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Stock Market News, April 30, 2024: Indexes Finish Month With Losses Ahead of Fed Meeting
Dow off 570 points, finishing worst month since 2022; Amazon earnings land after closing bell
Last Updated:
April 30, 2024 at 6:12 PM EDT
Grain elevators at the soybean processing facility at an Archer-Daniels-Midland plant in Illinois. (Neeta Satam/Bloomberg News)
Falling crop prices are weighing on Archer Daniels Midland as it faces a government probe of its accounting practices.
Abundant grain supplies and increased processing capacity of soybeans for oil used in cooking and fuel is pressuring agriculture companies including ADM. Operating profits for the Chicago-based company weakened in the quarter ended March 31 from a year earlier. The company’s stock was down nearly 4% in morning trading.
ADM buys crops and sells them to food companies, governments and other buyers globally while running processing plants that turn oilseeds and grain into vegetable oil, fuel, livestock feed and other products.