Cargill shutters Indiana port grain elevator
Updates with details, quotes from the Ports of Indiana
By Mark Weinraub and P.J. Huffstutter
CHICAGO, Feb 2 (Reuters) -Global commodities trader Cargill Inc closed its grain elevator in Portage, Indiana, on Tuesday, according to the company's website.
The elevator, which handled soybeans, corn and wheat, borders Lake Michigan and has a storage capacity of 7.2 million bushels, according to the Grain and Feed Association of Indiana.
In an email statement on Thursday, Cargill said it decided not to renew its lease for the facility because of "several different contributing factors which include the current and projected market environment."
The company did not elaborate further.
Cargill will relinquish control of the facility to the Ports of Indiana as of June 1, and port officials are looking for a new operator, said Ryan McCoy, port director for Ports of Indiana-Burns Harbor.
"We have received multiple inquiries from companies interested in expanding the facility," said McCoy, who worked at Cargill's terminal for 10 years.
Cargill said it notified its customers of the change in September, and is "working with customers on an individual basis to ensure they continue to have access to markets for their grain."
Cargill's bids for corn and soybeans delivered to the elevator had been well below bids at nearby competitors in recent weeks, effectively shutting off movement of grain to the facility as it prepared for closing. It had not posted a bid for soft red winter wheat since August.
The Cargill facility for corn closest to the Portage site is in Hammond, Indiana, about 19 miles away.
For soybeans, the closest Cargill facility is in Morris, Illinois, or Decatur, Michigan. Both are about 69 miles from Portage. The Decatur elevator also accepts wheat.
Cargill said it is retaining current employees in Burns Harbor "through the duration of operations," and looking to help find them employment opportunities at other Cargill locations.
The Ports of Indiana originally financed the construction of Cargill’s export terminal in 1979, McCoy said. Through the years, he said, Cargill has employed 8 to 12 full-time workers at the facility, and as many as 15 dockworkers per day from the International Longshoremen’s Association to load vessels.
Additional reporting by P.J. Huffstutter; Editing by Mark Porter and Nick Zieminski
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
