Agriculture Current Affair 31 May 2022

Wheat traders go to court as MNCs cancel contracts

Disputes between traders and multinational company trade houses has now spilled into the courts. MNCs point towards the export ban order and contracts which carry force majeure clauses, while the traders say they sold wheat to the MNCs and not for exports.

Tridev Traders, a grains trading firm from Uttar Pradesh, has sent legal notice to KN Agro Resources, a listed Mumba-headquartered company dealing with commodities apart from other interests, about sudden cancellation of the wheat purchase order. Tridev has asked KN Agro Resources to compensate for losses it met. A copy of the notice is with ET.

“We had confirmed the contract on May 11 and started loading containers of the railway rake and suddenly when the loading was about to be completed, we get a message asking us to not load as the contract stands cancelled. I have incurred huge losses for loading, unloading and having to sell that stock at lower prices than what I had contracted for,” said Manish Agarwal, proprietor, Tridev Traders.

Edible oil prices to fall as Indonesia ships 200,000 tonnes crude palm oil

Availability of edible oils in the country will improve and their prices may come down in the coming weeks as Indonesia has shipped 200,000 tonnes of crude palm oil to India, oil traders have said.

The consignment, shipped on Monday after Indonesia lifted an export ban on the commodity, will reach India by the end of this week and will be available at the retail end by June 15, said Sandeep Bajoria, chief executive of edible oil importing firm Sunvin Group.

Lower palm oil prices will reduce raw material cost of soaps, margarine, shampoos, biscuits and chocolates where palm oil and its derivatives are used, experts said.

Indian Tea Association seeks govt help as heavy rains bring Assam to a standstill

Severe floods in Assam have given a major blow to the tea estates in Barak Valley, which is located in the southern part of the state. As the road communication between the Barak valley NSE 1.06 % and Brahmaputra Valley has been disrupted, tea estates have not been able to dispatch teas which is causing serious financial bottlenecks to the industry.

Indian Tea Association has sought the help of the Assam government for appropriate measures to protect life and livelihood in that region.

Barak Valley tea Industry which has historically been suffering from several traditional problems is also reeling under severe economic crisis due to long recessionary conditions.

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