By Mark Weinraub
By Mark Weinraub
CHICAGO, Nov 7 (Reuters) – Grain service provider Archer Daniels Midland Co ADM.N is waiving the charges it fees farmers to dry grain at three of its Midwestern corn processors because it seeks provides to maintain the vegetation operating at optimum ranges by means of a sluggish, moist harvest interval, a spokeswoman stated on Thursday.
Farmers, who’re weeks delayed in a lot of the U.S. corn belt resulting from wet harvest situations, have been reluctant to promote their grain at present value ranges. Free drying gives them a major break as tight provides of propane wanted to run grain driers have despatched prices hovering this fall.
ADM’S chief monetary officer stated final week the corporate anticipated moist crops would result in elevated revenues from its drying operations.
However a spokeswoman stated in an e-mailed assertion that ADM on Wednesday began providing free drying of corn at 19% moisture fee or much less that farmers delivered to its moist corn mills in Decatur, Illinois, Cedar Rapids, Iowa, and Clinton, Iowa. The vegetation course of corn into ethanol and produce components…