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Huge crops, record storage signaling more woes for grain merchants [Reuters]

ARCHER-DANIELS MIDLAND (ADM)  More Company Research Source: Reuters
Last archer-daniels midland earnings: 5/1 07:00 am Check Earnings Report
US:NYSE Investor Relations: adm.com/investors/presentations
PDF Huge crops, record storage signaling more woes for grain merchantsCHICAGO In the face of a global grain glut that is crushing profits and raising questions about their long-term prospects, the world's big grain merchants maintain they need only a drought or other supply shock to return to the riches of the past.But a two-day rout on Wall Street for two of the industry's biggest firms - Archer Daniels Midland Co and Bunge Ltd - underscores concerns that poor recent profits may be more than just a leg of a cyclical downturn and instead point to fundamental change.ADM on Tuesday warned investors that it was downgrading its expected return on invested capital — a key performance metric — by a full percentage point, to a projected 9 percent annual rate of return.On Wednesday, Bunge reported an 82 percent drop in first-quarter earnings and lowered its profit outlook for its unit that trades grain and oilseeds. It also reduced its budget for 2017 capital expenditures by $50 million, roughly [Read more]

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