#AgAlerts: Another milk bankruptcy; GM crops; Impossible Pork

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A roundup of news, reports, and research on agribusiness and related issues.

Borden Dairy Co., one of America's oldest and largest dairy companies, on Monday became the second major milk producer to file for bankruptcy in the last two months.

Tumbling milk consumption combined with the rising price of milk have crippled the dairy industry with debt. Dean Foods, America's largest milk producer, filed for bankruptcy November 12.

Borden said it filed for bankruptcy because it cannot afford its debt load and its pension obligations. It has 3,300 employees, 22% of whom are covered by a collective bargaining agreement.

China approved two new genetically modified (GM) crops for import on Monday that could boost agricultural purchases from the United States, while renewing permits for 10 others, the Chinese agriculture ministry said.

The two new GM crops approved were Corteva Agriscience's DAS-81419-2 soybean and 55-1 papaya, jointly developed by the U.S. Department of Agriculture and Hawaii University.

Following Impossible Foods’ victory in getting both FDA approval and incredible sales in both grocery stores and in Burger King’s Impossible Whopper, the plant-based meat replacement company is on a high. Its newest product, debuting at the Consumer Electronics Show in Las Vegas this week, is Impossible Pork.

Commodities trader Cargill Inc [CARG.UL] on Tuesday posted a quarterly profit rise of more than 19%, as the animal nutrition and protein business unit tapped into rising global demand for meat untainted by the spread of African swine fever in Asia.

The 118-year old agricultural commodities company is currently in negotiations with fewer than five interested parties, Chief Executive Officer Juan Luciano said in an interview Wednesday at the company’s headquarters in Chicago. He declined to name the companies taking part in the discussions.