U.S. agribusiness Archer Daniels Midland Co reported a 53.3 percent decline in quarterly profit, weighed down by slumping energy prices and lower U.S. grain exports.
Chicago-based ADM, one of the world's largest grain traders and processors, said revenue at its agricultural services business fell 19.5 percent to $6.48 billion, hurt also by ample global supplies of grain.
In the United States, grains prices have slumped after large harvests, while the strong U.S. dollar has hurt export demand.
ADM in February had launched a "strategic review" of its U.S. dry-mill ethanol plants, which have been grappling with declines in crude oil prices and ample U.S. biofuel stockpiles.
ADM, which buys, sells, transports, stores and processes grains and oilseeds, said on Tuesday it was "cautiously optimistic" that reduced South American soybean and corn production could bring improved soybean crush margins in the second half of the year.
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Net income attributable to ADM fell to $230 million, or 39 cents per share, in the first quarter ended March 31, from $493 million, or 77 cents per share, a year earlier.
On an adjusted basis, the company earned 42 cents per share.
Revenue fell to $14.38 billion from $17.51 billion.
ADM shares slipped 2 percent to $39.45 in premarket trading on Tuesday. Up to Monday's close, they had risen 9.8 percent this year.
