Reading Time: 3 minutes An investigation into accounting practices in Archer-Daniels-Midland's ADM.N Nutrition segment could not come at a worse time for the company as sinking crop prices look set to erode profit for its core grain trading and processing businesses this year.
Accounting probe hits ADM as crop glut, lower margins point to tough 2024
ADM shares fell 24 per cent Monday as news of accounting issues broke
ADM CFO placed on leave, shares tumble on probe into nutrition unit,
The global grains merchant cut its 2023 profit forecast, delayed Q4 results on investigation into flagged transactions
Reading Time: 2 minutes Shares of Archer-Daniels-Midland ADM.N slid 16 per cent in early morning trade on Monday after CFO Vikram Luthar was placed on administrative leave as the company investigates certain accounting practices at its Nutrition segment.
ADM buys Saskatchewan pulse miller
Prairie Pulse to double U.S. firm's reach in province's pulse sector
Reading Time: 2 minutes One of the four majors in global agrifood has bought expanded capacity in Saskatchewan’s pulse crop sourcing and processing space. ADM on Wednesday announced having bought Prairie Pulse Inc., whose main asset its its pulse crop processing and packaging plant at Vanscoy, about 25 km southwest of Saskatoon. Chicago-based ADM — known as the ‘A’ […] Read more
Crop merchant Bunge raises full-year profit outlook
Reading Time: < 1 minute Agricultural commodities trader Bunge Ltd BG.N on Wednesday raised its full-year earnings outlook after posting an adjusted third-quarter profit that topped expectations, sending its shares up about 2 per cent in premarket trading. The improved forecast was attributed to favorable market conditions as tight global crop supplies and strong demand have benefited supply chain middlemen […] Read more
ADM beats profit estimates but revenue disappoints
Reading Time: 2 minutes Reuters — Global grains trader Archer Daniels Midland beat Wall Street estimates for quarterly profits on Thursday, helped by strength in its grain milling and nutrition businesses. Still, revenue missed analysts’ expectations and net earnings attributable to the company were 44 per cent lower than a year earlier. Shares were down nearly three per cent […] Read more
Green Plains sues ADM, alleging ethanol market manipulation
Reading Time: < 1 minute Chicago | Reuters — Green Plains Inc., one of the biggest U.S. ethanol producers, sued Archer Daniels Midland on Tuesday, accusing the global grain trader of manipulating the price of the biofuel to profit from its positions in the derivatives market. Green Plains filed the proposed class action with the U.S. District Court of Nebraska, […] Read more
ADM says to focus on organic growth after acquisitions
Reading Time: < 1 minute Geneva | Reuters — Grain trader Archer Daniels Midland does not expect to continue its aggressive strategy of acquisitions in the next few years and will instead focus on organic growth, a senior official said on Wednesday. “With this level of acquisitions we have had, I don’t think you will see ADM being a very […] Read more
ADM to combine grain trading, oilseed businesses
Reading Time: 2 minutes Chicago | Reuters — Global grains trader Archer Daniels Midland said Wednesday it will consolidate five business units into four in the company’s second reorganization in just over a year as adverse weather and a U.S.-China trade dispute threaten profits. ADM will combine its grain trading and oilseeds segments into a new business unit called […] Read more
ADM says to seek early retirements, may cut jobs
Reading Time: 2 minutes Chicago | Reuters — U.S. grain trader Archer Daniels Midland said on Wednesday it will seek voluntary early retirements by some North American employees and may eliminate individual jobs as part of a restructuring of specific areas. The actions are needed to strengthen ADM’s core business and establish the company as a global leader in […] Read more
ADM says U.S. floods to cut into Q1 operating profit
Reading Time: < 1 minute Chicago | Reuters — Flooding and severe winter weather in the U.S. Midwest will reduce Archer Daniels Midland’s first-quarter operating profit by US$50 million to $60 million, the U.S. grains trader said on Monday. Record floods have devastated a wide swath of the farm belt across Iowa, Nebraska, South Dakota and several other states. The […] Read more
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