The company's position as a major player in commodity processing and ethanol production; Its cash flow generation; and Its sizable cash and marketable securities balances. Cyclical and commodity industry conditions; Its moderate credit protection measures; and Its fairly aggressive investment strategy. The ratings on Archer Daniels Midland Co. (ADM) are supported by its position as one of the world's leading agribusiness companies, with major market positions in agricultural processing and merchandising as well as ethanol production, a moderate financial profile, and an experienced management team. This is offset by a challenging agricultural operating environment, and Standard&Poor's belief that the company will be acquisitive and will invest heavily in its own operations in the intermediate term. Over the years,
