Energy Industry
Industry: Email Alert RSS FeedMERRILL LYNCH DOWNGRADES ADM SHARES AFTER OVERCAPACITY NEWS
Renewable Fuel News, February, 2005 by Gantz, Rachel
Analyst company Merrill Lynch downgraded shares of agri-giant Archer Daniels Midland (ADM) last week, partly on the news of looming overcapacity in the U.S. ethanol industry.
"[Production capacity continues to outstrip growth in the utilization of ethanol," said ADM Chairman and CEO G. Alien Andreas, speaking last week to the Consumer Analyst Group of New York conference in Arizona. "We do have a dramatic increase in the production of ethanol and we're beginning to see a price weakness in relationship to what normally would be the spread over contracts for gasoline," he added.
In part because of Andreas' comments about ethanol, as well as comments related to the company's inability to raise prices on high fructose corn syrup during a recent contract negotiation period,...
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