ADM sees years of tight global crop supplies, strong 2022 profit outlook

Demand will likely outpace supplies until at least 2024, resulting in high crop prices that will draw grain stocks out of storage and encourage South American farmers to plant more, the grains merchant said after posting a better-than-expected quarterly profit. (File pic shows wheat fields.)

Global supplies of key crop staples will remain tight for at least two years after harvest shortfalls in some countries and shipping disruptions triggered by Russia's invasion of Ukraine, Archer-Daniels-Midland Co ADM.N said on Tuesday.

Demand will likely outpace supplies until at least 2024, resulting in high crop prices that will draw grain stocks out of storage and encourage South American farmers to plant more, the grains merchant said after posting a better-than-expected quarterly profit.