Global grain traders accused of huge tax evasion

The world's three largest grain traders, responsible for the vast majority of global corn, soybean and wheat trading and processing, have been accused of large-scale tax evasion in a landmark series of cases being brought against them by the Argentinian government.

Afip, Argentina’s revenue and customs service is seeking to claim US$476 million (€324 million) for what it says are unpaid tax and duties from Bunge, US$252 million (€171 million) from Cargill and US$140 million (€95 million) from Dreyfus. The companies have all denied all the allegations and have said they will defend themselves vigorously. Read more ...

This blog is written by Martin Little, The Global Miller, published and supported by the GFMT Magazine and the International Milling Directory from Perendale Publishers

Company update: Cargill

Cargill's fiscal second-quarter earnings more than tripled on strong returns from its Mosaic Co. stake and as most of the agribusiness giant's units posted strong results.  US’ largest private company, active in global meatpacking, grain processing and food business is viewed as an industry leader and like rivals such as Archer Daniels Midland and Bunge has reported revenue growth lately amid tight global grain supplies.

For the quarter ended Nov. 30, Cargill reported a profit of US $1.49 billion, up from US$489 million a year earlier. Excluding Mosaic Co, a fertilizer producer in which Cargill owns about a two-thirds stake, the company earned US$832 million, nearly doubled the US$420 million a year earlier. Mosaic reported last week its fiscal second-quarter profit soared as sales rebounded sharply from year-earlier weakness and amid a US$570 million asset-sale gain. Read more...

This blog is written by Martin Little The Global Miller, published and supported by the GFMT Magazine from Perendale Publishers.