HAMBURG, Germany, August
4, 2003 -- CropChoice news -- Reuters, 08/01/03: German-based
global grain trading house Toepfer International, controlled by
U.S. agribusiness giant Archer Daniels Midland ADM.N , said on Friday
its December 2001/November 2002 financial year saw "very positive
The company sold 41.1 million tonnes of grains, oilseeds, oils
and feeds of all types, up 3.8 percent on the year.
But the weaker exchange rate of the dollar against the euro and
lower prices meant turnover fell 2.9 percent on the year to 5.8
The company traditionally does not release profit figures. But
it said "a considerably higher dividend was distributed to
"Business development in the first months of the new financial
year was less satisfactory," it said. "Traded volumes
were two percent lower than in the same period a year ago."
Toepfer said it was not possible to make a forecast about new year
performance until the global harvest position was clearer.
"The expansion of our operations especially in the countries
of the Ukraine, Hungary, Romania, Bulgaria and Poland should open
up new opportunities both in imports and local business in these
regions," it said.
It said grain volumes sold in Europe and Asia in 2001/02 were significantly
higher than the previous year but were down on the year in South
America. The reason was unattractive South American conditions.
Toepfer said the year was marked by the massive expansion of grain
exports by east European countries benefiting from bumper harvests
and improved transport infrastructure.
Toepfer has contributed to this by investment in regional silo
and grain handling equipment, it said.
The company again expanded its global oilseeds trade, especially
Increased Chinese demand was a major factor supporting expansion.
Toepfer said it expects China's soybean imports to rise to 17 million
tonnes in 2002/03, up four million tonnes in the last two years.
The important European Union feed ingredient market showed little
change in 2001/02.
"Growth is not seen as probable in this market in the coming
years," Toepfer said. "This is mainly due to the continuing
high use of grains to feed farm animals."
"Around 120 million tonnes of grain is now used annually in
this sector," Toepfer said. "This gives grain a share
of more than 50 percent of total EU compound feed production in
comparison to only 40 percent before the start of agricultural market
reform in 1995/96."
The company has increased its feed grain activities to reflect
this trend, it said.