U.S. is asked to help
farmers in grain mire
Arkansas' secretary of agriculture asked the U.S. Department of Agriculture on Tuesday to help farmers in Arkansas and surrounding states who have commodity contracts to sell grain to Turner Grain Merchandising Inc. and have not yet received payment.
Butch Calhoun has asked that producers be given an extension on the time they have to repay a USDA loan on the grain given to Turner Grain, according to a news release from the state Agriculture Department.
Calhoun also requested low-interest emergency loans for the affected farmers. Turner Grain has defaulted on payments to farmers, according to the news release. Farmers sued Turner Grain last week in Lee County Circuit Court seeking an injunction to prevent Turner Grain from purchasing and selling grain and seeking payment or return of grain.
"Extending the time period for USDA loans and the availability of low-interest emergency loans would allow these producers an opportunity to get back on their feet while complicated legal claims are resolved," the news release said.
-- Jessica Seaman
New deadline's today
for Hillshire merger
Tyson Foods on Tuesday delayed its acquisition of Hillshire Brands for the third time this month.
However, this delay will last just one day. The new deadline for the acquisition will be 11 p.m. today. The past two extensions were a week long.
The offer was extended "to allow additional time for the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976," according to a news release.
The Antitrust Division of the Department of Justice made a second request Aug. 12 for information from both companies.
-- Brian Fanney
1.11 increase takes
state index to 356.12
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 1.11 to 356.12 Tuesday.
"Improving consumer confidence and merger activity took stocks higher yet again with the S&P 500 Index closing above 2,000 for the first time," said Bob Williams, senior vice president and managing director of Delta Trust Investments Inc. in Little Rock.
America's Car-Mart advanced 3.4 percent in active trading, Williams said.
On the downside, J.B. Hunt Transport fell just over 1 percent in light volume, Williams said.
Murphy USA set a 52-week high before pulling back later in the session, he said.
Total volume of the index was 15.2 million shares.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 08/27/2014