Archer Daniels Midland (ADM), a biofuel producer, has cut back on North American biodiesel output. This move reflects a weakening and volatile oil industry, as evidenced by a year-long drop in biodiesel prices.
The Chicago-based agri business has "temporarily" shifted production at its Velva, North Dakota, oilseeds processing facility from biodiesel to other products and cut production at its other North American facilities, ADM spokeswoman Jackie Anderson said in an emailed statement.
ADM declined to provide the timing and size of the cutbacks.
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