Archer Daniels Midland, one of the world’s largest grain processors, said on Tuesday it saw demand improving in key markets as it reported quarterly profits had more than halved since last year, although the results far exceeded Wall Street’s expectations.

The agribusiness has been hit by the fall in commodity prices, which have dragged down the prices for its processed products. However, it also benefited in the quarter from the lower cost of raw corn, enabling its corn-processing segment to post a 60 per cent growth in profit.