Friday, May 2, 2008


"As inflation and shortages expose billions to hunger worldwide, agricultural giant Archer-Daniels-Midland Company revealed a 42 percent leap in quarterly profits. The announcement follows similarly skyrocketing earnings reports from half a dozen other agribusinesses and suppliers, as well as from major oil companies BP, Shell, and Exxon.

On Wednesday, the Wall Street Journal noted enormous profit increases for all of the largest agricultural suppliers and processors. The second-largest grain processor, Cargill, recorded quarterly earnings of $1.03 billion February 29, up 86 percent from a year ago. Third-largest processor Bunge reported $289 million, shooting up 1,964 percent over last year. Farm equipment manufacturer Deere & Co. reported a 55 increase in quarterly earnings over the year, to $369 million.

Monsanto, a company with a virtual monopoly on crop seed and herbicide production, reported $1.13 billion in profits for the latest quarter, more than doubling profits of the preceding quarter. Other corporations with significant agricultural operations, including Syngenta AG, DuPont and Dow Chemical, have also posted huge profits."

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