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.