The Ministry for Development of Economy, Trade and Agriculture of Ukraine is ready to consider the declaration of unfavorable weather conditions as force majeure reasons for default of forward contracts for agricultural crops delivery by Ukrainian farmers. However, the decision should be taken with deliberate care and under due consideration of the interests of all parts of trade chain, declared the Ministry for Development of Economy, Trade and Agriculture of Ukraine within the online meeting on October 26.
The Minister offered to consider the declaration of unfavorable weather conditions as force majeure not for all farmers, but for those who really lost their crop due to the weather. The extent of nonperformance of a contract might correlate with the volume of a crop production decline compared to the previously expected volume for the region.
Participants of the meeting decided to consider this suggestion with urgency and make a final decision on this issue in coming days (preliminarily on October 28).
