Reuters' Julie Ingwersen and Karl Plume reported that Archer-Daniels-Midland Co. (ADM) has temporarily closed its only soybean processing plant in Iowa for maintenance, tightening supplies of soymeal during a record U.S. harvest. The shutdown, from mid-October through November, affects a facility that typically crushes 5 million bushels of soybeans monthly, or about 12% of Iowa’s total. The timing has sparked concerns among farmers and traders.
ADM cited the closure as part of planned upgrades and said they are ensuring customer needs are met. The facility upgrade follows a 2023 consent decree over air quality issues. Meanwhile, the soymeal supply shortage has pushed Chicago Board of Trade soymeal futures to three-month highs, with bids at the Gulf terminal reaching a 10-year peak.
The closure comes as ADM also shut its Valdosta, Georgia plant due to Hurricane Helene, further tightening the market for livestock feed.
