The widening divide: agribusiness profits soar while farmers fall behind
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The widening divide: agribusiness profits soar while farmers fall behind
ADM profits soar as American farmers struggle to stay afloat What happened: Agricultural trading giant ADM reported $821 million in third-quarter profits, up from $108 million a year earlier. Profits from its oilseed crushing business alone surged from $13 million to $311 million, driven by strong biofuel demand and favorable processing margins. The company also raised its full-year earnings forecast. Source: ADM Why it matters: American farmers are struggling with low crop prices, rising costs, and mounting debt. Meanwhile, the corporations on either side of them—those selling farmers essential inputs and those buying their crops—are reporting soaring profits. Last week, Bunge reported that its quarterly profits had nearly doubled. Now ADM is reporting an even bigger increase, while fertilizer giants CF Industries and Nutrien have also posted strong earnings. Farmers, on the other hand, have needed billions in emergency assistance to stay afloat. Taxpayers are being asked to keep farmers in business while powerful corporations on both ends of the supply chain thrive. The problem isn’t simply that farmers need more government assistance. It’s that the playing field is stacked against them. Written by Sarah Carden Thanks for reading the Farm Action Policy Feed! Subscribe for free to receive new posts and support our work. Subscribe here for more |