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Archer Daniels Midland Company

ADM 2Q profit falls 26 percent on ethanol weakness

Archer Daniels Midland Co. said Tuesday that its second-quarter profit fell 26 percent from the year before, hurt by weakness in its ethanol business.

The Chicago company makes animal feed, produces ethanol for fuel and makes sweeteners and other food ingredients. ADM said high inventories of ethanol forced it to decrease production.

ADM reported net income of $284 million, or 48 cents per share, in the quarter ending June 30, compared with $386 million, or 62 cents per share, in the same quarter a year later.

Earnings, adjusted for non-recurring gains, were 41 cents per share, below what analyst's expected. The average estimate of three analysts surveyed by Zacks...