The head of Tyson Foods Inc. called for ethanol subsidies to be swept away. Dick Bond, chief executive of the largest U.S. meat processor, claimed the diversion of corn to produce ethanol was inflating prices for animal feed, and warned that consumers faced steep rises in food prices.
ADM's net profit rose to $517 million, or 80 cents a share, up from $363 million, or 56 cents a share, a year earlier. Revenue climbed 64% to $18.7 billion.
Ms. Woertz ADM CEO (former executive at Chevron), said food prices were being driven by rising energy costs and global protein demand rather than production of biofuels.
"I think the supply fundamentals of world crops are improving," Ms. Woertz said on a conference call with analysts after the U.S. company reported a 42% rise in its net profit for its fiscal third quarter ended March 31.
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