U.S. grains merchant and food processor Archer Daniels Midland Co on Thursday re...
) on Thursday reported a 41.3% drop in second-quarter adjusted profit and missed Wall Street expectations, after being battered by the U.S.-China trade war and severe U.S. weather this spring that caused it significant supply-chain woes.
“We are also seeing early signs of how African swine fever might impact global animal protein markets and eventually support incremental soybean meal demand in key meat-producing regions outside of China,” company Chairman and Chief Executive Juan Luciano said without elaborating. ADM executives had been banking on the trade war to have eased by the second quarter and had based a rebound of the company’s operating performance in the second-half of this year on broad grain purchases from China this summer. Such big purchases have not materialized.Beyond the trade war, heavy rains and flooding battered ADM during the quarter with “unfavorable weather impacts” of about $65 million to its operating profits.
But ADM was particularly vulnerable to the flooding, analysts say, because unlike its rivals, the concentration of its assets are in the United States. Meanwhile, its oilseeds’ business North American crush volumes dropped and flooding caused production outages at its Quincy, Illinois, facility, “which had a negative impact of approximately $10 million,” the company said.
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