Farmers Market?

There's nothing better than being on both sides of a market. Archer Daniels Midland reported Tuesday that its profit more than doubled in its first quarter, besting analysts' expectations of $1.62 per share by nearly $1.

While profits nearly doubled for the company's agricultural-services business thanks to its ability to charge more because of higher grain prices, its corn-processing unit's earnings were cut in half for the same reason.

Profits also doubled in its oilseeds-processing business, largely thanks to ADM's hedging operation.

Interestingly, volume was little changed, but ADM was nonetheless able to boost sales by 65 percent simply from price increases and currency fluctuations.

ADM even managed to do well in ethanol. Higher corn prices have caused big trouble for ethanol producers but not for ADM. It has "proven the exception," noted the Wall Street Journal, "because it has extensive trading experience and corn-processing facilities, which allows the company to direct feedstock toward producing the most-valuable products at any given time."

ADM also announced a new $500 million joint venture with Brazil's Grupo Cabrera to produce ethanol made from sugarcane for the Brazilian market.