Food ingredients giant Archer Daniels Midland has ridden the wave of rising commodity costs and posted a rise in second-quarter profits.
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The US-based company, one of the world’s leading producers of commodities including corn, wheat and cocoa, booked a 7% rise in net earnings to US$473m for the three months to 31 December.
ADM saw net sales jump 50% to $16.5bn and the company pointed to “sharp rises” in commodity prices.
“This quarter, heightened demand, coupled with geographic crop imbalances, drove volumes, prices and volatility in many key markets,” said Patricia Woertz, ADM’s chairman and CEO.
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