ADM Says Crop Demand Isn’t Being Hurt By High Grain Prices
(Bloomberg) -- Agri-commodities trading giant Archer-Daniels-Midland Co. says high grain prices have yet to impact demand, according to the finance chief of its trading division.
Jerome Daven, the chief financial officer of ADM’s Global Trade unit in Switzerland, said his firm isn’t seeing signs of demand destruction despite rising grain prices.
Daven spoke on a panel Tuesday at the GrainCom conference in Geneva.
Paris milling-wheat prices are trading near a 10-year high and benchmark futures in Chicago are up more than 15% this year, outperforming corn and soybeans that have retreated as U.S. farmers collect bumper crops.
Daven’s comments were echoed by Marco Orioli, the vice president of grain marketing in Europe, Middle East and Africa for CHS Europe, and Andreas Rickmers, the chief operating officer of Ameropa AG, who also told conference delegates they see no signs of slowing demand.
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