New York, 5 – Grain trading firm Archer Daniels Midland (ADM) is resuming ethanol production at two US distilleries that had been out of business for almost a year, the company said. ADM said it plans to start processing corn immediately at Vantage Corn Processors plants in Cedar Rapids, Iowa, and Columbus, Nebraska. Initial deliveries of ethanol to customers are scheduled for the middle of this month.
ADM shut down the plants, which have a combined annual capacity of 575 million gallons (2.18 billion liters), at the end of April last year, amid reduced demand because of the covid-19 pandemic.
“We have carefully monitored a wide variety of conditions in the ethanol industry and, in recent weeks, we have seen consistent signs that point to accelerating demand for ethanol in the domestic market,” said ADM in a statement. The company said ethanol inventories across the industry are decreasing, while China has been importing large volumes.
ADM, which at the beginning of last year said it was in negotiations for a possible sale of its ethanol plants or joint venture, said it plans to continue discussions with interested parties. Source: Dow Jones Newswires.
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