(Dow Jones) -- Cargill Inc., one of the world's largest beef producers, said it will close a Texas processing plant due to dwindling cattle supplies caused by drought in the central U.S.
The Minnesota-based company said it would close the plant in Plainview, Texas, on Feb. 1, affecting 2,000 employees.
Although Cargill will preserve the plant's infrastructure so that it could possibly reopen when cattle supplies rebound, Cargill said it does not expect that to happen "for a number of years."
News of Cargill's move sent U.S. live-cattle futures down by their exchange-imposed daily limit of three cents Thursday. Live-cattle ...