ADM Gets a Veggie-Burger Lift -- Market Talk
Dow Jones
Archer Daniels Midland says consumers' growing appetite for new meatless burgers helped give the agricultural conglomerate's ingredients business a boost as ADM's other divisions struggle with the US-China trade war. The Chicago-based grain merchant is using two of its plants to produce ingredients for plant-based meat alternatives, and in August struck a deal with Brazilian meat giant Marfrig to develop beef-mimicking plant proteins and other ingredients. Earnings in ADM's flavorings and specialty ingredients division jumped 27% to $102M in the third quarter. Shares rise 3%.