Feb 03, 2025 at 03:09 PM CST
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Global grain merchant Archer-Daniels-Midland will soon start laying off employees as part of a global effort to cut costs as low crop prices erode profit, three people briefed on the matter told Reuters on Friday. Operations in the United States would be the focus of the cuts, one of the sources said. Corn, soybean and wheat prices hit four-year lows in 2024 as global stocks of the food staples ballooned to multiyear highs and whittled down profit margins for agribusinesses like ADM that make money from storing, processing and trading around the world. ADM has previously said it is focused on controlling costs as the global grains glut and low prices dragged down profit, and warned that the current challenging commodities cycle would continue through 2025. |