Crop Trader ADM Stops Receiving Corn at Nebraska Plant as Grain Piles Up
(Bloomberg) - Archer-Daniels-Midland Co. will no longer receive corn at a Nebraska processing facility due to grain buildup while the dry ethanol mill is idling.
The Columbus facility will close on Wednesday afternoon due to high inventory levels and will remain closed until December 27, the company said in a tweet. A spokeswoman for ADM, one of the world's largest agricultural commodity traders, confirmed that the move "is related to the closure of the dry mill" and that the facility will be receiving corn again on December 28th.
ADM announced in April that two of its dry ethanol mills were shut down as the pandemic kept cars off the road and slowed demand for corn-based biofuel. In November, CEO Juan Luciano said the company plans to keep facilities in Nebraska and Iowa closed during the winter. According to the spokeswoman, the wet mill in Columbus is still in operation.
The American ethanol industry was already struggling with poor margins before the pandemic. While margins had improved recently as many manufacturers shut down their plants and traffic increased over the summer as cities reopen, the US is now facing a second wave of coronavirus cases.
(Updates with reopening date in paragraph two.)
More articles of this type can be found at bloomberg.com
Subscribe now to stay up to date with the most trusted business news source.
© 2020 Bloomberg L.P.
In this article
C = F.
You should check here to buy the best price guaranteed products.
Report Reveals Wild History Of Woman Leading Firms Pushing 'Italygate' Election Conspiracy Theory
Sen. Ron Johnson, who stalled the passing of Juneteenth as a federal holiday, was booed at an event commemorating the day
Florida man allegedly pulls a gun on Starbucks employee over botched order, but not on just any employee
Americans are quitting their jobs at record pace, report says
Phil Mickelson doesn’t need a trophy to be the (second) best U.S. Open player of his generation
Rick Santorum speaks out on CNN firing, says decline of Trump news a factor