NEW YORK: Crop trader Olam Group Ltd will pay a US$3.3mil fine for delayed reporting of cotton sales to the US Department of Agriculture (Usda) and the Commodity Futures Trading Commission (CFTC), a move that could have impacted cotton prices.
Olam delayed reporting five cotton sales to an Asian buyer in 2021, the CFTC said last Friday. The sales, which were reported as much as five weeks late, amounted to more than 375,000 bales of cotton with a value of over US$190mil, according to the CFTC.
