Grain supply-chain middlemen like ADM and its peers have seen increased demand for crops they ship around the world amid Ukraine-Russia war
Global grain trader Archer-Daniels-Midland Co reported a 74% rise in second-quarter profit on Tuesday, benefiting from high demand for grains and tighter supplies following Russia’s invasion of Ukraine.Grain supply-chain middlemen like ADM and its peers have seen increased demand for crops they ship around the world as the Ukraine war cut off shipments from the breadbasket region around the Black Sea.
Adjusted operating profit in ADM’s core agricultural services and oilseeds unit rose to $1.12 billion from $570 million last year. The unit’s North American results fell from last year, though ADM said export volumes were strong. South American results were higher.ADM has predicted that global supplies of key crop staples will remain tight for at least two years amid shipping disruptions from the war.
Net quarterly earnings attributable to ADM were $1.24 billion, or $2.18 per share, in the three months ended June 30, compared with $712 million, or $1.26 per share, a year earlier.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil rallies as tight supplies counter expectations of a slowdown - BNN BloombergOil rose as tight near-term supplies offset concerns of an eventual economic slowdown.
Read more »
Oil swings as tight crude market competes with economy fears - BNN BloombergOil fluctuated as concerns about weakness in the global economy jostled with signs of tight physical crude supply.
Read more »
Volvo sees no signs of sales slowdown even as inflation surges - BNN BloombergVolvo said a slowing global economy is not yet weighing on demand as the truckmaker reported better-than-expected profit for the second quarter.
Read more »
Opinion: Should businesses raise wages as inflation soars?Employers should resist labour and supply contracts based on high inflation expectations, according to Bank of Canada Governor Tiff Macklem
Read more »
Supply-chain issues cause shortage of epidural supplies in western CanadaThe province\u0027s health authority says the crunch is the product of global supply chain challenges
Read more »
Russian gas cut to Europe hits economic hopes after Ukraine grain dealKYIV — Russia said it will cut gas supplies to Europe from Wednesday in a blow to countries that have supported Ukraine, just as there were hopes that…
Read more »