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DECATUR, Ill., -- Archer Daniels Midland (NYSE:ADM)
"ADM delivered its second consecutive year of record earnings," said CEO and President Patricia Woertz. "Credit goes to the people of ADM and the alignment of our strategy, global portfolio of assets and strong management team. We have good momentum going forward and are well positioned to capitalize on our opportunities for continued growth."
-- Net earnings for the quarter more than doubled to $ 410 million - $ .62 per share from $ 195 million - $ .30 per share last year.
-- Segment operating profit for the quarter increased 82% to $ 637 million from $ 351 million last year.
- Oilseeds Processing operating profit increased on improved market conditions in all geographic areas.
The popularity of biodiesel--made from vegetable matter intead of fossil fuels--"will tighten the supply of vegetable oils," William Camp, executive vice president of Archer Daniels Midland, said during a presentation at the ThinkEquity Partners Growth Conference in San Francisco.
Because agricultural prices typically fluctuate with supply levels, the vegetable oil shortage will cause food prices to rise and may create food shortages in some areas.
Vegetable oil prices have declined in the past three weeks because projected demand for biodiesel has come down from the speculative levels achieved a few weeks ago. Nonetheless, lowered levels of projected demand still seem destined to make future supply difficult.
"I do think there will be a crimp in vegetable oil supplies in three to five years," said Camp.
According to Camp, part of the problem is the large amount of oil required to produce one gallon of biodiesel.
"ADM delivered its second consecutive year of record earnings," said CEO and President Patricia Woertz. "Credit goes to the people of ADM and the alignment of our strategy, global portfolio of assets and strong management team. We have good momentum going forward and are well positioned to capitalize on our opportunities for continued growth."
-- Net earnings for the quarter more than doubled to $ 410 million - $ .62 per share from $ 195 million - $ .30 per share last year.
-- Segment operating profit for the quarter increased 82% to $ 637 million from $ 351 million last year.
- Oilseeds Processing operating profit increased on improved market conditions in all geographic areas.
The popularity of biodiesel--made from vegetable matter intead of fossil fuels--"will tighten the supply of vegetable oils," William Camp, executive vice president of Archer Daniels Midland, said during a presentation at the ThinkEquity Partners Growth Conference in San Francisco.
Because agricultural prices typically fluctuate with supply levels, the vegetable oil shortage will cause food prices to rise and may create food shortages in some areas.
Vegetable oil prices have declined in the past three weeks because projected demand for biodiesel has come down from the speculative levels achieved a few weeks ago. Nonetheless, lowered levels of projected demand still seem destined to make future supply difficult.
"I do think there will be a crimp in vegetable oil supplies in three to five years," said Camp.
According to Camp, part of the problem is the large amount of oil required to produce one gallon of biodiesel.
