Theco International removed from GAFTA's defaulter list.
OOSTERHOUT, THE NETHERLANDS — Louis Dreyfus Company Grains Merchandising LLC, a unit of Wilton, Connecticut, U.S.-based commodities giant Louis Dreyfus Co. BV, has reached a full and final settlement of all claims in connection with a civil action filed Dec. 14, 2016, in the U.S. District Court for the Eastern District of Louisiana asking a Louisiana federal judge to confirm a $1.85 million arbitration award against Theco International, Inc. for allegedly failing to honor a corn purchase contract.
Details of the settlement were not disclosed, but as a result of the settlement, Theco has been removed from the Grain and Feed Trade Association’s defaulter list and Louis Dreyfus has dismissed the Louisiana civil action.
KANSAS CITY, MISSOURI, US — Corn is the top produced crop in the world. Its high starch content and versatility make it useful in hundreds of products such as food and beverages, biodegradable materials, fuel ethanol and especially animal feed.
The US Department of Agriculture’s World Agricultural Supply and Demand Estimates (WASDE) projects the world will produce 1.172 billion tonnes of corn in marketing year 2022-23, of which 183.58 million tonnes will be exported. The WASDE sees individual countries’ domestic feed production using 743.05 million tonnes of corn, and global ending stocks at 304.53 million tonnes.
These are the Top 10 corn producing nations in the world, according to the September WASDE 2022-23 projections.