The company's position as a major player in commodity processing and ethanol production; Its highly liquid balance sheet; and It sizable cash and marketable securities balances. Cyclicality of the commodity industry. 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, and a highly liquid balance sheet. This is offset by a challenging agricultural operating environment with high volatility in commodity prices. It is our belief that ADM will continue its prudent financial policies to maintain the current ratings. Over the
