Archer Daniels Midland Company (NYSE: ADM) has seen its stock pounded by double-digit percentages today. While economic woes are acting against it, ADM and Canadian Bioenergy Corporation announced that the companies have entered into negotiations to form a joint venture to construct and operate a 70 million gallon per year canola-based biodiesel production facility. This operation would be at the site of ADM’s canola crushing plant in Lloydminster, Alberta.
Canadian Bioenergy Corporation is supplier of premium biodiesel in Canada and is in agricultural processing and biofuels production. The companies are undertaking a feasibility analysis of the project.
Another “green” announcement from one of our top 10 greenwashers, and not anything special in the way of how it will offset ADM revenue. In Fiscal June-2008, ADM generated $69.81 billion in revenue.
ADM shares are down 11% at $25.50 today.
JON C. OGG
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