CHICAGO: An investigation into accounting practices in Archer-Daniels-Midland’s (ADM) nutrition segment could not come at a worse time for the company as sinking crop prices look set to erode profit for its core grain trading and processing businesses this year.
Before news of the accounting issues broke and sent ADM shares tumbling 24% on Monday, the biggest fall since 1929, according to the Centre for Research in Security Prices, the company had been forecasting the nutrition unit it has been expanding for much of the past decade would return to profit growth in 2024.
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