U.S. agricultural merchant Archer Daniels Midland Co beat expectations for quarterly earnings on Wednesday, as it benefited from higher margins in its grain trading and oilseeds business.
FILE PHOTO: The Archer Daniels Midland Co. logo is displayed on a screen on the floor of the New York Stock Exchange in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid/File Photo
But ADM said it bought and exported records volumes of crops in South America during the quarter as farmers were active sellers of their harvests. The Chicago-based company said adjusted operating profit in the agriculture services and oilseeds unit, its biggest, rose 14% to $413 million in the second quarter. Its nutrition business was another bright spot, with a 35% jump in adjusted operating profit.
Vantage Corn Processors, an ADM subsidiary that includes dry ethanol mills, reported a profit in a turnaround from a loss a year earlier.
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