ADM to buy port terminal in northern Brazil

Archer Daniels Midland Co said on Tuesday it will expand its footprint in Brazil by acquiring a port terminal to handle grains, Reuters reports.

The terminal, located in the northern Brazilian state of Para, will increase ADM's ability to export grains from western and northern areas of the country and expand its fertilizer operations, according to the company.

ADM said it will convert the terminal, which was designed to handle minerals, to handle bulk grains and double the facility's storage capacity to handle 3 million metric tons a year.

ADM separately said on Tuesday that net earnings for the fiscal fourth quarter, which ended June 30, dropped 25 percent from a year earlier to 43 cents per share.