British farmers are massively defaulting on forward contracts
2011-01-31 17:21:57
According to AgriMoney rising grain prices are encouraging UK farmers to default on foreard contracts struck earlier the season at lower prices. A senior trader at a leading merchant has said, terming the practice "disgusting". The trader said he was speaking to "one or two people a day" attempting to renege on contracts struck while prices were still well below the record £204.00 ($323) a tonne at which London's near-term March futures contract closed on Thursday.