Archer Daniels Midland profit up 24% in Q2

Archer Daniels Midland Co. said its second-quarter profit rose $585 million (+24%), or 91 cents per share. A year ago, the company earned $473 million, or 73 cents per share.

While food prices remain historically high, global demand for commodities and crop-based fuels like ethanol fell sharply during the quarter. Archer Daniels Midland said profits were boosted by the agricultural services division, where net income jumped $147 million, to $462 million.

The gain came from fatter profit margins on transactions made during volatile commodity and freight market conditions.