Archer-Daniels-Midland (ADM) has raised its forecast for full-year adjusted profit, citing a strong oilseed processing outlook. The company’s quarterly earnings also beat estimates, driven by a rally in U.S. grain prices following the Iran war.
Strong Oilseed Processing Outlook
The rally in grain prices has led to increased selling of stored corn and soybeans by farmers, which has benefited ADM’s oilseed processing business. The company now expects adjusted earnings of $5.15 to $5.60 per share for the year, up from its previous forecast of $4.15 to $4.70 per share.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.