One of the world's leading agricultural traders Archer-Daniels-Midland Co. (ADM) is currently studying options for terminating operations in the Russian Federation, Interfax reported on March 31 with reference to Bloomberg information.
According to Bloomberg sources, it is about a 50% share in a joint venture with the Russian company Aston. It processes corn to produce sweeteners and starches for the food and beverage industry.
According to sources, ADM's possible move is connected with the two largest exporters of Russian grain - Cargill and Viterra, announcement about leaving the market, stopping exports on July 2023.
At the same time, Viterra, following Cargill, also officially informed the Ministry of Agriculture of the Russian Federation that it will stop exporting Russian grain from the new season. According to Viterra CEO David Mattiske, the company sent a corresponding letter to Oksana Lut, First Deputy Minister of Agriculture of the Russian Federation.
In this letter, Viterra Limited informs the ministry that, starting July 1, 2023, the company does not intend to continue exporting grain and is studying the transfer of its business in the Russian Federation to new owners. The letter notes that the details of the proposed deals are currently being discussed. When they are finalized, Viterra will inform the Ministry of Agriculture and will apply to the Foreign Investment Rights Commission to approve the deal.
The Ministry of Agriculture of the Russian Federation confirmed receipt of this letter and its contents.