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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: ChanceIs who wrote (100007)	4/29/2008 8:12:47 AM
From: ChanceIs	Respond to of 206145

Archer Daniels Midland quarterly profit up 42% 7:55 AM EDT April 29, 2008 >>>Last paragraph makes me think that ADM is making it all trading corn futures.<<< NEW YORK (MarketWatch) -- Archer Daniels Midland Co.'s third-quarter profit increased 42% as a result of sharp increase in prices for grain commodities, the company said Tuesday. For the three months ended March 31, the Decatur, Ill.-based agriculture-products company reported net earnings of $517 million, or 80 cents a share, up from $363 million, or 56 cents, earned in the third quarter of fiscal 2007. The designer of genetically modified crop seed and ethanol producer said quarterly revenue rose 51% to $18.71 billion from $11.38 billion last year. Higher selling prices for corn, soybeans, wheat and other commodity grains accounted for about 85% of the company's revenue growth, Archer Daniels Midland said. Analysts polled by FactSet Research had expected, on average, first-quarter earnings of 69 cents a share on sales of $12.9 billion. Shares of Archer Daniel Midland added 1.8% to $48.25 in premarket trading. "Volatility in commodity markets presented unprecedented opportunities," said Patricia Woertz, chairman and chief executive. "Once again, our team leveraged our financial flexibility and global asset base to capture those opportunities to deliver shareholder value."