Archer-Daniels-Midland (ADM) is preparing to implement layoffs worldwide to reduce expenses as falling crop prices impact earnings, Reuters reported Friday citing multiple sources.

The workforce reductions will primarily focus on US operations, including warehouses, ports, and processing facilities, but other regions and departments will also be affected, one source was quoted as saying.

Prices for corn, soybeans, and wheat hit their lowest levels in four years in 2024, with large global stockpiles reducing profit margins for corporations like ADM.

ADM said it is facing a prolonged downturn in the commodities market, which is expected to continue through the year.

The exact number of layoffs was not confirmed.

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.)