Nufarm's $58.9m win against Monsanto

A long-running dispute between Doug Rathbone's crop protection outfit Nufarm and the world's biggest seed company Monsanto could finally be drawing to a close.

At stake is about $58.9 million, which is what Nufarm reckons it is owed by Monsanto, although it never names the US outfit – it always refers to the matter as a dispute with a "major supplier", according to The Australian Financial Review .

Nufarm is so confident it can extract the sum from Monsanto that the disputed amount has been recorded as a receivable. If it goes the other way its accounts will need some work.

Sources suggest the dispute will head into arbitration on May 24 in a matter that could keep the legal eagles tied up for three weeks.

The dispute centres on sales of glyphosate, a key ingredient in Nufarm's weedkillers. Under a deal struck between the pair back in 2002 costs and proceeds associated with Nufarm's sales were to be shared.

Glyphosate prices tanked in 2009, leaving Nufarm with high-cost product it had to sell for much less. Nufarm reckons those loses should be shared.