Strong oilseed crush margins and rising vegetable oil demand are having a positive impact on ADM’s agricultural services and oilseeds unit. The company is reporting strong third quarter profits with revenue at $20.34 billion. The strong vegetable oil demand, including from renewable fuels makers and favorable crush margins brought a 42 percent profit jump. Earlier this year, ADM announced plans to build a soy crush facility at the Spiritwood Energy Park near Jamestown, North Dakota. The $350 million facility is expected to process 150,000 bushels of soybeans per day. In August, ADM and Marathon formed a joint venture to make renewable diesel.
News Categories
Latest RRFN Podcasts
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.