exhibit991pressrelease.htm

“Our insight into market dynamics and our core competencies in risk and cost management enabled our team to deliver strong results for the quarter as we saw a weakening global demand and margin environment,” said Chairman of the Board and Chief Executive Officer Patricia Woertz. “Our balance sheet is strong, and we are focused on managing our business in these challenging markets while continuing to execute our strategy of building long-term shareholder value through strengthening and growing our value chain.”

	Three Months Ended								Six Months Ended
	December 31								December 31
	2008			2007			% Change		2008			2007			% Change
Net sales and other operating income		$	16,673		$	16,496		1 %		$	37,833		$	29,324		29%
Segment operating profit		$	815		$	955		(15)%		$	1,991		$	1,752		14%
Net earnings		$	585		$	473		24 %		$	1,635		$	913		79%
Earnings per share		$	0.91		$	0.73		25 %		$	2.54		$	1.41		80%
Average number of shares outstanding			643			646		–			644			646		–

Net sales and other operating income increased 1 % to $ 16.7 billion for the quarter and increased 29 % to $ 37.8 billion for the six months. For the quarter, increased average selling prices, resulting primarily from higher underlying commodity costs, were offset by decreased sales volumes and foreign exchange translation impacts. Year-to-date net sales and other operating income increased 29 % due principally to sharp rises in underlying commodity costs partially offset by decreased sales volumes.

	Three months ended									Six months ended
	December 31									December 31
	2008			2007			Change			2008			2007			Change

Oilseeds Processing	$	319		$	219		$	100		$	829		$	428		$	401
Corn Processing		29			275			(246	)		147			528			(381	)
Agricultural Services		462			315			147			890			544			346
Other		5			146			(141	)		125			252			(127	)
Segment operating profit		815			955			(140	)		1,991			1,752			239
Corporate		11			(270	)		281			329			(421	)		750
Earnings before income taxes		826			685			141			2,320			1,331			989
Income taxes		(241	)		(212	)		(29	)		(685	)		(418	)		(267	)
Net earnings	$	585		$	473		$	112		$	1,635		$	913		$	722

Net earnings increased $ 112 million for the quarter and $ 722 million for the six months due principally to the positive impact on corporate results of the changes in LIFO inventory valuations. Segment operating profit decreased $ 140 million for the quarter and increased $ 239 million for the six months.

	Three months ended						Six months ended
	December 31						December 31
	2008		2007		Change		2008		2007		Change

Crushing and origination	$	187	$	141	$	46	$	526	$	272	$	254
Refining, packaging, biodiesel and other		86		46		40		192		108		84
Asia		46		32		14		111		48		63
Total Oilseeds Processing	$	319	$	219	$	100	$	829	$	428	$	401

Oilseeds Processing operating profit increased $100 million for the quarter and $ 401 million for the six months. Crushing and origination results increased $ 46 million for the quarter and $254 million for the six months due principally to improved crushing and origination margins partially offset by lower fertilizer sales volumes and margins. Refining, packaging, biodiesel and other results increased $40 million for the quarter and $84 million for the six months. Biodiesel results increased for both the quarter and six months primarily related to the start up of a new facility in Brazil. Refining, packaging, biodiesel and other results also improved due to increased selling prices and the absence of asset abandonment charges of $ 15 million and $ 18 million included in the quarter and six months ended December 31, 2007, respectively. Asia results increased $14 million for the quarter and $63 million for the six months due to increased earnings related to equity investments, principally Wilmar International Limited.

Corn Processing operating profit decreased $ 246 million for the quarter and $ 381 million for the six months. Sweetener and starches operating profit decreased $10 million for the quarter and $112 million for the six months due principally to sharply higher net corn and increased manufacturing costs partially offset by higher average selling prices. Bioproducts operating profit decreased $236 million for the quarter and $269 million for the six months due principally to a significant decline in ethanol margins resulting from sharply higher net corn and increased manufacturing costs, lower average selling prices and inventory write-downs.

Agricultural Services operating profit increased $ 147 million for the quarter and $346 million for the six months due principally to improved global merchandising and handling margins resulting from opportunities created by volatile commodity and freight market conditions. Transportation results increased for the quarter and six months due principally to higher barge freight rates.

Other operating profit decreased $ 141 million for the quarter and $ 127 million for the six months. Wheat, cocoa, malt and sugar operating profit decreased $27 million for the quarter and increased $ 38 million for the six months due principally to lower equity earnings from the Company’s investment in Gruma S.A.B. de C.V. related to foreign currency derivative losses partially offset by improved wheat and cocoa processing margins. Financial operating profit decreased $114 million for the quarter and $165 million for the six months primarily due to increased captive insurance loss provisions, decreased interest income of the Company’s brokerage services business and decreased gains from sales of marketable securities.

	Three months ended									Six months ended
	December 31									December 31
	2008			2007			Change			2008			2007			Change

LIFO credit (charge)	$	123		$	(225	)	$	348		$	576		$	(307	)	$	883
Investment (expense) income		(32	)		38			(70	)		(51	)		81			(132	)
Corporate costs		(35	)		(60	)		25			(129	)		(150	)		21
Other		(45	)		(23	)		(22	)		(67	)		(45	)		(22	)
Total Corporate	$	11		$	(270	)	$	281		$	329		$	(421	)	$	750

Corporate results increased $ 281 million for the quarter and $ 750 million for the six months due principally to LIFO credits of $ 123 million for the quarter and $ 576 million for the six months ended December 31, 2008 compared to LIFO charges of $225 million and $307 million for the quarter and six months ended December 31, 2007, respectively. Investment (expense) income decreased $ 70 million for the quarter and $ 132 million for the six months primarily related to increased interest expense and decreased interest income, partially offset by increased capitalized interest on construction projects.

Archer Daniels Midland Company will host a conference call and audio Web cast at 8:00 a.m. Central Time on Tuesday, February 3, 2009 to discuss financial results and provide a Company update. In addition, a financial summary slide presentation will be available to download approximately 60 minutes prior to the start of the call. To listen to the call via the Internet or to download the slide presentation, go to: www.adm.com/webcast. To listen by telephone, dial 800-561-2601 or 617-614-3518; the access code is 81365958. Replay of the call will be available Feb. 4 to Feb. 10, 2009. To listen to the replay by telephone, dial 888-286-8010 or 617-801-6888; the access code is: 91016887. To listen to the replay online, visit www.adm.com/webcast.

Every day, the 27,000 people of Archer Daniels Midland Company (NYSE: ADM) turn crops into renewable products that meet the demands of a growing world. At more than 230 processing plants, we convert corn, oilseeds, wheat and cocoa into products for food, animal feed, chemical and energy uses. We operate the world’s premier crop origination and transportation network, connecting crops and markets in more than 60 countries. Our global headquarters is in Decatur, Illinois, and our net sales for the fiscal year ended June 30, 2008, were $70 billion. For more information about our Company and our products, visit www.adm.com.

	Three months ended						Six months ended
	December 31						December 31
	2008			2007			2008			2007
	(in millions, except per share amounts)

Net sales and other operating income	$	16,673		$	16,496		$	37,833		$	29,324
Cost of products sold		15,461			15,548			34,754			27,446
Gross profit		1,212			948			3,079			1,878
Selling, general and administrative expenses		337			338			746			693
Other (income) expense – net		49			(75	)		13			(146	)
Earnings before income taxes		826			685			2,320			1,331
Income taxes		241			212			685			418
Net earnings	$	585		$	473		$	1,635		$	913

Diluted earnings per common share	$	.91		$	.73		$	2.54		$	1.41
Average number of shares outstanding		643			646			644			646

Other (income) expense - net consists of:
Interest expense	$	120		$	113		$	249		$	201
Investment income		(48	)		(69	)		(102	)		(132	)
Net loss (gain) on marketable securities transactions		–			(13	)		(9	)		(27	)
Equity in earnings of unconsolidated affiliates		(93	)		(124	)		(216	)		(210	)
Other – net		70			18			91			22
	$	49		$	(75	)	$	13		$	(146	)

	Three months ended				Six months ended
	December 31				December 31
	2008		2007		2008		2007
	(in millions)
Net sales and other operating income
Oilseeds Processing	$	5,296	$	5,255	$	13,068	$	9,865
Corn Processing		1,853		1,683		4,094		3,204
Agricultural Services		8,141		8,233		17,710		13,773
Other		1,383		1,325		2,961		2,482
Total net sales and other operating income	$	16,673	$	16,496	$	37,833	$	29,324

	Three months ended					Six months ended
	December 31					December 31
	2008		2007			2008		2007
	(in millions)
Segment Operating profit
Oilseeds Processing (1) (3)	$	319	$	219		$	829	$	428
Corn Processing (1)		29		275			147		528
Agricultural Services (3)		462		315			890		544
Other (1) (3) (4)		5		146			125		252
Total segment operating profit		815		955			1,991		1,752
Corporate (2) (3) (4) (5)		11		(270	)		329		(421	)
Earnings before income taxes	$	826	$	685		$	2,320	$	1,331

	Three months ended				Six months ended
	December 31				December 31
	2008		2007		2008		2007
	(in 000s metric tons)
Processing Volumes
Oilseeds Processing		7,136		7,484		14,160		14,668
Corn Processing		4,416		4,499		9,004		8,943
Wheat, cocoa and malt		1,847		2,111		3,725		4,255
Total processing volumes		13,399		14,094		26,889		27,866

(1)	Includes asset impairment charges of $ 9 million in Other for the quarter and six months ended December 31, 2008. Includes asset impairment charges of $15 million in Oilseeds for the quarter and $18 million, $2 million and $1 million in Oilseeds, Corn and Other, respectively, for the six months ended December 31, 2007.
(2)	Includes LIFO credit of $123 million for the quarter and $576 million for the six months ended December 31, 2008. Includes LIFO charge of $225 million for the quarter and $307 million for the six months ended December 31, 2007.
(3)	Includes gain on asset and business disposal of $7 million in Corporate for the quarter and $3 million, $2 million, $5 million and $7 million in Oilseeds, Agricultural Services, Other and Corporate, respectively, for the six months ended December 31, 2008. There was no gain on asset and business disposals for the quarter and six months ended December 31, 2007.
(4)	Includes gain on securities of $11 million and $1 million in Other and Corporate, respectively, for the quarter and $25 million and $2 million in Other and Corporate, respectively, for the six months ended December 31, 2007. There was no gain on securities for the quarter and six months ended December 31, 2008.
(5)	Includes realignment charges of $23 million for the six months ended December 31, 2007. There were no realignment charges for the quarter ended December 31, 2007 or for the quarter and six months ended December 31, 2008.

	December 31 2008		June 30 2008
	(in millions)
NET INVESTMENT IN
Cash, cash equivalents and short-term marketable securities	$	3,352	$	1,265
Working capital (excluding cash, cash equivalents and short-term marketable securities)		8,263		12,924
Property, plant, and equipment		7,412		7,125
Investments in and advances to affiliates		2,640		2,773
Long-term marketable securities		633		590
Other non-current assets		1,112		1,113
	$	23,412	$	25,790

FINANCED BY
Short-term debt	$	568	$	3,123
Long-term debt, including current maturities		7,795		7,922
Deferred liabilities		1,355		1,255
Shareholders' equity		13,694		13,490
	$	23,412	$	25,790

Summary of Cash Flows
(unaudited)
	Six Months Ended
	December 31
	2008			2007
	(in millions)
Operating Activities
Net earnings	$	1,635		$	913
Depreciation and asset abandonments		366			380
Other – net		46			72
Changes in operating assets and liabilities		3,818			(4,291	)
Total Operating Activities		5,865			(2,926	)
Investing Activities
Purchases of property, plant and equipment		(1,069	)		(896	)
Proceeds from sales of businesses		237			–
Net assets of businesses acquired		(24	)		(10	)
Other investing activities		(701	)		(40	)
Total Investing Activities		(1,557	)		(946	)
Financing Activities
Long-term debt borrowings		102			515
Long-term debt payments		(16	)		(49	)
Net borrowings (payments) under lines of credit		(2,698	)		4,042
Purchases of treasury stock		(100	)		(61	)
Cash dividends		(167	)		(148	)
Other		9			15
Total Financing Activities		(2,870	)		4,314
Increase in cash and cash equivalents		1,438			442
Cash and cash equivalents - beginning of period		810			663
Cash and cash equivalents - end of period	$	2,248		$	1,105

Contacts:
David Weintraub	Dwight Grimestad
Director, External Communications	Vice President, Investor Relations
217/424-5413	217/424-4586