The world’s largest agricultural commodities traders, already contending with the closure of restaurants, now have one more thing to worry about: the slowdown of American meat plants.
According to a report atBloomberg, shutdowns and slowdowns at American meat plants are forcing farmers to cull their animals, cutting the need for soy meal, a key ingredient in feed rations.
Bunge Ltd., the top processor of soybeans globally, has already slowed crushing operations in the U.S. by 10%, according to Chief Executive Officer Greg Heckman.
Archer-Daniels-Midland Co. reduced utilization rates of its factories in North America by 5 percentage points, the company said last week.
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