Adds particulars, CEO quote, background
Adds particulars, CEO quote, background
Oct 31 (Reuters) – Grain dealer Archer Daniels Midland Co ADM.N stated on Thursday its adjusted quarterly revenue fell on diminished export demand as a result of tit-for-tat Sino-U.S. tariffs and weak point within the ethanol market.
Agricultural commodity merchants have been within the cross-hairs of the U.S.-China commerce struggle that has slowed shipments of U.S. soybeans to China
The outbreak of African Swine Fever in China has additionally damage import demand for soy, used as livestock feed.
Whereas exterior situations for sure companies could stay fluid and probably difficult within the close to time period, the corporate stays well-positioned for improved outcomes going into the following yr, ADM’s Chief Govt Juan Luciano stated.
Adjusted revenue within the firm’s origination and oilseeds enterprise fell 13% within the third-quarter ended Sept. 30 as corn and different U.S. crops struggled within the export markets.
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