ADM boosts grain export capacity at Argentine port
CHICAGO May 21 (Reuters) - U.S. agribusiness Archer Daniels Midland Co said on Thursday it is expanding grain export capacity at an Argentine port to help boost shipments from the world's No. 3 corn and soybean supplier and top exporter of soymeal and soyoil.
The expansion of ADM's Puerto San Martin port terminal in Santa Fe state, to be completed by early 2016, will include a new berth for unloading barges and additional grain storage.
"This is a 25 percent increase in our capacity that will allow us to continue to export from Argentina and increase our exports, but also reduce the utilization of ports in Uruguay that are very congested," Chief Executive Juan Luciano said at a BMO investor conference in New York.
The terminal's capacity will increase from about 2 million tonnes currently to about 2.5 million tonnes, the company said.
The investment comes after several recent strategic deals by ADM aimed at increasing the volume of grain and agricultural products it can buy, sell, store and transport around the world. The Chicago-based company has said it wants to double its grain origination over the next decade.
ADM entered a 50-50 joint venture with commodities trader Glencore in February to develop a port in northern Brazil in a bid to quadruple the port's capacity to take advantage of expanding crop production in the region.
Earlier this month, ADM took full ownership of an export terminal in Constanta, Romania, tapping growing crop exports from the Black Sea region.
(Reporting by Tom Polansek in New York; Writing by Karl Plume in Chicago; Editing by Bernadette Baum)
© Thomson Reuters 2017 All rights reserved.