In Illinois, Archer Daniels Midland Company reported a 550 percent jump in quarterly net earnings to $446 million, reporting that “profit in ADM’s Oilseeds Processing segment increased $ 132 million due to improved margins and higher volumes,” and that “corn Processing profit increased $ 151 million on stronger bioproducts results.”
Overall, the company reported net earnings of $1.9 billion for the year ended June 30, 2010, up $246 million over the year ended June 2009.
The company reported that “Bioproducts profit in the quarter was up significantly from last year’s loss due to better ethanol and lysine margins. At present, ADM has begun production at its Cedar Rapids, Iowa, ethanol dry mill, which should be fully operational by the end of August. And, in Decatur, Ill., the Company is working through startup issues at its propylene glycol plant, which should be fully operational by end of the calendar year.”
More background on the story from the Digest
Category: Producer News