Archer-Daniels Midland Co

ADM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$79.00	Hrr	Gjdtzrtf

Archer-Daniels Midland Earnings: Profits Fall on Normalizing Grain Merchandising Conditions

Seth Goldstein

Oct 24, 2023

Archer-Daniels Midland's third-quarter results exemplified our long-term view that the company's ag services and oilseeds business, which generates the majority of profits, will see lower results as falling crop prices lead to more normalized grain merchandising and oilseed crushing conditions. Having updated our model to incorporate ADM's third-quarter results, we maintain our $70 per share fair value estimate for ADM.

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