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Biofuels Digest Index gains 0.21 percent on agribusiness gain; Archer Daniels Midland reports 42 percent earnings growth

April 29, 2008

The Biofuels Digest Indexâ„¢ (BDI), a basket of public biofuels stocks, gained 0.21 percent to close at 131.33, on gains in agribusiness offset by ethanol setbacks. For the day, The Andersons (ANDE) rose 1.36 percent to $46.25, while Pacific Ethanol fell 5.58 percent to $3.72 to lead the ethanol downtrend. Among small caps, Earth Biofuels (EBOF.OB) gained 13.81 percent to close at $0.0239. Overall, advances and declines were even for the day.

In related news, Archer Daniles Midland reported results today for the quarter ending March 31. Net earnings increased 42 % to $517 million ($0.80 per share) from $ 363 million  last year. Sales were up 64 percent to $18.7 billion.

“ADM’s third-quarter performance demonstrates the ability of our balanced operations, global network and solid balance sheet to deliver strong results amid fluid markets,” said Patricia Woertz, Chairman and CEO. “Volatility in commodity markets presented unprecedented opportunities. Once again, our team leveraged our financial flexibility and global asset base to capture those opportunities to deliver shareholder value.”

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    Written by Jim Lane · Filed Under Biofuels Digest Index (BDI), Stock & Financial Outlook 

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