Cargill has agreed to sell its crop insurance unit, following the steps of Deere & Co. along with Monsanto, who sold their respective crop insurance units earlier this year. The sale marks the latest move by the company that’s reshaping its business amid low crop prices, according to a report by Bloomberg. The sale caps a difficult year for Cargill and other agriculture industry companies. Cargill reported its first quarterly net loss in 14 years in August amid sliding commodity prices and weakness in emerging markets.
In September, Cargill announced the breakup and spinoff of investment arm Black River Asset Management. Brazil’s JBS SA bought the company’s U.S. pork business in November.