Agribusiness buzz in brief

Despite strong customer demand for chicken driving its core poultry volumes up to 216,000 tonnes and lifting revenue 3.1pc to $1.3 billion, net profit for the six months to December 28 fell $58.2 million to $26.2m.

Drought-inflated feed costs reflected the poor cereal harvest in eastern Australia, with the outlook for feed costs remaining expensive and requiring the company to "collaborate with customers to mitigate costs".

Managing director Jim Leighton said the half year result was in line with expectations, given the headwinds and processing issues which were now in the past.

Last August Inghams flagged costs were likely to rise after efforts to streamline its processing network had faltered.

Inghams will pay a fully franked interim dividend of 7.3 cents a share, down 1.7c on a year ago.

Peak producer group Australian Grape and Wine is "deeply disappointed" the Food Standards Australia-New Zealand has approved what it says is a flawed, costly and ineffective pregnancy warning label for bottle wine.

It wants the Ministerial Forum on Food Regulation to reject the FSANZ decree, which it says will hit smaller winemakers particularly hard.

"This pregnancy warning label is a classic example of bureaucratic over-reach, and not good science-based decision making," said chief executive, Tony Battaglene.

He supported existing voluntary arrangements and industry initiatives working in tandem to raise awareness of the dangers of Fetal Alcohol Spectrum Disorder which had contributed to significant improvements in the rates of women reducing alcohol consumption during pregnancy.

"If FSANZ was able show how this new label-design would lead to a significant change in drinking behaviour, we would take a different positon. But given they can't."

Most wine businesses, including smaller regional wineries, had multiple products and labels in their portfolio. Some had up to 100.

Stockfeed producer, Ridley Corporation, has agreed to pay the Baiada poultry business almost $2 million after settling legal proceedings started in August 2018.

At the same time, Baiada has decided to amend and extend its long running feed supply contract with Ridley, allowing the manufacturer to implement production efficiencies and changes to its fee structure.

Baiada took Ridley to court over stockfeed produced at its Wasley's feed mill in South Australia in a period dating back to 2014.

At the time Ridley argued the claim was not of merit and would be vigorously defended, and the company's insurance should cover costs relating to the claim.

Chief executive officer, Quinton Hilderbrand, said Ridley was pleased to have resolved the matter and the extended supply agreement reflected the goodwill and ongoing relationship between both parties.

Elders has appointed former managing director of the Stockland property development group, Matthew Quinn, as a new board director.

Mr Quinn, who has an active interest in farming in NSW, is also a director of CSR Limited and Regis Healthcare, and is chairman of Claas Limited and TSA Management Holdings.

Elders chairman, Ian Wilton, said Mr Quinn, who headed Stockland for 13 years, had a track record for driving transformational change, and his experience will help Elders develop its long term strategic goals.

Applications for Rabobank's two business management program intakes for 2020 have opened to farm business owners and farm managers.

More than 1200 of Australia and New Zealand's most progressive farmers have graduated from the courses in the past two decades.

Tailored for farmers at different stages in their career, the executive development program (EDP) for farm business owners or senior managers, while the farm managers program (FMP) has been developed for up-and-coming producers looking to enhance their management capabilities.

Rabobank Australia chief executive officer, Peter Knoblanche, said with many farmers continuing to grapple with the impacts of variable climatic conditions, it was even more vital to remain focused on the big picture and have plans in place for the longer-term viability of the business.

This year,'s managers program will be held in Christchurch, New Zealand from June 21 to 26, while the EDP runs as two modules conducted a year apart in the Hawkesbury Valley outside, Sydney in August 16, and in July 2021.

Applications for the FMP close March 27, and the EDP on April 24.

Farmer-based Buderim Group has released strong half year net profit results - up 53 per cent to $980,000 - pushing earnings per share up from 88 cents to $1.14.

The company, which is leading player in the Australian ginger and macadamia sector and has assets in Hawaii, enjoyed strong sales growth leading a 60.5pc lift in underlying profitability to $1.3m.

Sales performed strongly on the back of US demand.

Improved profitability from its ginger segment delivered a 15.3pc uplift in underlying profit after increased retail exports to Canada and growth in the UK plus a stable domestic Australian market.

Buderim is investing more into building awareness of its MacFarms, Royal Hawaiian Orchards and Buderim Ginger brands, and boosting its macadamia inventory to support sales growth in the US.

It is also set to re-finance its funding facilities to give it the capital flexibility to support further growth.

The Australian Agricultural Company has lifted its borrowing capacity to $550 million in a pre-emptive move to put it in a position to respond to any future adverse seasonal conditions.

The $50m lift to its debt Facility A will be due for repayment in September 2022.

The big beef producer and marketer company said total borrowings under its Facility A and Facility B were currently about $381m, with significant asset headroom remaining on debt covenants.

The Australian Securities Exchange has launched an All Technology Index to better capture trends relating to ASX-listed companies in the fast-growing technology sector, including agriculture.

More than 200 technology companies are listed on the ASX with a combined value of $115 billion.

The new S&P/ASX All Tech Index is a partnership with S&P Dow Jones Indices.

ASX managing director, Dominic Stevens, said it would enhance the profile and understanding of locally listed technology companies and increase opportunities for investors.

"In the past three years the annualised total return from the S&P/ASX 200 has been around 10 per cent, while the return from the new All Tech Index over the same period - if it had existed - would have been more than 20pc," Mr Stevens said.

When launched this week it had 46 constituents with a combined market capitalisation exceeding $100b.

More than 200 technology companies are listed on the ASX with a combined value of $115b.

This year's winner of this year's $30,000 Jan Cathcart Scholarship from SunRice is Alexandra Morona, from a rice farming family near Deniliquin in the NSW Riverina.

She is in her third year of a Bachelor of Animal Science degree at Charles Sturt University.

Now in its sixth year, the scholarship supports women pursuing careers in agriculture through financial support and hands-on industry experience to assist them in achieving their career goals.

SunRice chairman, Laurie Arthur, said Ms Morona, like all past recipients, had agriculture and the rice industry at the centre of her plans, demonstrating a commitment to the sector which aligned with the Cathcart scholarship's goals.

Jan Cathcart had worked for SunRice and the Rice Marketing board for 43 years, making an enormous contribution to the rice industry, paving the way for other women in her field.

Nominations are open for the 2020 Australian Cotton Industry Awards, recognising excellence and high achievement throughout the cotton supply chain.

Anyone in the industry can nominate themselves or others by 5pm March 27.

Cash prizes are on offer for the successful recipients in five categories: Bayer Grower of the Year; AgriRisk High Achiever of the Year; ADAMA Chris Lehmann Trust Young Cotton Achiever of the Year; Cotton Seed Distributors Researcher of the Year, and the Incitec Pivot Fertilisers Service to Industry Award.

Awards winners will be announced on August 6 during the the 2020 Australian Cotton Conference on the Gold Coast.

Cotton Australia chief executive officer, Adam Kay, said the awards provided a valuable opportunity to recognise cotton's high achievers and the significant contributions made by people in the industry.

"Whether you're a grower, a ginner, a product supplier, consultant, agronomist, or researcher, I strongly encourage you to nominate and recognise those who make enormous efforts to better our industry and country."