Nov 3 (Reuters) - Archer-Daniels-Midland beat third-quarter earnings estimates and raised its full-year adjusted profit forecast on Tuesday, helped by strong oilseed processing margins across its businesses.
The Chicago-based grain merchant and processor raised its 2026 adjusted earnings per share forecast to $5.5 to $5.8 from its prior outlook of $5.15 to $5.6.
Here are a few more details:
• US corn and soybean prices have surged since the war on Iran started, prompting farmers to accelerate sales of grain stockpiled from last year's harvest after months of holding back supplies amid weak market prices
• The conflict has also driven crude oil prices sharply higher, lifting demand for biofuel feedstocks and supporting prices for crops such as corn and soybeans used to produce renewable fuels
• Operating profit from its agricultural services and oilseeds segment, its largest segment, more than doubled in the reported quarter to $778 million
• The division houses the company's global crop trading, transportation and storage, and oilseed processing operations
• The crushing business, which sources oilseeds and grains from farmers and processes them into products for food, animal feed and industrial markets, reported profit of $311 million, up from $13 million a year earlier.
• The company reported adjusted earnings of $1.77 per share for the quarter ended September 30, topping analysts' average estimate of $1.60 per share, according to data compiled by LSEG
(Reporting by Katha Kalia in Bengaluru; Editing by Sahal Muhammed)