U.S. grains trader Archer Daniels Midland Co. on Tuesday reported lower-than-expected fourth-quarter 2018 earnings as the U.S.-China trade war roiled global agriculture, sending its shares down more than 6%, reports Reuters.
Three of its four business units reported lower results, including ADM’s grain trading origination business, where adjusted operating profit slumped 30% to $183 million despite higher volumes of North American corn and soybean exports to markets outside of China.
ADM’s fourth-quarter woes came amid a bruising U.S.-China trade fight that virtually halted sales of U.S. soybeans to the world’s top importer.
Read the full report here.
