Mr. Robert Day reports

CERES GLOBAL AG CORP. SUSPENDS CRUSH PROJECT; TERMINATES EQUIPMENT CONTRACT

Ceres Global Ag Corp. is suspending its previously announced canola crush project at Northgate, Sask. The corporation's decision to pause the project is due to a variety of factors, including, but not limited to, inflationary pressures resulting in higher costs than initially projected and shifting macroeconomic conditions. Consistent with the foregoing, Ceres has taken the step of terminating an equipment design and supply contract relating to the project, in order to reduce project-related contract liabilities. Termination of this contract and suspension of the project will result in a fourth quarter impairment charge in relation to certain earlier expenditures made in connection with the project and which will be included when Ceres's reports its fourth quarter and fiscal year-end results later this fall. The corporation currently estimates that the impairment will be in the range of $25-million to $30-million. Ceres intends to continue to explore avenues to pursue a canola crush project of some form in the future, but there is no guarantee that such a project will come to fruition or would be similar to the previously announced project.

About Ceres Global Ag Corp.

Ceres and its subsidiaries add value across agricultural, energy and industrial supply chains through efficient sourcing, storing, transporting and marketing of high-quality agricultural commodities, value-added products and raw materials. Leveraging its network of commodity logistics centres and team of industry experts, Ceres connects farmers to customers around the world.

Ceres is headquartered in Minneapolis, Minn., and, together with its affiliated companies, operates 13 locations across Saskatchewan, Manitoba, Ontario and Minnesota. These facilities have an aggregate grain and oilseed storage capacity of approximately 31 million bushels.

Ceres has a 50-per-cent interest in Savage Riverport LLC (a joint venture with Consolidated Grain and Barge Co.), a 50-per-cent interest in Berthold Farmers Elevator LLC (a joint venture with The Berthold Farmers Elevator Company), a 50-per-cent interest in Farmers Grain LLC (a joint venture with Farmer's Cooperative Grain and Seed Association), a 50-per-cent interest in Gateway Energy Terminal (an unincorporated joint venture with Steel Reef Infrastructure Corp.), a 25-per-cent interest in Stewart Southern Railway Inc. (a short-line railway located in southeast Saskatchewan with a range of 130 kilometres) and a 17-per-cent interest in Canterra Seed Holdings Ltd. (a Canada-based seed development company).

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