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Ceres to handle fertilizer at Northgate hub of Canada
Nov. 9, 2015
Ceres, Inc.
United StatesFollow
United StatesThe owner of a new commodity and logistics hub at Northgate, Sask., said it is on the verge of announcing a major fertilizer handling agreement that will substantially expand its revenues and grain origination capabilities.
Ceres Global Ag Corp. president Patrick Bracken told a Nov. 6 conference call with investors that the company will share details of the fertilizer agreement within days.
The agreement will allow Ceres to receive train loads of fertilizer from a U.S. supplier and sell it to producers who deliver grain to the Northgate facility.
Ceres is also loading propane at the Northgate facility and has an agreement with Canadian petroleum distributer Parkland Fuel to transload fuel from incoming trucks onto outbound trains destined of U.S. markets.The company’s second quarter financial results reflected continued investments at the Northgate facility amid tighter grain handling margins caused by ample global grain supplies and soft demand.
Bracken said Ceres is also on schedule with plans to develop Northgate’s grain handling facilities, which will include a new concrete grain terminal due for completion next year.The company has been receiving grain and storing it in steel storage bins at Northgate.Bracken said the company remains on track to begin loading outgoing grain trains in late November.Bracken said lower grain margins had a negative impact on profits, but the company continues to invest in Northgate and is taking steps to offset poor trading margins.
Those steps include building grain stocks in store at Northgate, negotiating new third party storage and handling agreements and developing new access opportunities to markets in the United States, Latin America and Asia.
Source: Ceres
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