U.S. Meat Crisis Is Latest Blow for World’s Largest Crop Traders
- ADM, Bunge both slowed soybean processing as demand falls
- Meat-plant slowdowns are adding to restaurant closures
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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.
Lockdowns from New York to Los Angeles already meant people were eating more at home, hitting demand for cooking oil made from soybeans. Now 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.