Adjusted earnings per share (EPS) were US$0.46, up from US$0.38 in the same period last year. Segment operating profit was US$647 million, up 19% from the prior year.

"The team managed well through this period, as tight US crop supplies reduced volumes," said ADM Chairman and CEO Patricia Woertz. "Also, corn results improved amid volatile ethanol industry conditions. During the quarter, we continued our work to improve the company's future returns and earnings power over the cycle. Our effort to unlock cash reached US$2 billion, with the team reaching this milestone a half-year ahead of schedule. And, in cost, we made solid progress toward our goal of US$200 million in additional cost reductions by the end of 2014. Looking ahead, we'll be managing through tight crop supplies until the forecast large but delayed US harvest."

Adjusted EPS increased primarily due to higher segment operating profit. This quarter's effective tax rate of 29% was below the 30% rate during the same period last year. Oilseeds operating profit in the second quarter was US$321 million, similar to the same period one year earlier. Crushing and origination operating profit was US$185 million, up US$35 million from the year-ago quarter. European crushing results improved significantly over-year as delays in the arrival of South American meal contributed to stronger margins. In North America, tighter crop supplies resulted in weaker soy and soft seed crush margins. South American operations recovered from the first quarter and generated strong overall results, equivalent to the year-ago quarter.

Refining, packaging, biodiesel and other generated a profit of US$93 million for the quarter, up US$9 million on stronger European results. Cocoa and other results decreased US$58 million due to lower margins on business contracted in earlier quarters.

Oilseeds results in Asia for the quarter were up US$4 million from the same period last year, principally reflecting ADM's share of the improved results from Wilmar International Limited.

Corn processing operating profit of US$223 million represented an increase of US$149 million from the same period one year earlier. Sweeteners and starches operating profit decreased US$9 million to US$126 million. Excluding the impact of corn hedge ineffectiveness, sweeteners and starches results improved by US$25 million, with overall demand and margins remaining solid. Bio-products results increased US$158 million to US$97 million. Overall ethanol margins were profitable, albeit volatile. Agricultural Services operating profit was US$81 million, down US$42 million from the same period one year earlier.

Merchandising and handling earnings declined US$16 million to US$14 million, due to smaller US origination and export volumes, and lower margins in international merchandising. Transportation results decreased US$14 million to US$3 million as lower US export volumes reduced barge freight utilisation. Milling and other results remained steady, excluding Gruma, as the milling business continued to perform well.

For more than a century, the people of ADM have transformed crops into products that serve vital needs. Today, 30,000 ADM employees around the globe convert oilseeds, corn, wheat and cocoa into products for food, animal feed, industrial and energy uses.