Grain trader ADM reports higher profit, food demand during pandemic

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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