Archer Daniels Midland (ADM) CEO Juan Luciano says ADM’s profitability in the first six months of 2018 increased $150 million. “Operation excellence initiatives delivered cost savings of more than $150 million on a run rate basis and are on pace to exceed our 2018 target of $200 million.” Chief Financial Officer, Ray Young saw a substantial uptick in grain exports in the quarter. “Crops in South America as well as increased purchases from that region by China in anticipation of tariffs, offered motivation for other buyers to come to the U.S. The result was significantly higher volumes and margins for corn, wheat and soybean exports.”
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.