ADM notes US corn planting highest in 75 years; sees help for ethanol

In Illinois, Archer Daniels Midland says it is encouraged by farmers plans to plant the most corn this season as has been seen in 75 years, which will boost corn supplies and help ethanol margins.

Excess supply in the market significantly weakened margins leaving the company’s operating profit for the first quarter of 2012 at $37 million, down 77% on the year. The company’s CEO says the market is more in line now that production has slumped across the country.