Cargill to Lay Off 475 Employees in Minnesota

CHICAGO (Reuters) – Global trading house Cargill has announced it will permanently lay off about 475 employees from its Minnesota facilities starting on Feb. 5, according to a state agency.

Cargill plans to reduce around 5% of its workforce due to revenue declines in its most recent fiscal year, as crop prices have plunged to multi-year lows.

Agricultural merchants, including Cargill, face pressure as the prices of key commodity crops such as wheat, corn, and soybeans have dropped to near four-year lows, impacting crop processing margins.

The affected employees work at an office center in Wayzata or are associated with the facility but reside elsewhere, as noted in a letter sent to the Minnesota Department of Employment and Economic Development.

The letter further stated, "Cargill is undergoing a business restructuring that is resulting in a reduction in force of certain roles at the Wayzata Office Center."