ADM reports lower earnings; biodiesel up, ethanol off

In Illinois, Archer Daniels Midland reported what the stock market perceived to be unexpectedly weak quarterly earnings yesterday. The stock dropped more than 8 percent after the announcement of results for the three months ending March 31st.

The oilseeds processing division reported operating profit decreased $ 13 million for the quarter, with crushing and origination results decreasing $ 79 million for the quarter due principally to weaker North American crushing margins and weaker fertilizer margins in South America.However, the company reported increased biodiesel sales volumes and margins in South America.

Corn processing division profit dropped $123 million for the quarter, with bioproducts dropping $167 million due principally to a significant decline in ethanol margins resulting from higher net corn costs, lower average selling prices and inventory write-downs.

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