benefited from the large crop and, late in the period, good farmer selling.

Biodiesel production was 248,000 tonnes, down 27% compared to the prior period, reflecting reduced demand due to both regulatory changes and lower competing diesel prices, and also the scheduling of planned maintenance.
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