Archer Daniels Midland Co. will cut 1,000 jobs, roughly 3% of its total workforce, due to a volatile global crop market that has made for unpredictable revenue, according to reports.

The company said it hopes the job cuts will help ADM be more competitive in the modern food industry. It expects to save $100 million in annual expenses from the cuts, along with other cost-cutting measures. The job cuts will cost between $50 million and $75 million during the third quarter of ADM's current fiscal year.