Deep Freeze Upends U.S. Agriculture Markets From Grains to Beef
- Traders say it’s hard to get grain to Pacific Northwest ports
- Tyson, STX Beef shut meat processing plants in Texas
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The deep freeze that has left almost five million Americans without power is snarling shipments of goods from corn to soybeans, shutting meat plants and curbing ethanol production.
Traders say it’s increasingly hard to move grain to ports in the Pacific Northwest, and ice warnings are restricting navigation on the Illinois River. Energy costs soared, prompting some ethanol and soybean processing plants to slow down, said the traders, who asked not to be identified because the information is private. Cargill Inc. is curbing energy use while Archer-Daniels-Midland Co. slowed production at several locations due to gas shortages. Tyson Foods Inc. was among meat producers forced to shut plants in Texas.