Archer-Daniels-Midland has raised its full-year adjusted earnings guidance to approximately $5.50 to $5.80 a share, from a previous range of $5.15 to $5.60. Chief executive Juan Luciano said the results were driven by a constructive biofuels environment, ADM's North American footprint and strong execution.

The range is management's own forecast, and the biofuels environment is what it leans on. If that segment holds up, the higher range has support. If it weakens, the upgrade loses its main prop.

The quarter itself was a profit beat rather than a sales one. Earnings of $1.77 a share were $0.15 better than expected. Revenue of $22.34bn was slightly below the $22.41bn forecast, so profitability, not volume of sales, carried the result.

ADM also cut its capital spending plan for 2026 to $1.2bn to $1.3bn, from $1.3bn to $1.5bn. Management says this reflects continued prioritisation of high-return investments.

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