ADM's Q1 results weighed by weak grain export; trading desk suffers loss

• Archer Daniels Midland (ADM -2.6%) is lower after posting its weakest quarterly profit in nearly three years, as it processed less corn and oilseeds and suffered a loss at its new global trade desk.
• ADM’s disappointing Q1 earnings reinforce the downbeat mood across the sector as traders confront few opportunities amid a worldwide surplus of grain.
• ADM said "unfavorable merchandising positions" contributed to the loss at its global trading desk in Switzerland, but it did not specify what the positions were.
• ADM CEO Juan Luciano said during today's earnings conference call that the weakening U.S. dollar should help domestic grain exports and weather-driven damage to South American crops should lift ADM’s trading and processing businesses later this year, while cautioning that the business remains challenged.
• Now read Archer Daniels Midland: Two perspectives