|
ADM reaps rewards of higher ethanol margins
04.08.2010 11:56 "Agro Perspectiva" (Kyiv) —
Archer Daniels Midland, the US-based agricultural trading house, said on Tuesday its profits had risen almost 15 per cent in the fiscal year 2010 compared with the same period of 2009 on the back of rising demand for ethanol and soyabeans.
The agribusiness said it had earned $1.93bn in the year to June 30, up from $1.68bn the previous year, when profits were hit by the global economic crisis.
The jump in profits comes as agricultural commodities prices from wheat to cocoa rise strongly on the back of poor crops and a revival in demand, with consumption of food commodities emerging unscathed from the global financial crisis.
«The ADM team finished strong, capping a very good year with very good fourth-quarter performance,» said Patricia Woertz, chief executive. «As we begin our new fiscal year, our large projects are nearly finished, and we commit to use our strong balance sheet and cash flow to deliver shareholder value,» she added.
Shares of ADM were up 1.6 per cent in light pre-market trading.
The company, whose main competitors in the US are Cargill and Bunge, said its earnings had jumped in the fourth quarter to $446m or 69 cents per share up from just $58m or 9 cents per share in the same period of fiscal 2009. The fourth-quarter earnings were above Wall Street’s forecast of 53 cents per share.
The increase in ADM’s profitability contrasts with Bunge’s disappointing start to the year, which forced the trader to cut its earning forecast for 2010.
ADM said its strong performance in the year to June 30 had been helped by better ethanol margins on its biofuels division. The trading house has invested heavily on corn-based biofuels, a sector which last year struggled because of low demand for gasoline and low oil prices, which made ethanol unattractive.
ADM also benefited from «strong export demand» for commodities such as soyabeans and corn on the back of rising consumption in emerging countries, including China. ADM said it was running its corn processing plants «strong» to meet demand.
Net sales on the 2010 fiscal year fell to $61.7bn, down from $69.2bn in the same period last year. However, net sales are a poor indicator of a commodities trader’s performance as they move up and down with the price of raw materials.
ADM, based in Decatur, Illinois, is one of the world’s top-three agricultural traders and processors, employing 29,000 people in more than 60 countries.
29.04.2024 |
|
|
|
|
|
10:43 |
New CEO at BASF: Martin Brudermüller hands over to Markus Kamieth |
25.04.2024 |
|
|
|
|
|
09:45 |
Parliament approves a revision of the EU’s common agricultural policy |
23.04.2024 |
|
|
|
|
|
16:23 |
MEPs approve trade support measures for Ukraine with protection for EU farmers |
17.04.2024 |
|
|
|
|
|
18:08 |
Ministry of Agrarian Policy and Food predicts this year’s harvest of grains and oilseeds at about 74 million tonnes |
16.04.2024 |
|
|
|
|
|
12:12 |
West Africa Cocoa Shortage Pushes Up Prices |
11.04.2024 |
|
|
|
|
|
23:48 |
U.S. Soybean Meal Exports Forecast at Consecutive Records in 2022/23 and 2023/24 |
|
23:10 |
EU Wheat Exports Challenged by Russia’s Growing Dominance |
|
11:30 |
Country of origin of honey must be clearly visible on the label. EU honey traceability system to be developed |
10.04.2024 |
|
|
|
|
|
15:59 |
Commission starts setting up the Agriculture and Food Chain Observatory |
|
15:33 |
Commission approves ˆ2.2 billion German State aid scheme to support the decarbonisation of industrial processes to foster the transition to a net-zero economy |
|
13:17 |
Donau Soja urges EU for clarity on EUDR implementation |
09.04.2024 |
|
|
|
|
|
10:44 |
Ukraine remained the third source of EU imports in 2023, with a value of EUR 11.8 billion |
06.04.2024 |
|
|
|
|
|
10:04 |
World cereal output seen up in 2023/24 |
|
09:55 |
FAO Food Price Index rises in March |
05.04.2024 |
|
|
|
|
|
10:04 |
Shellfish Crop Insurance Program Offers Oyster Producers Needed Protection from Environmental Challenges and More |
03.04.2024 |
|
|
|
|
|
23:01 |
Croatian horseradish root ‘Ludbreški hren' added to register of Protected Designations of Origin |
02.04.2024 |
|
|
|
|
|
10:15 |
FAO and chef Fatmata Binta announce new project to empower women fonio producers in Ghana |
28.03.2024 |
|
|
|
|
|
12:55 |
Council compromise on Ukraine ATMs – Only a half step forward in the right direction |
|
09:18 |
Commission approves amendment to Italian State aid scheme to support companies in Friuli Venezia Giulia in the context of Russia's war against Ukraine |
26.03.2024 |
|
|
|
|
|
10:55 |
Projected famine in Gaza: FAO urges immediate access to deliver urgent and critical assistance at scale. About 1.1 million people are experiencing catastrophic food insecurity |
|
08:44 |
EU makes major step forward in the delivery of 2024 humanitarian aid for Palestinians in Gaza* |
25.03.2024 |
|
|
|
|
|
16:17 |
Commission approves ˆ86.9 million Bulgarian State aid scheme to support farmers in the context of Russia's war against Ukraine |
21.03.2024 |
|
|
|
|
|
11:15 |
Commission takes action to boost biotechnology and biomanufacturing in the EU |
20.03.2024 |
|
|
|
|
|
11:13 |
Deal to extend trade support for Ukraine with safeguards for EU farmers |
19.03.2024 |
|
|
|
|
|
09:43 |
CAP - The Commission proposes simplifications that safeguard agricultural transitions! |
18.03.2024 |
|
|
|
|
|
23:10 |
The European Union and Switzerland launch negotiations to deepen bilateral relations |
|
10:05 |
Commission proposes targeted review of Common Agricultural Policy to support EU farmers |
15.03.2024 |
|
|
|
|
|
23:36 |
Cargill Power CanolaTM Program Helps Farmers Take Advantage of Growing Bioenergy Market Opportunities for Canadian Canola |
|
23:19 |
FAO will provide Ukrainian farmers with soybean and sunflower seeds for spring sowing campaign |
13.03.2024 |
|
|
|
|
|
23:27 |
FAO urges more cooperation in banana sector, significant for some least developed and low-income food-deficit countries and smallholder farmers |
|
16:51 |
The European Commission sets out key steps for managing climate risks to protect people and prosperity |
12.03.2024 |
|
|
|
|
|
20:25 |
Coreper and COMENVI approve the provisional agreement on EU Carbon Removal Certification Framework |
|
20:24 |
INTA MEPs fail EU producers by dismissing potential improvements to Ukraine ATMs |
|
08:10 |
Soybean meal is expected to be a more competitive feed ingredient on higher global supplies. |
11.03.2024 |
|
|
|
|
|
09:11 |
U.S. Corn Exports Shift Destinations as Brazil Captures China Market |
08.03.2024 |
|
|
|
|
|
15:20 |
Conflicts push acute food insecurity higher |
|
13:21 |
FAO Food Price Index declines further in February |
|
13:14 |
Packaging: Council and Parliament strike a deal to make packaging more sustainable and reduce packaging waste in the EU |
|
11:45 |
Commission approves ˆ61.3 million Bulgarian State aid scheme to support farmers, producers of grain and oil crops, in the context of Russia's war against Ukraine |
07.03.2024 |
|
|
|
|
|
20:41 |
First go-ahead to renewing trade support for Ukraine and Moldova |
05.03.2024 |
|
|
|
|
|
15:55 |
Commission proposes to prolong road transport agreements with Ukraine and Moldova and introduces updates to the agreement with Ukraine |
02.03.2024 |
|
|
|
|
|
07:31 |
Heroes of deserts and highlands: Nourishing people and culture |
23.02.2024 |
|
|
|
|
|
10:21 |
BASF’s financial strength supports proposed stable dividend of ˆ3.40 per share for the 2023 business year |
|
10:17 |
The Council has chosen to ignore farmers' concerns regarding Ukraine ATMs; it is now imperative for the European Parliament to take action |
20.02.2024 |
|
|
|
|
|
20:27 |
South Asia is anticipated to import nearly 14 million tons wheat in 2023/24 |
19.02.2024 |
|
|
|
|
|
13:00 |
Cargill and ENOUGH expand partnership to provide consumers with innovative, sustainable protein options |
17.02.2024 |
|
|
|
|
|
17:47 |
Global Environment Facility approves new FAO-led projects and programs benefiting 46 countries |
16.02.2024 |
|
|
|
|
|
09:10 |
The EU is at a crossroads with the Ukrainian agricultural issue - COPA-COGECA, AVES, CEFS, CEPM, CIBE, EUWEP |
13.02.2024 |
|
|
|
|
|
17:31 |
European farmers exempted from rules on land lying fallow |
12.02.2024 |
|
|
|
|
|
16:45 |
India Wheat Stocks Plummet to Lowest in 15 Years |
Also available:
|
| |
|
|