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<br /> Archer Daniels Midland Company 2008 Annual Report<br /> vital<br /> nouRishMent<br /> to<br /> ConneCtion<br /> the<br /> eneRgy<br /> world<br /> pRogRess<br /> ADM BELIEvES Agriculture HAS<br /> ANswers TO SOME OF THE MOST<br /> PRESSING chAlleNges FACING<br /> OUR PLANET AND ITS PEOPLE.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> That’s why our 27,600 employees are hard at<br /> work transforming corn, oilseeds, cocoa, wheat<br /> and other crops into food, feed, fuel and industrial<br /> products needed to sustain a rapidly growing and<br /> increasingly prosperous global population.<br /> <br /> &<a title="2008 ADM Annual Report - English page 1" href="http://viewer.zmags.com/publication/a56faf6b?page=1">Archer Daniels Midland Company 2008 Annual Report</a> Archer Daniels Midland Company 2008 Annual Report<a title="2008 ADM Annual Report - English page 2" href="http://viewer.zmags.com/publication/a56faf6b?page=2">ADM BELIEvES Agriculture HASANswers TO SOME OF T</a> ADM BELIEvES Agriculture HASANswers TO SOME OF T<a title="2008 ADM Annual Report - English page 3" href="http://viewer.zmags.com/publication/a56faf6b?page=3">Financial highlights(in millions, except per sh</a> Financial highlights(in millions, except per sh<a title="2008 ADM Annual Report - English page 4" href="http://viewer.zmags.com/publication/a56faf6b?page=4"> </a> <a title="2008 ADM Annual Report - English page 5" href="http://viewer.zmags.com/publication/a56faf6b?page=5">For the year, net earnings reached $1.8 billion, </a> For the year, net earnings reached $1.8 billion, <a title="2008 ADM Annual Report - English page 6" href="http://viewer.zmags.com/publication/a56faf6b?page=6">our insight into crop availability—combinedwith </a> our insight into crop availability—combinedwith <a title="2008 ADM Annual Report - English page 7" href="http://viewer.zmags.com/publication/a56faf6b?page=7">the vital linK:adm’s b</a> the vital linK:adm’s b<a title="2008 ADM Annual Report - English page 8" href="http://viewer.zmags.com/publication/a56faf6b?page=8">the World </a> the World <a title="2008 ADM Annual Report - English page 9" href="http://viewer.zmags.com/publication/a56faf6b?page=9">the Worldneedsconnection.the ansWeris reach.</a> the Worldneedsconnection.the ansWeris reach.<a title="2008 ADM Annual Report - English page 10" href="http://viewer.zmags.com/publication/a56faf6b?page=10">Chi-Cheng Ma is among the ADM researchers </a> Chi-Cheng Ma is among the ADM researchers <a title="2008 ADM Annual Report - English page 11" href="http://viewer.zmags.com/publication/a56faf6b?page=11">ADM’s Erik Lightner oversees constructionof the </a> ADM’s Erik Lightner oversees constructionof the <a title="2008 ADM Annual Report - English page 12" href="http://viewer.zmags.com/publication/a56faf6b?page=12">vital statistiCsevery day, 27,600 adm employees </a> vital statistiCsevery day, 27,600 adm employees <a title="2008 ADM Annual Report - English page 13" href="http://viewer.zmags.com/publication/a56faf6b?page=13">Adm’s globAl Asset bAse is positioned to capture</a> Adm’s globAl Asset bAse is positioned to capture<a title="2008 ADM Annual Report - English page 14" href="http://viewer.zmags.com/publication/a56faf6b?page=14">1 2 </a> 1 2 <a title="2008 ADM Annual Report - English page 15" href="http://viewer.zmags.com/publication/a56faf6b?page=15"> UNITED STATESS</a> UNITED STATESS<a title="2008 ADM Annual Report - English page 16" href="http://viewer.zmags.com/publication/a56faf6b?page=16">Indicate by check mark if the registrant is not r</a> Indicate by check mark if the registrant is not r<a title="2008 ADM Annual Report - English page 17" href="http://viewer.zmags.com/publication/a56faf6b?page=17">Table of ContentsItem No. Description </a> Table of ContentsItem No. Description <a title="2008 ADM Annual Report - English page 18" href="http://viewer.zmags.com/publication/a56faf6b?page=18">PART IItem 1. BUSINESSCompany OverviewA</a> PART IItem 1. BUSINESSCompany OverviewA<a title="2008 ADM Annual Report - English page 19" href="http://viewer.zmags.com/publication/a56faf6b?page=19">Item 1. BUSINESS (Continued)Golden Peanut C</a> Item 1. BUSINESS (Continued)Golden Peanut C<a title="2008 ADM Annual Report - English page 20" href="http://viewer.zmags.com/publication/a56faf6b?page=20">Item 1. BUSINESS (Continued)The Company pro</a> Item 1. BUSINESS (Continued)The Company pro<a title="2008 ADM Annual Report - English page 21" href="http://viewer.zmags.com/publication/a56faf6b?page=21">Item 1. BUSINESS (Continued)CorporateComp</a> Item 1. BUSINESS (Continued)CorporateComp<a title="2008 ADM Annual Report - English page 22" href="http://viewer.zmags.com/publication/a56faf6b?page=22">Item 1. BUSINESS (Continued)Source and Avai</a> Item 1. BUSINESS (Continued)Source and Avai<a title="2008 ADM Annual Report - English page 23" href="http://viewer.zmags.com/publication/a56faf6b?page=23">Item 1. BUSINESS (Continued)The Company use</a> Item 1. BUSINESS (Continued)The Company use<a title="2008 ADM Annual Report - English page 24" href="http://viewer.zmags.com/publication/a56faf6b?page=24">Item 1. BUSINESS (Continued)The public may </a> Item 1. BUSINESS (Continued)The public may <a title="2008 ADM Annual Report - English page 25" href="http://viewer.zmags.com/publication/a56faf6b?page=25">Item 1A. RISK FACTORS (Continued)The Company's</a> Item 1A. RISK FACTORS (Continued)The Company's<a title="2008 ADM Annual Report - English page 26" href="http://viewer.zmags.com/publication/a56faf6b?page=26">Item 1A. RISK FACTORS (Continued)In addition, </a> Item 1A. RISK FACTORS (Continued)In addition, <a title="2008 ADM Annual Report - English page 27" href="http://viewer.zmags.com/publication/a56faf6b?page=27">Item 2. PROPERTIESThe Company owns or lease</a> Item 2. PROPERTIESThe Company owns or lease<a title="2008 ADM Annual Report - English page 28" href="http://viewer.zmags.com/publication/a56faf6b?page=28">Item 2. PROPERTIES (Continued)Corn Processi</a> Item 2. PROPERTIES (Continued)Corn Processi<a title="2008 ADM Annual Report - English page 29" href="http://viewer.zmags.com/publication/a56faf6b?page=29">Item 2. PROPERTIES (Continued)OtherProces</a> Item 2. PROPERTIES (Continued)OtherProces<a title="2008 ADM Annual Report - English page 30" href="http://viewer.zmags.com/publication/a56faf6b?page=30">PART IIItem 5. MARKET FOR REGISTRANT'S </a> PART IIItem 5. MARKET FOR REGISTRANT'S <a title="2008 ADM Annual Report - English page 31" href="http://viewer.zmags.com/publication/a56faf6b?page=31">Item 5. MARKET FOR REGISTRANT'S COMMON E</a> Item 5. MARKET FOR REGISTRANT'S COMMON E<a title="2008 ADM Annual Report - English page 32" href="http://viewer.zmags.com/publication/a56faf6b?page=32">Item 5. MARKET FOR REGISTRANT'S COMMON E</a> Item 5. MARKET FOR REGISTRANT'S COMMON E<a title="2008 ADM Annual Report - English page 33" href="http://viewer.zmags.com/publication/a56faf6b?page=33">Item 6. SELECTED FINANCIAL DATA </a> Item 6. SELECTED FINANCIAL DATA <a title="2008 ADM Annual Report - English page 34" href="http://viewer.zmags.com/publication/a56faf6b?page=34"> </a> <a title="2008 ADM Annual Report - English page 35" href="http://viewer.zmags.com/publication/a56faf6b?page=35">Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS</a> Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS<a title="2008 ADM Annual Report - English page 36" href="http://viewer.zmags.com/publication/a56faf6b?page=36">Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS</a> Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS<a title="2008 ADM Annual Report - English page 37" href="http://viewer.zmags.com/publication/a56faf6b?page=37">Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS</a> Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS<a title="2008 ADM Annual Report - English page 38" href="http://viewer.zmags.com/publication/a56faf6b?page=38">Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS</a> Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS<a title="2008 ADM Annual Report - English page 39" href="http://viewer.zmags.com/publication/a56faf6b?page=39">Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS</a> Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS<a title="2008 ADM Annual Report - English page 40" href="http://viewer.zmags.com/publication/a56faf6b?page=40">Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS</a> Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS<a title="2008 ADM Annual Report - English page 41" href="http://viewer.zmags.com/publication/a56faf6b?page=41">Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS</a> Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS<a title="2008 ADM Annual Report - English page 42" href="http://viewer.zmags.com/publication/a56faf6b?page=42">Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS</a> Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS<a title="2008 ADM Annual Report - English page 43" href="http://viewer.zmags.com/publication/a56faf6b?page=43">Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS</a> Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS<a title="2008 ADM Annual Report - English page 44" href="http://viewer.zmags.com/publication/a56faf6b?page=44">Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS</a> Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS<a title="2008 ADM Annual Report - English page 45" href="http://viewer.zmags.com/publication/a56faf6b?page=45">Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS</a> Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS<a title="2008 ADM Annual Report - English page 46" href="http://viewer.zmags.com/publication/a56faf6b?page=46">Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS</a> Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS<a title="2008 ADM Annual Report - English page 47" href="http://viewer.zmags.com/publication/a56faf6b?page=47">Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS</a> Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS<a title="2008 ADM Annual Report - English page 48" href="http://viewer.zmags.com/publication/a56faf6b?page=48">Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOS</a> Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOS<a title="2008 ADM Annual Report - English page 49" href="http://viewer.zmags.com/publication/a56faf6b?page=49">Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOS</a> Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOS<a title="2008 ADM Annual Report - English page 50" href="http://viewer.zmags.com/publication/a56faf6b?page=50">Item 8. FINANCIAL STATEMENTS AND SUPPLEMEN</a> Item 8. FINANCIAL STATEMENTS AND SUPPLEMEN<a title="2008 ADM Annual Report - English page 51" href="http://viewer.zmags.com/publication/a56faf6b?page=51"> Archer Daniels Midland CompanyConsolidated St</a> Archer Daniels Midland CompanyConsolidated St<a title="2008 ADM Annual Report - English page 52" href="http://viewer.zmags.com/publication/a56faf6b?page=52">Archer Daniels Midland CompanyConsolidated Bala</a> Archer Daniels Midland CompanyConsolidated Bala<a title="2008 ADM Annual Report - English page 53" href="http://viewer.zmags.com/publication/a56faf6b?page=53">Archer Daniels Midland CompanyConsolidated Stat</a> Archer Daniels Midland CompanyConsolidated Stat<a title="2008 ADM Annual Report - English page 54" href="http://viewer.zmags.com/publication/a56faf6b?page=54">Archer Daniels Midland CompanyConsolidated Stat</a> Archer Daniels Midland CompanyConsolidated Stat<a title="2008 ADM Annual Report - English page 55" href="http://viewer.zmags.com/publication/a56faf6b?page=55">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 56" href="http://viewer.zmags.com/publication/a56faf6b?page=56">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 57" href="http://viewer.zmags.com/publication/a56faf6b?page=57">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 58" href="http://viewer.zmags.com/publication/a56faf6b?page=58">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 59" href="http://viewer.zmags.com/publication/a56faf6b?page=59">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 60" href="http://viewer.zmags.com/publication/a56faf6b?page=60">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 61" href="http://viewer.zmags.com/publication/a56faf6b?page=61"> # ! ! !" ! %-</a> # ! ! !" ! %-<a title="2008 ADM Annual Report - English page 62" href="http://viewer.zmags.com/publication/a56faf6b?page=62">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 63" href="http://viewer.zmags.com/publication/a56faf6b?page=63">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 64" href="http://viewer.zmags.com/publication/a56faf6b?page=64">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 65" href="http://viewer.zmags.com/publication/a56faf6b?page=65"> Archer Daniels Midland Com</a> Archer Daniels Midland Com<a title="2008 ADM Annual Report - English page 66" href="http://viewer.zmags.com/publication/a56faf6b?page=66">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 67" href="http://viewer.zmags.com/publication/a56faf6b?page=67">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 68" href="http://viewer.zmags.com/publication/a56faf6b?page=68">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 69" href="http://viewer.zmags.com/publication/a56faf6b?page=69">*" * &# $+ #$& '%(&0Notes to Consolidated Finan</a> *" * &# $+ #$& '%(&0Notes to Consolidated Finan<a title="2008 ADM Annual Report - English page 70" href="http://viewer.zmags.com/publication/a56faf6b?page=70">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 71" href="http://viewer.zmags.com/publication/a56faf6b?page=71">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 72" href="http://viewer.zmags.com/publication/a56faf6b?page=72">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 73" href="http://viewer.zmags.com/publication/a56faf6b?page=73">%% " & " #!$"*Notes to Consolidated Financial </a> %% " & " #!$"*Notes to Consolidated Financial <a title="2008 ADM Annual Report - English page 74" href="http://viewer.zmags.com/publication/a56faf6b?page=74">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 75" href="http://viewer.zmags.com/publication/a56faf6b?page=75">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 76" href="http://viewer.zmags.com/publication/a56faf6b?page=76">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 77" href="http://viewer.zmags.com/publication/a56faf6b?page=77">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 78" href="http://viewer.zmags.com/publication/a56faf6b?page=78">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 79" href="http://viewer.zmags.com/publication/a56faf6b?page=79">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 80" href="http://viewer.zmags.com/publication/a56faf6b?page=80">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 81" href="http://viewer.zmags.com/publication/a56faf6b?page=81">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 82" href="http://viewer.zmags.com/publication/a56faf6b?page=82">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 83" href="http://viewer.zmags.com/publication/a56faf6b?page=83">' ' $!"( !"$ %#&$+Notes to Consolidated Financ</a> ' ' $!"( !"$ %#&$+Notes to Consolidated Financ<a title="2008 ADM Annual Report - English page 84" href="http://viewer.zmags.com/publication/a56faf6b?page=84">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 85" href="http://viewer.zmags.com/publication/a56faf6b?page=85">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 86" href="http://viewer.zmags.com/publication/a56faf6b?page=86">Archer Daniels Midland CompanyNotes to Consolid</a> Archer Daniels Midland CompanyNotes to Consolid<a title="2008 ADM Annual Report - English page 87" href="http://viewer.zmags.com/publication/a56faf6b?page=87">#"%' " !#!!' &'% ( "(!'! % "% " %'"%& ! %"%&</a> #"%' " !#!!' &'% ( "(!'! % "% " %'"%& ! %"%&<a title="2008 ADM Annual Report - English page 88" href="http://viewer.zmags.com/publication/a56faf6b?page=88">#"%' " !#!!' &'% ( "(!'! % "% " %'"%& ! %"%&%%</a> #"%' " !#!!' &'% ( "(!'! % "% " %'"%& ! %"%&%%<a title="2008 ADM Annual Report - English page 89" href="http://viewer.zmags.com/publication/a56faf6b?page=89">Item 9. CHANGES IN AND DISAGREEMENTS WITH </a> Item 9. CHANGES IN AND DISAGREEMENTS WITH <a title="2008 ADM Annual Report - English page 90" href="http://viewer.zmags.com/publication/a56faf6b?page=90">PART IIIItem 10. DIRECTORS, EXECUTIVE OFFI</a> PART IIIItem 10. DIRECTORS, EXECUTIVE OFFI<a title="2008 ADM Annual Report - English page 91" href="http://viewer.zmags.com/publication/a56faf6b?page=91">Item 10. DIRECTORS, (</a> Item 10. DIRECTORS, (<a title="2008 ADM Annual Report - English page 92" href="http://viewer.zmags.com/publication/a56faf6b?page=92">Item 10. DIRECTORS, (</a> Item 10. DIRECTORS, (<a title="2008 ADM Annual Report - English page 93" href="http://viewer.zmags.com/publication/a56faf6b?page=93">Item 12. SECURITY OWNERSHIP OF CERTAIN BENEF</a> Item 12. SECURITY OWNERSHIP OF CERTAIN BENEF<a title="2008 ADM Annual Report - English page 94" href="http://viewer.zmags.com/publication/a56faf6b?page=94">Item 15. EXHIBITS AND FINANCIAL STATEMENT SC</a> Item 15. EXHIBITS AND FINANCIAL STATEMENT SC<a title="2008 ADM Annual Report - English page 95" href="http://viewer.zmags.com/publication/a56faf6b?page=95">Item 15. EXHIBITS AND FINANCIAL STATEMENT SC</a> Item 15. EXHIBITS AND FINANCIAL STATEMENT SC<a title="2008 ADM Annual Report - English page 96" href="http://viewer.zmags.com/publication/a56faf6b?page=96">Item 15. EXHIBITS AND FINANCIAL STATEMENT SC</a> Item 15. EXHIBITS AND FINANCIAL STATEMENT SC<a title="2008 ADM Annual Report - English page 97" href="http://viewer.zmags.com/publication/a56faf6b?page=97">Item 15. EXHIBITS AND FINANCIAL STATEMENT SC</a> Item 15. EXHIBITS AND FINANCIAL STATEMENT SC<a title="2008 ADM Annual Report - English page 98" href="http://viewer.zmags.com/publication/a56faf6b?page=98">SIGNATURESPursuant to the requirements of Secti</a> SIGNATURESPursuant to the requirements of Secti<a title="2008 ADM Annual Report - English page 99" href="http://viewer.zmags.com/publication/a56faf6b?page=99">DESIGN: vSA PARTNERS, CHICAGO PRINCIPAL PHOTOGRA</a> DESIGN: vSA PARTNERS, CHICAGO PRINCIPAL PHOTOGRA<a title="2008 ADM Annual Report - English page 100" href="http://viewer.zmags.com/publication/a56faf6b?page=100">nouRishMentConneCtion</a> nouRishMentConneCtion