Olam to Pay $3.3 Million Fine for Cotton Sales Report Delay (1)

Crop trader Olam Group Ltd. will pay a $3.3 million fine for delayed reporting of cotton sales to the US Department of Agriculture and the Commodity Futures Trading Commission, a move that could have impacted cotton prices.

Olam delayed reporting five cotton sales to an Asian buyer in 2021, the CFTC said 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 $190 million, according to the CFTC.

Companies like Olam report cotton sales to the USDA, which then releases weekly and monthly export ...