Archer Daniels Midland and Tyson, two of the largest US food companies, reported strong second-quarter earnings results on Monday, in spite of being hit by the high price of corn.

ADM, which is the largest US ethanol producer, said its net quarter profit more than doubled to $955m, $1.47 a share, from $410m or 62 cents per share in the year-earlier period, primarily due to a $616 after-tax gain in asset sales. Analysts were expecting 59 cents a share, according to Reuters Estimates.