Archer Daniels Midland's third-quarter profit drops 98 percent

Tuesday, May 5, 2009 | 10:45 a.m. CDT

ST. LOUIS — Archer Daniels Midland Co., a major corn and soybean processor and agribusiness heavyweight, said Tuesday its fiscal third-quarter profit tumbled an unexpectedly sharp 98 percent due to a drop in sales and one-time losses related to equity investments.

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