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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 20, 2006
Page
15
A brief market note highlights personalized banking options available locally with two Cedar Rapids locations offering tailored services for residents.
Renessen a Cargill Monsanto joint venture will test in Eddyville Iowa a dry corn separation system to yield higher value byproducts from ethanol plants The project aims to boost energy efficiency and allow premium growth for biotech hybrid corn Farmers will grow 20000 acres in 2006 to supply the pilot opening in January 2007 The Iowa board approved 100000 in aid and tax benefits for Renessen and a related Cargill project on processing aids
Union Pacific Corp, the largest railroad, reports fourth quarter profit of 296 million dollars or 1.10 per share, up from 79 million or 0.30, as a charge a year earlier weighed on results. Excluding the charge, earnings rise 27 percent. Shares gain 5.02 to 85.02 on NYSE.
Iowa and Cargill announced an agreement allowing farmers to raise Cargill owned hogs, avoiding the state ban on owner ship. The deal, similar to a prior pact with Smithfield Foods, suspended enforcement for 10 years and permits expanded production with protections for farmers rights and limits on company control. Farmers may unionize and sue Cargill. two years 25 percent of hogs at the Ottumwa plant must come from non company sources. Tom Hayes notes producers sought more competition while Pork Works continues buying Iowa hogs.
The Commerce Department says 2005 housing construction reached 2.065 million units, up 5.6 percent from 2004 and just behind the 1972 all time peak. Single-family starts rose to 1.714 million, a 6.4 percent gain, though December activity fell 8.9 percent as weather and inventory concerns cooled demand.
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