ADM earnings increase; flour milling improves

by Chrystal Shannon
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Archer Daniels Midland Co. reported a 20% increase in its second-quarter net income, noting improved results in wheat flour milling. Continuing U.S. government purchases of flour and a decrease in milling capacity were significators factors, the company said.

Going back to March 2000, the U.S. milling industry has shut down 131,000 cwts of production — a 9% decrease in milling capacity, ADM said. The industry is currently running at a 92% or 93% capacity utilization rate.

ADM said its wheat milling operations in the Caribbean and Canada also continued to show good results.