The firm said both its corn processing operation and its sweeteners and starches arm saw a downturn in operating profits.

Corn Processing decreased by $61m for the second quarter and $97m for the six months result. This was blamed on lower ethanol selling prices and higher corn costs.

Sweeteners and Starches operating profit fell $5m for the quarter on higher average sweetener and starch selling prices and favorable risk management results, ADM said.

Despite this, overall net sales were up by 50 percent from the period in 2006, from $10.9bn to $16.5bn. Operating profit was up 35 per cent, from $767m to $955m.

Patricia Woertz, chairman and chief executive, said: "ADM's record earnings for the second quarter and first half of fiscal 2008 demonstrate the value created by and the strengths of our broadly diversified asset base and product portfolio.

"This quarter, heightened demand, coupled with geographic crop imbalances, drove volumes, prices and volatility in many key markets. Our team's skill in managing both risk and rapidly changing market opportunities, enabled us to deliver outstanding value for our shareholders."

For Oilseeds Processing operating profit increased due to strong protein and oil demand, ADM said. Agricultural Services operating profit increased due to improved global grain merchandising and handling results.

For Oilseeds Processing, operating profit increased $27m for the quarter and $66m for the six month period ending on December 31. Worldwide crush volumes increased 2 percent for the six months to 14.7m metric tons.

Other operating profit from wheat, cocoa and malt increased by $28m for the quarter.

In August last year, ADM announced it would reorganize its entire business operations in order to enhance its efficiency and pave the path for long-term success. The reorganization involved creating a single operations group, responsible for the company's origination, merchandising, processing and marketing functions.