Commodities giant Archer Daniels Midland has booked a drop in full-year profits as record corn prices hit earnings in the fourth quarter.

In the three months to the end of June, net profit fell 25% to US$284m, while operating profits slid 40.9% to $544m.

Sales in the period, however, reached $22.67bn, a 0.8% increase on the prior-year.

In the firm’s oilseed processing segment, operating profit dropped 26.3% to $331m, while ADM’s corn processing division saw operating profit slide 39.9% to $74m.

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now