ADM profit has 47 high% in first quarter

The American commodities trading company Archer Daniels Midland (ADM) had a 47% jump in first-quarter profit, with the help of larger volumes of oilseed processing and grain and strong demand for ethanol in the United States.
The net profit attributable to the company rose to $ $339,000,000 in the quarter ended March 31 on a year earlier, according to a report released yesterday.
Revenue rose to $ $14.99 billion, down from $ $14.38 billion a year earlier.
Profits have improved compared with weak first quarter of last year supported by u.s. grain exports, after record harvests soybeans and corn helped the services segment, the largest in terms of revenue.
"Our results compared to last year have improved at the company, and individually in all of our four business segments during the first quarter, and we continue on our way to stronger 1 2017", said the Chairman of ADM, Juan Luciano.
Sales of the agricultural services unit, which generates profit with purchase, sale, storage and transportation of grains and oilseeds, climbed 5 percent to $ $6.81 billion.
A larger crop in South America is increasing the global grain surplus, but slower sales in Brazil have kept exports from United States competitive in the global market, benefiting the company.