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April 9, 2014
12:04 EDTMOS, IPI, CF, SYT, ADM, AGU, ANDE, MON, CMP, POT, BG, DDU.S. corn exports projected to increase 125M bushels
According to the latest WASDE report from the USDA, U.S. feed grain ending stocks for 2013/14 are projected lower this month with reductions for corn, barley, and oats. A 125M-bushel increase in projected corn exports reduces corn ending stocks by the same amount. Continued strong export sales and a rising weekly shipment pace for U.S. corn during March support the higher expected export level as does an increase in projected global corn demand. The 2013/14 season-average farm price for corn is raised 10c at the midpoint with the projected range also narrowed to $4.40-$4.80 per bushel, compared with $4.25-$4.75 per bushel last month. The projected range for the sorghum farm price is also raised 10c to $4.15-$4.55 per bushel. Publicly traded companies in the space include Agrium (AGU), Andersons (ANDE), Archer Daniels (ADM), Bunge (BG), CF Industries (CF), Compass Minerals (CMP), DuPont (DD), Intrepid Potash (IPI), Monsanto (MON), Mosaic (MOS), Potash (POT) and Syngenta (SYT). Reference Link
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August 26, 2015
12:57 EDTMON, SYTSyngenta plunges as Monsanto drops offer for company
Shares of agribusiness firm Syngenta (SYT) are dropping after rival Monsanto (MON) decided to drop its current proposal to acquire the company. WHAT'S NEW: U.S.-based Monsanto announced this morning that although it still believes that the acquisition of Syngenta would have created "tremendous value," it will no longer pursue the deal that it initiated in late April. Monsanto confirmed that on August 18 it enhanced its offer for Syngenta to a value of CHF 470 Swiss per share in cash and stock. Monsanto had originally offered CHF 449 per share for Syngenta, which has resisted Monsanto's overtures from the beginning, saying the deal is inadequate and vulnerable to regulatory risk. Monsanto noted that its sweetened bid did not meet Syngenta's expectations and that "without a basis for constructive engagement from Syngenta, Monsanto will continue to focus on its growth opportunities built on its existing core business to deliver the next wave of transformational solutions for agriculture." Syngenta confirmed the receipt of a verbal proposal from Monsanto, but said its board "unanimously" rejected the revised offer. In addition to "significantly undervaluing the company," Syngenta said that recent market volatility highlighted the significant risk for its investors and noted that "key issues" were not sufficiently addressed by Monsanto in its revised proposal. WHAT'S NOTABLE: Monsanto said in a statement that it will continue its focus on opportunities within its existing core business and resume the implementation of its approved share repurchase program as soon as practical. Monsanto confirmed its confidence in delivering its five-year plan to more than double fiscal-year 2014 ongoing earnings per share by 2019. PRICE ACTION: Shares of Syngenta are down 11.14%, or $8.70, to $69.39 while Monsanto is up 8.32%, or $7.44, to $96.86 in midday trading.
12:47 EDTMON, SYTOn The Fly: Top stock stories at midday
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12:47 EDTMON, SYTSyngenta confirms verbal proposal from Monsanto, 'unanimous' rejection
The Board of Syngenta (SYT) confirms that it received a verbal proposal from Monsanto (MON) to acquire the company at a price of CHF245 in cash and a fixed ratio of 2.229 Monsanto shares per Syngenta share. At market close on August 25 this equated to a price of CHF 433 per Syngenta share. After engaging with Monsanto on their latest approach, the Board unanimously rejected their revised proposal. It significantly undervalued the company and was fraught with execution risk. Furthermore, recent market volatility highlighted the significant risk for Syngenta shareholders resulting from the structure of this proposal. In addition, certain key issues were not addressed by Monsanto in sufficient detail to allow Syngenta to make a proper assessment of the proposed new entity, which would have been 30 percent owned by Syngenta shareholders. In particular, Monsanto did not provide sufficient clarity on the following four issues: 1. Their estimate of total cost and revenue synergies; 2. Their assumptions regarding net sales proceeds of seeds and traits; 3. The nature and extent of regulatory covenants that they were prepared to offer; 4. The assessment of risks and benefits from a tax inversion to the United Kingdom. Michel Demare, Chairman of Syngenta, said: "We engaged with Monsanto in good faith and highlighted those key issues which required more concrete information in order to continue a dialogue. We take note of Monsanto's decision. Our Board is confident that Syngenta's long-term prospects remain very attractive with a leading portfolio and a promising pipeline of new products and technologies. We are committed to accelerate shareholder value creation."
11:19 EDTSYT, MONSyngenta drops after Monsanto ends bid
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11:18 EDTSYT, MONMonsanto trades up
The stock had been languishing near lows in the early part of the session, but have since spiked on outlook and after dropping its bid for Syngenta (SYT). At the last price of $95.84, resistance is at the session high at $97.01. Support is at $91.31, the opening price of the day.
10:51 EDTSYT, MONSyngenta reopens, down 16% to $65.70 after Monsanto ends current pursuit
Monsanto (MON) shares are up 5.5% to $94.31 after announcing it is no longer pursuing its current proposal for a Syngenta (SYT) combination and confirming its confidence in more than doubling its FY14 ongoing EPS by 2019.
10:39 EDTMON, SYTMonsanto confirms making revised proposal to Syngenta on August 18
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10:38 EDTMONMonsanto says confident in delivering five-year plan
10:38 EDTMONMonsanto confirms confidence in more than doubling FY14 ongoing EPS by 2019
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10:37 EDTSYT, MONMonsanto says no longer pursuing current proposal for Syngenta combination
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10:36 EDTSYT, MONMonsanto says no longer pursuing current proposal for Syngenta combination
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10:22 EDTSYT, MONSyngenta trading halted, news pending
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10:20 EDTMONMonsanto trading halted, pending news
August 25, 2015
13:39 EDTDDDuPont names John Chrosniak as president, DuPont Sustainable Solutions
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13:10 EDTSYT, MONSyngenta investor: CHF470 per share 'good price,' Reuters reports
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09:47 EDTSYT, MONSeveral Monsanto shareholders opposed to Syngenta pursuit, CNBC reports
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August 24, 2015
12:17 EDTSYT, MONMonsanto to raise Syngenta bid to about CHF470 per share, Bloomberg says
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11:44 EDTMON, SYTMonsanto to raise Syngenta bid to about CHF 470 per share, Bloomberg says
This would equate to about $47B and be up from CHF 449 per share previously, Bloomberg noted.
09:23 EDTDDGevo, Butamax enter global patent cross-license, settlement agreements
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August 21, 2015
12:17 EDTPOT, MOS, AGU, DD, CF, SYTDeere slides after Q3 results and outlook impacted by deteriorating farm economy
Despite reporting third quarter results that surpassed analyst expectations, shares of farm equipment maker Deere (DE) are falling after the company said it sees farm equipment sales for the year lower than previously thought, as the downturn in the agricultural economy continues. WHAT'S NEW: Deere reported Q3 EPS of $1.53, down from $2.33 in the year-ago quarter, and revenue of $7.6B, down 20% from last year's Q3. Analysts' consensus estimates for Q3 were for EPS of $1.44 on revenue of $7.17B. John Deere's Chief Executive Officer Samuel Allen said, "John Deere's third quarter results reflected the continuing impact of the downturn in the farm economy as well as lower demand for construction equipment." WHAT'S NOTABLE: Looking ahead, the farm equipment maker forecast full year 2015 world-wide sales of its farm equipment to be lower by about 25% for the year compared to the 24% it forecast in May with its Q2 report. On its Q3 earnings conference call, the company said crop prices are stabilizing near the long-term average and the dairy sector remains under pressure. Beef prices remain solid while pork prices remain at low levels, Deere added. In China, the company sees continued slowdown in economic growth, lower commodity prices impacting agricultural economy, and mechanizing trends and ongoing subsidies supportive of agriculture. In India, the company sees positive consumer and investor sentiment supporting economic growth, and two consecutive below normal monsoon seasons impacting farm incomes. In the Commonwealth of Independent States, the company sees a continued deterioration of economic growth and credit conditions remaining challenged. Deere sees crop value of agricultural production in Brazil to decrease 11% in 2015. PRICE ACTION: Shares of Deere are down $6.04, or 6.6%, to $84.61 in midday trading. OTHERS TO WATCH: Other companies that are leveraged to agriculture include AGCO (AGCO),Potash (POT), Mosaic(MOS), Agrium (AGU), Syngenta (SYT), CF Industries (CF), and DuPont (DD).
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