Oilseed Crushing Margins Drive ADM's Big Second Quarter
Chicago, IL — Archer Daniels Midland Co. on Tuesday reported quarterly profit jumped 52%, primarily due to strong exports and oilseed crushing margins, Reuters reported.
The strong earnings sent shares to a two-week high and extended a recovery from the COVID-19 pandemic, which last year hurt demand for the company's ethanol and food products. Shares were up 1% at $59 at midday.
Soybean crushing is benefiting from strong vegetable oil demand and North American margins, CEO Juan Luciano told analysts in a conference call.
"That will drive the company to earnings that we never had before certainly," Luciano said.
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