Commodity Trading Arm in Sleepy Swiss Village Trips Up ADM
- Agribusiness announces energy trading exit, personnel changes
- Global trade desk posts second quarterly loss of 2016
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Admitting things didn’t go your way is painful for any trader. For Archer-Daniels-Midland Co., one of the world’s top merchants of agricultural commodities, it’s becoming a bit of a habit.
ADM on Tuesday revealed that its so-called global trade desk, which handles commodities such as wheat and soybeans from an office in the sleepy village of Rolle, Switzerland, posted its second quarterly loss in the space of a year. The Chicago-based company’s overall earnings fell short of Wall Street’s expectations, down 41 percent year-on-year.