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Deal Could Save Heinz Plant in Leamington

By Amanda Brodhagen, Farms.com

There is a sign that good news is to come for the 105-year-old Heinz facility in Leamington, Ontario.

On Thursday, Highbury Canco Corporation provided a letter of intent to buy the Heinz facility, but a signed agreement is still in the works. The deal is subject to certain terms and conditions.

Heinz’s news release did not disclose how much the deal is worth.

Under the proposed terms outlined in the letter of intent, Highbury Canco would continue to manufacture certain Heinz products including tomato juice.

Leamington Mayor John Paterson says he is “cautiously optimistic” that a deal will be reached between the two parties. Paterson also gave high praise to the province, adding that it has been heavily involved in the negotiation process.

The company says it plans to employ about 40 per cent of the plant’s previous workforce, approximately 250 full-time workers, and some seasonal staff.

In November 2013, Heinz announced it would be closing the Leamington plant in June 2014, meaning 800 full time jobs would be lost.


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Markets Continue to Chase Chinese Trade Headlines

Video: Markets Continue to Chase Chinese Trade Headlines


The U.S./China trade war has escalated after Trump threatened to slap 100% Tariff on China by Nov. 1 after China placed some export restrictions on rare earth minerals.
But Trump overstepped/overreacted but the meeting with Xi at the end of the month was still on even after Trump threatened China with an embargo on used cooking oil. The U.S./China were going to meet and talk about trade issues today ahead of the meeting with Xi/Trump in South Korea.
Despite the increased tensions and noise both the corn and soybean futures held support at $4.10 and $10 with a corrective bounce higher on news that U.S. corn yields are a concern.
U.S. soybean prices are $0.90 to $1.50 cheaper than Brazil.
News that China was willing to remove the tariffs on Canada if Canada would lift the 100% levies on Chinese EV vehicles sent funds short covering in canola futures. Canadian and Chinese met on Friday to discuss ag issues like canola and meat.
Stocks fell on the increased rise in tensions with the U.S./China and concerns over bad regional loans, but investors shake off the news on strong Q3 earnings from the big U.S. banks.
Wheat continued to trade to new 5-year lows while cattle were breaking out to new record highs as Trump was working his magic on lower U.S. beef prices.
U.S. crude oil continued its trend lower as did Bitcoin.