US agribusiness giant Archer Daniels Midland today (2 November) posted an almost 13% rise in first-quarter revenues but admitted inventory charges had weighed on its bottom line.

ADM booked net sales of US$16.78bn for the three months to 30 September, an increase of 12.6% on the year.

The company generated higher sales from all three key divisions – oilseeds, corn and agricultural services. However, while profits from oilseeds and corn processing rose, earnings from ADM’s agricultural services arm dropped due to a shift in corn supplies.

ADM’s total net earnings were down 30.4% at $345m amid changing LIFO inventory valuations.

“The ADM team performed solidly in both corn and oilseeds with both businesses well positioned to meet demand. Agricultural Services results were impacted by crop supply shifts early in the quarter,” said chairman and CEO Patricia Woertz. “As we look at markets today, global demand is generally strong. This presents ADM with the opportunity to grow shareholder value by doing what we do best: use our assets and our acumen to connect crops from regions where they’re available to markets where they’re needed.”

Click here for the complete first-quarter statement from ADM.