Global leader in grain processing, food ingredients, and ethanol production with significant economies of scale Modestly growing geographic and product diversification as the company invests in its ingredients business Cyclical earnings with a moderately improving outlook following recent quarters of largely anticipated under-performance Cyclically weak cash flow ratios that are likely to modestly improve over the next several quarters as the company's margins being to rebound Debt balances that we expect to remain largely unchanged after modestly increasing to fund capital expenditures and shareholder returns. Very liquid balance sheet, with high cash balances and liquid adjusted readily marketable inventories (ARMI), a portion of which we net against debt S&P Global Ratings' stable outlook on Archer Daniels Midland Co. reflects our
