Reuters – Global grain trader Archer-Daniels-Midland ADM said a manufacturing issue caused harmful levels of various minerals to be present in certain animal feed products and led to their subsequent recall. The global grain trader expanded the product recalls announced earlier this year due to elevated levels of magnesium, sodium, calcium, chloride and/or phosphorus. ADM […] Read more
Tag Archives Archer Daniels Midland — page 2
Chickpeas galore in Australia could impact yellow pea prospects
SASKATOON — Australia’s desi chickpeas could provide stiff competition for Canada’s yellow peas in India this year. Farmers Down Under could be harvesting a massive crop based on early-season expectations. Related stories: The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) is forecasting 1.15 million tonnes of chickpea production in 2024-25. That would […] Read more
G3 caught in middle of merger
SASKATOON — There is speculation that Bunge may have to sell its ownership stake in G3 Global Holdings to appease Canadian regulators scrutinizing its proposed takeover of Viterra. G3 Global Holdings is the majority owner of G3 Canada Ltd., which operates 19 grain elevators in Western Canada and one in Quebec and port terminals in […] Read more
ADM CFO to resign amid gov’t investigations
REUTERS —Archer-Daniels-Midland says chief financial officer Vikram Luthar will resign from his role effective Sept. 30. Luthar is the highest-level executive to leave the firm since it disclosed accounting issues within its Nutrition division that later triggered two government investigations and forced it to revise six years of financial data. ADM had put Luthar on […] Read more
ADM recalls animal feed
Reuters – Archer-Daniels-Midland said its division is expanding a recall to include 17 additional lots of chicken, swine and rabbit feed products due to elevated levels of magnesium, sodium, calcium and/or phosphorus that may harm the animals. ADM Animal Nutrition in late March had recalled select Pen Pals chicken feed, MoorMan’s ShowTec swine feed, AMPT […] Read more
ADM pays bonuses in midst of investigation and audit
NEW YORK (Reuters) — Senior executives at Archer-Daniels-Midland, the grain trader under government investigation for accounting issues, will receive millions of dollars in bonus compensation, according to an internal email seen by Reuters and Securities and Exchange Commission filings. ADM delayed paying performance bonuses to some executives until the company completed and audited its financial […] Read more
FBI agents deliver subpoenas to ADM employees
Criminal probe into company’s accounting practices linked to below-cost sales from its ag unit to its nutrition division
SAN FRANCISCO (Reuters) — FBI agents delivered grand jury subpoenas to current and former employees of grain trader Archer-Daniels-Midland in early March, said three sources with knowledge of the matter. The subpoenas were signed by officials at the U.S. attorney’s Manhattan office and delivered to recipients’ homes in the Decatur, Illinois, area where ADM has […] Read more
ADM misses profit goal
REUTERS — Archer-Daniels-Midland reported lower-than-expected fourth-quarter earnings earlier this month after an investigation into accounting practices at the company’s nutrition unit delayed the release of its financial results for nearly two months. The global grains merchant reported adjusted earnings of $1.36 per share for the fourth quarter, while analysts had expected earnings of $1.43 per […] Read more
Bunge beats profit estimates
CHICAGO, Ill. (Reuters) — Bunge Global SA recently beat Wall Street estimates with a record fourth-quarter adjusted profit as strong oilseed processing results boosted its core agribusiness division. However, the company forecast a drop in adjusted profit in the year ahead due to narrowing crush margins. The fourth-quarter earnings results come as Bunge works to […] Read more
U.S. justice department probes ADM
WASHINGTON, D.C. (Reuters) — The U.S. justice department is probing the accounting practices at Archer Daniels Midland, according to two people with direct knowledge of the matter. New York-listed shares of ADM’s stock dropped 24 percent late last month after the company disclosed it had suspended its chief financial officer amid an internal probe into […] Read more
