CARGILL TO SELL US CROP INSURANCE BUSINESS TO SILVEUS 

US agricultural commodities trader and producer Cargill has agreed to sell its crop insurance business to Silveus Insurance Group in a move to focus on its core operations amid the soft commodities market. Terms of the deal, which is expected to close later this month, were not disclosed. The sale marks the latest turn in the US crop insurance market. Last month, the Wells Fargo & Co banking group agreed to sell its crop insurance operation to Zurich American Insurance for up to $1.05bn. Earlier in the year, Monsanto and Deere & Co sold their crop insurance businesses. Indiana-based Silveus’ primary business is the development of software that assists farmers in managing risks and their insurance options. The sale by Cargill comes three months after the Minnesota-based group spun off its Black River Asset Management unit and five months after it posted its first quarterly loss in 14 years owing to low crop prices.