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Maple Leaf Foods Reports Q2 Profits

That compares with a year earlier loss of $7.5 million or $ .05 per share, which marked the beginning of a bottom-line recovery for one of Canada's largest food companies.

A major reason for the improvement in this year's second quarter net income was higher operational earnings from the company's meat products group, which rose to $62.9 million from $17.7 million last year.

Sales in Maple Leaf`s meat products group in the second quarter increased 4.1% to $851.0 million. Prepared meats sales declined slightly, as the benefit of price increases implemented during the first quarter, to mitigate inflationary and currency impacts, was more than offset by a short-term volume decline in response to the price increase and the exit of some lower margin business. Sales in fresh pork increased as the company's focus on increasing its value-added pork business resulted in improved selling prices and volume. Performance was also supported by favourable exchange rates. Fresh poultry sales increased due to stronger volume and an increased higher value sales mix.

Higher earnings in prepared meats resulted from lower operating costs, an improved sales mix, and pricing implemented in the first quarter, partially offset by lower volume. Maple Leaf made continued progress in increasing operating efficiencies across its new prepared meats plant network, primarily at its largest facility in Hamilton. Higher fresh pork earnings resulted from increased contributions from value-added Canadian retail and value-added export sales, higher industry margins, and operating efficiency gains. Earnings in fresh poultry increased due to higher branded sales volume and operating efficiency gains.

Source: Meatbusiness


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The FCDC and AgSmart Bring Plant Breeding to a Wider Audience

Video: The FCDC and AgSmart Bring Plant Breeding to a Wider Audience

In the vast prairies of Alberta, Olds College’s Field Crop Development Centre (FCDC) stands as a beacon of innovation and research in the agricultural world. The institution has become a key player in advancing agricultural technologies and practices. The FCDC’s commitment to applied research has driven them to seek effective means of disseminating their findings and creating a positive impact on the farming community.

One such avenue that aligns with their mission is AgSmart, an event dedicated to showcasing cutting-edge agricultural technologies. The coming together of the FCDC’s annual Field Day and Ag Smart has proved to be a natural fit, fostering a synergy that benefits both parties and propels the agriculture industry forward. The FCDC Field Day took part in conjunction with AgSmart for the first time this week on Aug. 1-2 in Olds, Alta. FCDC Program Director Kofi Agblor and Olds College VP of Development Todd Ormann sat down for an interview with Marc Zienkiewicz to discuss the significance of the two events taking part together and what the future holds.

The Intersection of Research and Technology The essence of the FCDC lies in its dedication to plant breeding and new seed varieties, particularly barley and triticale. While conducting research is essential, it becomes meaningful when its benefits are shared with the wider community. This is where AgSmart steps in, providing a key venue for the FCDC to showcase their research. This union between research and technology creates a holistic and enriching experience for farmers, ranchers, and industry professionals, the pair said.

Seeds as Technology For the FCDC, the partnership with AgSmart goes beyond mere event collaboration. It is about creating an environment that bridges the gap between seeds and smart technology, Ormann said. The college believes that for technology to truly revolutionize agriculture, it must begin with a strong foundation — high-quality seeds. As the saying goes, “it all starts with a seed.” To demonstrate this critical aspect, the collaboration aims to showcase the seed value chain as an integral part of the smartphone.

The Birth of a Powerful Alliance The idea of joining forces emerged when staff realized the potential synergy between AgSmart and the FCDC Field Day. With just a few days separating the two events, a proposal was put forward to merge them. The marketing and communications teams from both sides worked seamlessly to ensure the essence of both events remained intact, creating a powerful alliance that leverages the strengths of each, Agblor said.

Driving Advancements in Breeding For Agblor, the partnership with AgSmart has tremendous potential to drive advancements in breeding and other technology. With technologies like drones and imaging becoming integral to phenotyping, breeding is no longer confined to vast fields to assess thousands of plants manually. Instead, it benefits from the data-rich insights brought about by smart technologies. These advancements make breeding more efficient, precise, and instrumental in shaping the future of agriculture.

Overcoming Challenges Together While the partnership between Olds College and Ag Smart has been a resounding success, there are challenges on the horizon. Securing stable funding for long-term breeding initiatives is crucial to sustain progress. The college is committed to navigating these challenges and investing in agriculture’s future sustainably, Agblor said.