Glencore to offer faster payments

Glencore to offer faster payments

Agribusiness
Glencore Agriculture, the company that owns Viterra in SA, has announced it is moving to five days end of week payment terms.

Glencore Agriculture, the company that owns Viterra in SA, has announced it is moving to five days end of week payment terms.

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Glencore Agriculture has announced it is moving to five days end of week payment terms.

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RESPONDING to feedback from growers wanting to minimise risk and improve cashflow, Glencore Agriculture has announced it is moving to five days end of week payment terms for grain, oilseeds and pulses sold from approved bulk handlers.

Glencore Agriculture Accumulation and Grower Services general manager Andrew Wilsdon says the faster payment terms are backed by the financial strength of being part of a leading global agricultural commodity business.

The company owns the Viterra storage and handling business in SA.

"Our change to five days end of week payment terms from 12 days end of week applies to all new contracts and future cash transfers at bulk handling sites," Mr Wilsdon said.

Glencore Agriculture is one of the largest buyers and exporters of Australian wheat, barley, canola, sorghum and pulses since being established in Australia more than 15 years ago.

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