He'd never grown this particular pea seed before, and Montana is a new region for the company. As we reported last summer, global agriculture corp Cargill invested $75 million in PURIS, the largest North American producer of pea protein and key supplier to Beyond Meat.It was recently revealed that Puris has just received an additional $25 million which apparently has come from an undisclosed source. They're gonna go whatever direction they're gonna go," said Kanning. Beyond Meat reported a net revenue of $40.2 million in its first round of earnings since going public, an increase of 215% year-over-year. Reporting by Tom Polansek; Editing by Marguerita Choy "They take nitrogen from the air and convert it to usable fertilizer for itself, but they overproduce it, so they make fertilizer for the next plant," he said.Cargill has invested $100 million in Puris to beef up pea production and encourage more farmers to grow peas, despite the current low prices. In the U.S., the number is closer to 50 percent. "They understand that there's been some unfair play by some of our trading partners, and they're just hoping that the trade wars end soon, and that they're successful. Beyond Meat shares have climbed 40 percent this year through Tuesday. "I don't know where they're going yet this year," he said.
“Being able to have that raw material supply has been helpful for us for sure.” Cargill is better known for trading crops like corn and soybeans around the world and supplying ground beef than producing plant-based foods.
It is a critical step for Puris as it tries to remain ahead of booming demand for its pea-protein, starches and fibers. “We believe we’re uniquely positioned to be very effective and efficient in the supply chain,” said Elizabeth Gutschenritter, managing director of Cargill’s alternative protein team. ... North American pea-protein producer Puris is a supplier to Cargill and Beyond Meat. "There's been very strong support for the President in rural areas of the U.S. and our growing region," McGreevy said. Cargill has announced investments of $100 million in Puris since January 2018 and benefited from the investment due to limited supplies of pea protein, Gutschenritter said. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Canadian pea exports are not subject to the same tariffs. We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. India placed a 50 percent tariff on American peas as it tries to protect its own farmers, and China has a 35 percent tariff as part of the current trade war. More farmers are using peas as part of their crop rotation. Still, "If this is something that's going to be sustained, I want to take the opportunity to kind of get it on the ground floor." Major meat companies including Tyson Foods and WH Group’s Smithfield Foods [SFII.UL] also sell plant-based products. Montana is better known for beef than beef substitutes. “We are offering a portfolio that will encompass both pea and soy formulations.” North American pea-protein producer Puris is a supplier to Cargill and Beyond Meat. It has less than 10 percent of "stocks on hand," the amount of annual crop carrying over to the next year. But Kanning said he and Puris came to terms, and he purchased about $15,000 of the seed for 2020.He's pleased that Beyond Meat is not the only customer demanding more peas. Tim McGreevy said new domestic demand is not enough to make up for export losses. By comparison, investments in alternative proteins are in the “low single digit percentages,” Gutschenritter said. One is stuffed with dry yellow peas. Puris is also a supplier of Beyond Meat. It has also been a significant investor in Beyond Meat’s pea protein producer PURIS.
Cargill plans to employ its decades-long experience handling ingredients and buying crops to produce private-label products more efficiently than competitors. "There's a lot of beauty in peas, specifically because they're nitrogen fixating," said Tyler Lorenzen, a former NFL player who returned to agriculture as CEO of Puris Foods, a pea protein producer based in Minneapolis.
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