08:14 AM EDT, 10/04/2024 (MT Newswires) -- Archer-Daniels-Midland ( ADM ) is idling its sole soybean processing facility in Iowa during the peak of the US harvest, Reuters reported Friday, citing the company.

The temporary closure limits a key market for farmers as low crop prices hit incomes and pushes soymeal prices at the Gulf terminal to their highest in a decade, the report said.

Archer-Daniels-Midland's ( ADM ) Des Moines plant will undergo maintenance from mid-October to November, the company reportedly told Reuters. The plant upgrade follows a 2023 consent decree with Iowa regulators over air quality violations, Reuters said.

The company said it has plans to meet customer needs during the closure, according to Reuters.

Shares of the company were up 0.3% in recent premarket activity.

Archer-Daniels-Midland ( ADM ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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