DuPont Pushes Back Dow Deal Closing Date
DuPont Co. pushed back the closing date for its merger with Dow Chemical Co. as European antitrust authorities scrutinize the companies’ agricultural businesses. DuPont executives say the companies are negotiating potential divestitures in their pesticide operations to win approval for the deal, which would create an industrial behemoth worth nearly $129 million. The deal, announced in December 2015, has faced delays as antitrust regulators sought reams of information concerning the companies’ competing businesses in insecticides, weed killers, and crop seeds. The deal was originally expected to be closed late last year, but now it likely will not be completed until after March.
Jay Schuler Appointed to ND Department of Commerce
North Dakota governor Doug Burgum has appointed GIANT Sunflower Seeds co-founder Jay Schuler to lead the North Dakota Department of Commerce, citing Schuler’s successful track record as a job creator and entrepreneur for more than 40 years. Schuler will assume his new role as commerce commissioner on February 27. Schuler is a native of Wahpeton, ND. He started his first company while still in college and is a founding investor in both GIANT Sunflower Seeds, the largest sunflower confection retailer in the Upper Midwest, and Richland IFC, a dominant supplier of organic blue corn. Schuler is also an original investor in Ag America Network, which is carried by more than 30 radio stations in North and South Dakota. Schuler succeeds former commerce commissioner Alan Anderson, who retired December 31.
2017 NSA Gold Award Nominations
Nominations are now being accepted for the 2017 NSA Gold Award. Click here for the eligibility and criteria requirements. Nominations must be received by February 17. The NSA board of directors will review all submitted applications and chose a winner. The Gold Award will be presented during the NSA Summer Seminar, set for June 27-29 in Rapid City, SD.
Market fears of potential trade wars with our trading partners has kept oilseed and product prices on the defensive. Concerns were raised about trade after President Trump said he would impose a 20% tax on goods imported from Mexico to pay for the wall he plans to build on the border, potentially sparking a trade war. Market analysts, investors and farm groups have expressed concern that if the 20% levy is approved and imposed, Mexico will retaliate by putting its own import tax on US goods, effectively reducing some of the demand for US agricultural products. Traders are also concerned that the US exit from the controversial Trans-Pacific Partnership (TPP) and a revamping or exit from the North American Free Trade Agreement will curb demand for domestic agricultural products as well. Also, weighing on prices has been a lack of fresh export news for traders as China is celebrating the week-long Lunar New Year holidays. Some worry that overseas buyers are starting to shift seasonally to South American supplies. Brazil’s soybean crop looks very good at this point, while Argentina’s soybean losses from flooding were still being assessed by the trade. Some traders feel large global soybean supply, slower demand for products, normal South America crops and US farmers adding soybean acres in 2017 could weigh on 2017 new crop oilseed prices.