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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 20, 2016
Page
12
Deere & Company, based in Moline, reported a 4.5 percent drop in third quarter net income to 488.8 million while delivering earnings per share of 1.55, beating estimates. Revenue fell 11 percent to 6.7 billion as agriculture sales declined but margins improved. The company raised its fiscal year outlook to 1.35 billion and forecast fourth quarter sales down 10 percent.
U S oil futures posted a strong week with WTI up 9 percent and Brent near 51 as traders weigh production freeze talks led by OPEC in Algeria. Analysts warn fundamentals do not justify the rise amid weak demand and slowing Chinese imports.
Four U.S. corn syrup producers including ADM Cargill and Ingredion sent letters to buyers seeking 2017 price increases of 1.50 to 2.50 per cwt. The moves come as HFCS prices hit decade highs, demand softens, and some food makers shift to beet sugar. McDonald s has begun replacing corn syrup with sugar in buns.
The IEDA board approved grants totaling 1.0 million for six entrepreneurial groups including NewBoCo in Cedar Rapids with 75000 to fund Iowa's first adult boot camp Code School and an Innovation Summit. ICAD received 25000 to bolster startup mentorship and angel investor access. Other grants included StartUp Factory 200000 NIACC 100000 Square One DSM 200000 and Council Bluffs Chamber 200000. Linn County also committed 10000 for a virtual reality lab.
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