Sector News

Three senior ADM grain traders leave China team – sources

March 1, 2017
Food & Drink

Three senior grain traders at Archer Daniels Midland Co have left the company’s China team since the start of the year, people familiar with the matter said, the latest in a series of high-profile exits as the global agricultural merchant struggles with a supply glut and weak prices.

Shen Ben and Wang Shaojun, who traded soymeal, left the company’s Shanghai office last week, a person with direct knowledge of the matter told Reuters. Their future plans are not known.

Meanwhile wheat trader Cui Xiangdong left the company in January to join Australian agribusiness Graincorp’s China business, according to two people familiar with the matter. Graincorp’s media relations director Angus Trigg confirmed the appointment.

The people with knowledge of the departures declined to be identified because they were not authorised to discuss the matter publicly.

The moves echo the recent departures of the chief executive of ADM’s trading arm in Asia, Frederik Groth, and the firm’s head of corn trading Victor Petzold.

The changes come after a volatile year for global commodity traders, with bumper crops in major growing nations like the United States depressing prices and intensifying competition among merchants.

An ADM spokeswoman, Jackie Anderson, said the firm does not comment on personnel matters.

By Dominique Patton

Source: Reuters

comments closed

Related News

November 28, 2021

“Free from” trends take on myriad of meanings as health and environmental concerns come into sharper focus

Food & Drink

Free-from is becoming much more mainstream, moving beyond food allergens and intolerances. While it’s still vital to innovate products for lactose intolerance, gluten allergies and so forth, the umbrella term of free-from has taken on many different meanings.

November 28, 2021

Arla Foods Ingredients unveils milk fractionation tech for infant, sports and medical nutrition

Food & Drink

Arla Foods Ingredients (AFI) is targeting infant formula, sports nutrition and medical nutrition with its new patented milk fractionation technology that separates milk proteins from whey, bypassing the need to make cheese. The Denmark-based company says this move enables scientists, nutritionists and health professionals to create “next-generation” dairy products.

November 28, 2021

Oatly opens first Chinese production facility

Food & Drink

Located in Ma’anshan, Anhui province, the facility has the potential to produce an estimated 150 million litres of oat-based products annually at full capacity. The opening comes just a few months after Oatly – which claims to have established a new Chinese character for ‘plant-based milk’ – inaugurated its first Asian factory in Singapore.

Send this to a friend