Crop protection company Nufarm Limited today announced that the Brazilian court has now cancelled the glyphosate products suspension. Glyphosate is an herbicide that is used to control crop damages from weed.
The suspension came into effective earlier this week. In the update released on 13 August 2018, Nufarm informed the market that Brazilian judge has published the ruling on 6 August 2018 stating the suspension of current Glyphosate’s registration in Brazil. But following to this update, today Nufarm announced that the Regional federal Court of 1st Region has overturned the suspension on 3 September 2018, without charging any conditions.
After having discussion with Ministry of Agriculture, Brazilian court has now enabled Nufarm to continue selling glyphosate which is for use in upcoming soybean planting season of Brazil.
To the good news of cancellation of glyphosate suspension, the stock surged on ASX, recording daily price change of 3.98%. Nufarm Limited’s stock is currently market trading at $7.185 on 4 September 2018 (1:36 PM AEST). The negative change of 21.47% has been observed in the performance of the NUF over the last one year.
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