Landkom International: 20,000 tonnes of rapeseed forward sold at $600 per tonne
2011-06-07 12:53:51
Landkom International PLC (AIM: LKI, "Landkom" or "the Group"), the Ukrainian producer of agricultural commodities, has forward sold a further 20,000 tonnes of its 2011 rapeseed crop for $600 per tonne, excluding VAT, through two 10,000 tonne contracts. 5,000 tonnes were already forward sold in March this year.
The Group expects the price to be equivalent to $575 per tonne ex works, excluding VAT, after the deduction of delivery costs to the port and frontier.
The sales agreements are with an oil crushing plant and a global agricultural commodities trading group.
Vitaliy Skotsyk, Landkom CEO said:
“We have now forward sold 25,000 tonnes of our 2011 rapeseed crop and are pleased to be able to lock in higher prices for almost 70% of our estimated rapeseed production. We are committed to delivering substantially improved results this year; attractively priced forward sales contracts enable us to secure our budget and plan for the future.”