FILE PHOTO: The world’s largest corn mill of global grain company Archer Daniels Midland is pictured in Decatur, Illinois, U.S., March 16, 2015. REUTERS/Karl Plume/File Photo
CHICAGO (Reuters) – Flooding and severe winter weather in the U.S. Midwest will reduce Archer Daniels Midland Co’s first-quarter operating profit by $50 million to $60 million, the U.S. grains trader said on Monday.
Record floods have devastated a wide swath of the Farm Belt across Iowa, Nebraska, South Dakota and several other states. The waters have idled ethanol plants, slowed rail shipments of agricultural products and swamped storage bins holding grain from previous harvests.
The disruptions come as the U.S. agriculture industry is grappling with the trade war between Washington and Beijing, which slashed shipments of American farm products