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<SEC-DOCUMENT>/in/edgar/work/0000007084-00-000039/0000007084-00-000039.txt : 20000930
<SEC-HEADER>0000007084-00-000039.hdr.sgml : 20000930
ACCESSION NUMBER:		0000007084-00-000039
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20000630
FILED AS OF DATE:		20000928

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARCHER DANIELS MIDLAND CO
		CENTRAL INDEX KEY:			0000007084
		STANDARD INDUSTRIAL CLASSIFICATION:	 [2070
]		IRS NUMBER:				410129150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630
</COMPANY-DATA>

		FILING VALUES:
			FORM TYPE:		10-K
			SEC ACT:		
			SEC FILE NUMBER:	001-00044
			FILM NUMBER:		730110
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		4666 FARIES PKWY
				CITY:			DECATUR
				STATE:			IL
				ZIP:			62526
				BUSINESS PHONE:		2174244798
</BUSINESS-ADDRESS>
</FILER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>10K900
<TEXT>

13

Page 1
                            FORM 10-K

               SECURITIES AND EXCHANGE COMMISSION

                    WASHINGTON, D. C.  20549

[X]ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
   SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended June 30, 2000

                               OR

[   ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
   THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to
Commission file number 1-44

                 ARCHER-DANIELS-MIDLAND COMPANY
     (Exact name of registrant as specified in its charter)

         Delaware                                  41-0129150
(State or other jurisdiction of                (I. R. S. Employer
incorporation or organization)                Identification No.)

4666 Faries Parkway   Box 1470   Decatur, Illinois   62525
(Address of principal executive offices)           (Zip Code)

Registrant's telephone number, including area code217-424-5200

Securities registered pursuant to Section 12(b) of the Act:

                                           Name of each exchange
on
   Title of each class                        which registered

Common Stock, no par value                 New York Stock
Exchange
                                           Chicago Stock Exchange
                                           Swiss Exchange
                                           Tokyo Stock Exchange
                                           Frankfurt Stock
Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate  by check mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.  Yes   X     No____
1
Page 2
Indicate  by  check  mark  if  disclosure  of  delinquent  filers
pursuant  to Item 405 of Regulation S-K is not contained  herein,
and will not be contained, to the best of registrant's knowledge,
in  definitive  proxy or information statements  incorporated  by
reference in Part III of this Form 10-K or any amendment to  this
Form 10-K. [ ]

State the aggregate market value of the voting stock held by non-
affiliates of the registrant.

          Common Stock, no par value--$4.8 billion
(Based on the closing price of the New York Stock Exchange on
August 28, 2000)

Indicate  the  number  of  shares  outstanding  of  each  of  the
registrant's   classes  of  common  stock,  as  of   the   latest
practicable date.

          Common Stock, no par value-601,601,595 shares
                    (August 31, 2000)

DOCUMENTS INCORPORATED BY REFERENCE

Portions  of the annual shareholders' report for the  year  ended
June 30, 2000 are incorporated by reference into Parts I, II  and
IV.

Portions  of the annual proxy statement for the year  ended  June
30, 2000 are incorporated by reference into Part III.

2
Page 3
PART I

Item 1. BUSINESS

        (a)    General Development of Business

               Archer Daniels Midland Company was incorporated in
           Delaware  in  1923, successor to the  Daniels  Linseed
           Co. founded in 1902.

               During  the  last  five  years,  the  Company  has
           experienced      significant     growth,      spending
           approximately  $4.5  billion for construction  of  new
           plants,   expansions  of  existing  plants   and   the
           acquisitions  of plants and transportation  equipment.
           There  have  been  no significant dispositions  during
           this  period.   During this period,  the  Company  has
           contributed  malting operations, Mexican  wheat  flour
           mills  and  masa  corn  flour  operations  to  various
           unconsolidated joint ventures.

        (b)    Financial Information About Industry Segments

               The Company is in one business segment--procuring,
           transporting,  storing, processing  and  merchandising
           agricultural commodities and products.

        (c)    Narrative Description of Business

                                          (i)Principal   products
               produced and principal markets for and methods  of
               distribution of such products:

                                           The Company is engaged
               in   the   business  of  procuring,  transporting,
               storing, processing and merchandising agricultural
               commodities and products. It is one of the world's
               largest  processors of oilseeds, corn  and  wheat.
               The  Company  also  processes cocoa  beans,  milo,
               oats, barley and peanuts. Other operations include
               transporting,    merchandising     and     storing
               agricultural   commodities  and  products.   These
               operations  and  processes produce products  which
               have   primarily  two  end  uses:  food  or   feed
               ingredients. Each commodity processed is in itself
               a  feed ingredient as are the by-products produced
               during the processing of each commodity.

               Production   processes  of  all  commodities   are
               capital  intensive and similar  in  nature.  These
               processes  involve grinding, crushing  or  milling
               with   further  value  added  through  extraction,
               refining and fermenting. Generally, each commodity
               can  be  processed  by  any of  these  methods  to
               generate additional value-added products.
3
Page 4
Item 1. BUSINESS-Continued

               All  commodities  and related  processed  products
               share  the  same network of commodity  procurement
               facilities,  transportation  services   (including
               rail,  barge, truck and ocean vessels) and storage
               facilities.  The geographic areas,  customers  and
               marketing methods are basically the same  for  all
               commodities  and  their related further  processed
               products. Feed ingredient products and by-products
               are  sold  to farmers, feed dealers and  livestock
               producers,  all  of  whom purchase  products  from
               across the entire commodity chain. Food ingredient
               products  are  also  sold to one  basic  group  of
               customers:  food  and  beverage  processors.   Any
               single  customer  may purchase  products  produced
               from  all commodities, and any single food or feed
               product  could  include ingredients produced  from
               all commodities processed.

               Oilseed Products

                                            Soybeans, cottonseed,
               sunflower  seeds,  canola, peanuts,  flaxseed  and
               corn  germ are processed to provide vegetable oils
               and  meals  principally  for  the  food  and  feed
               industries. Crude vegetable oil is sold "as is" or
               is further processed by refining and hydrogenating
               into  margarine, shortening, salad oils and  other
               food  products. Partially refined oil is sold  for
               use  in  chemicals,  paints and  other  industrial
               products. Lecithin, an emulsifier produced in  the
               vegetable oil refining process, is marketed  as  a
               food  and feed ingredient. Natural source  Vitamin
               E,  an  antioxidant, and distilled monoglycerides,
               an  emulsifier,  are produced  from  soybeans  and
               other oilseeds.

                                            Oilseed meals  supply
               more than one-half of the high protein ingredients
               used  in  the manufacture of commercial  livestock
               and   poultry  feeds.  Soybean  meal  is   further
               processed into soy flour and grits, used  in  both
               food and industrial products, and into value-added
               soy  protein products. Textured vegetable  protein
               (TVPr),  a  soy protein product developed  by  the
               Company,  is  sold primarily to the  institutional
               food  market  and,  through others,  to  the  food
               consumer market. The Company also produces a  wide
               range   of   other  edible  soy  protein  products
               including   isolated  soy  protein,  soy   protein
               concentrate, soy-based milk products,  soy  flours
               and soy protein meat substitutes (Harvest Burgersr
               and  Harvest  Burgersr for RecipesT). The  Company
               produces and markets a wide range of consumer  and
               institutional health foods based on the  Company's
               various  soy  protein  products,  including   soy-
               derived    isoflavones.   The   Company   produces
               cottonseed  flour which is sold primarily  to  the
               pharmaceutical industry. Cotton cellulose pulp  is
               manufactured and sold to the chemical,  paper  and
               filter markets.
4
Page 5
Item 1. BUSINESS-Continued

               Corn Products

                                           The Company is engaged
               in  dry  milling and wet milling corn  operations.
               Products produced for use by the food and beverage
               industry include syrup, starch, glucose, dextrose,
               crystalline  dextrose, high  fructose  sweeteners,
               crystalline  fructose and grits. Corn gluten  feed
               and distillers grains are produced for use as feed
               ingredients. Ethyl alcohol is produced to beverage
               grade  or  for  industrial  use  as  ethanol.   In
               gasoline, ethanol increases octane and is used  as
               an extender and oxygenate. Corn germ, a by-product
               of the milling process, is further processed as an
               oilseed.

                                             By  fermentation  of
               dextrose,  the Company produces citric and  lactic
               acids,   feed-grade  amino  acids  and   vitamins,
               lactates,   sorbitol,  xanthan   gum,   and   food
               emulsifiers  principally for  the  food  and  feed
               industries.

               Wheat and Other Milled Products

                                            Wheat  flour is  sold
               primarily to large bakeries, durum flour  is  sold
               to  pasta  manufacturers and bulgur, a gelatinized
               wheat  food,  is sold to both the export  and  the
               domestic food markets. The Company produces  wheat
               starch  and  vital  wheat gluten  for  the  baking
               industry.  The Company also mills milo to  produce
               industrial flour used in the manufacturing of wall
               board for the building industry.

               Other Products and Services

                                             The   Company  buys,
               stores  and cleans agricultural commodities,  such
               as  oilseeds, corn, wheat, milo, oats and  barley,
               for resale to other processors worldwide.

               The  Company grinds cocoa beans and produces cocoa
               liquor, cocoa butter, cocoa powder, chocolate  and
               various   compounds   for  the   food   processing
               industry.

                                            The  Company produces
               and  distributes formula feeds and  animal  health
               and nutrition products to the livestock, dairy and
               poultry  industries. Many of the feed  ingredients
               and health and nutrition products are produced  in
               the    Company's   other   commodity    processing
               operations.

                                            The  Company produces
               bakery  products and mixes which are sold  to  the
               baking industry.
5
Page 6
Item 1. BUSINESS--Continued

                                            The  Company produces
               spaghetti,  noodles, macaroni, and other  consumer
               food  products. The Company also produces lettuce,
               other fresh vegetables and herbs in its hydroponic
               greenhouse.

                                            The Company processes
               and distributes edible beans for use in many parts
               of the food industry.

                                             The  Company  raises
               fish  in an aquaculture operation for distribution
               to consumer food customers.

                                           Hickory Point Bank and
               Trust  Co.  furnishes  public  banking  and  trust
               services,   as   well  as  cash   management   and
               securities safekeeping services for the Company.

                                           ADM Investor Services,
               Inc.  is  a registered futures commission merchant
               and a clearing member of all principal commodities
               exchanges.  ADM  Investor Services  International,
               Ltd.  specializes in futures, options and  foreign
               exchange in the European marketplace.

                                           Agrinational Insurance
               Company acts as a direct insurer and reinsurer  of
               a  portion  of the Company's domestic and  foreign
               property and casualty insurance risks.

                                           The Company owns a 60%
               interest    in    Heartland   Rail    Corporation.
               Heartland's  80% owned affiliate, Iowa  Interstate
               Railroad, operates a regional railroad in Iowa and
               Illinois.

                                             Alfred   C.  Toepfer
               International (Germany) and affiliates,  in  which
               the  Company  has  a  75% interest  (25%  is  held
               indirectly  through the Company's 50% interest  in
               Intrade),  is  one  of the world's  largest,  most
               respected   trading  companies   specializing   in
               agricultural  commodities and processed  products.
               Toepfer has thirty-eight sales offices worldwide.

                                           Compagnie Industrielle
               et    Financiere   des   Produits   Amylaces    SA
               (Luxembourg) and affiliates, of which the  Company
               has  a  41.5% interest, is a holding company  with
               interests primarily in various international agri-
               businesses.

                                            Gruma  S.A.  de  C.V.
               (Mexico) and affiliates, of which the Company  has
               a  29%  interest, is the world's largest  producer
               and  marketer  of  corn flour and  tortillas  with
               operations in the U.S., Mexico, Central and  South
               America.  Additionally,  the  Company  has  a  20%
               interest in a joint venture which consists of  the
               combined  U.S. corn flour operations  of  ADM  and
               Gruma. The Company also has a 40% share, through a
               joint  venture  with Gruma, in nine  Mexican-based
               wheat flour mills.
6
Page 7
Item 1. BUSINESS-Continued


               The  Company owns a 30% non-voting equity interest
               in  Minnesota Corn Processors (MCP). MCP  operates
               wet corn milling plants in Minnesota and Nebraska.

               The  Company  formed  a  strategic  alliance  with
               United   Grain  Growers  of  Canada  (UGG)   which
               resulted  in the Company having approximately  42%
               ownership of UGG. UGG, with 159 facilities located
               throughout  Western Canada, is involved  in  grain
               merchandising,    crop   input    marketing    and
               distribution,  livestock production  services  and
               farm business communications.

               Consolidated  Nutrition,  L.C.,  a  joint  venture
               between the Company and Ag Processing Inc.,  is  a
               supplier of premium animal feeds and animal health
               products. The Company has a 50% ownership interest
               in this joint venture.

               The  Company  has a 45% interest in Kalama  Export
               Company, a grain export elevator in Washington.

               The  Company  owns a 28% interest in Pura  PLC,  a
               U.K.  based  company, that processes  and  markets
               edible oil.

               Eaststarch  C.V.  (Netherlands),  of   which   the
               Company  has  a  50% interest,  owns  interest  in
               companies that operate wet corn milling plants  in
               Bulgaria, Hungary, Romania, Slovakia and Turkey.

               Almidones  Mexicanos S.A. (Mexico), of  which  the
               Company  has a 50% interest, operates a  wet  corn
               milling plant in Mexico.

               Golden  Peanut Company, a joint venture among  the
               Company,  Cargill,  Inc.,  Gold  Kist,  Inc.   and
               Alimenta  Processing  Corporation,  is   a   major
               supplier  of  peanuts  to both  the  domestic  and
               export  markets. The Company has a  25%  ownership
               interest in this joint venture.

               ADM-Riceland Partnership, a joint venture  between
               the  Company  and  Riceland  Foods,  Inc.,  is   a
               processor   of   rice   and  rice   products   for
               institutional  and  consumer food  customers.  The
               Company has a 50% ownership interest in this joint
               venture.

               The  Company  owns  a  50%  interest  in  Sociedad
               Aceitera Oriente, S.A., a Bolivian company  is  in
               the   oilseed  crushing,  refining  and   bottling
               business.

               The  Company owns a 50% interest in ADM Doysan,  a
               Turkish  company in the oilseed crushing, refining
               and bottling business.

7
Page 8
Item 1. BUSINESS-Continued


               International  Malting Company,  a  joint  venture
               between  the  Company  and the  LeSaffre  Company,
               operates  barley  malting  plants  in  the  United
               States,  Australia, Canada and France. The Company
               has   a  40%  ownership  interest  in  this  joint
               venture.

                                                 The      Company
               participates   in  various  joint  ventures   that
               operate    oilseed   crushing   facilities,    oil
               refineries and related storage facilities in China
               and Indonesia.

                                             The  Company  is   a
               limited  partner in various private  equity  funds
               which  invest  primarily in emerging markets  that
               have agri-processing potential.

                                            The percentage of net
               sales  and  other operating income by  classes  of
               products  and  services for the last three  fiscal
               years were as follows:
<TABLE>
<CAPTION>
                                                        <S>
               <C>                      <C>       <C>
                                             2000   1999    1998

               Oilseed products             56%    59%     63%
               Corn products                15     13      13
               Wheat and other
                  milled products           11     10      9
               Other products and services  18     18      15
                                            ____   ____    ____

                                            100%   100%    100%
                                            ====   ====    ====
</TABLE>
               Methods of Distribution

               Since  the  Company's  customers  are  principally
               other  manufacturers and processors, its  products
               are  distributed  mainly in bulk  from  processing
               plants  or  storage  facilities  directly  to  the
               customers'  facilities. The Company owns  a  large
               number  of trucks and trailers and owns or  leases
               large  numbers  of railroad tank cars  and  hopper
               cars  to  augment those provided by the railroads.
               The  Company uses the inland waterway  systems  of
               North  and  South  America  and  functions  as   a
               contract  carrier  of  commodities  for  its   own
               operations  as  well as for other  companies.  The
               Company  owns or leases approximately 2,250  river
               barges and 53 line-haul towboats.

8
Page 9
Item 1. BUSINESS-Continued

         (ii)  Status of new products

                                            The Company continues
               to expand its business through the development and
               production of new, value-added products. These new
               products  include  a  wide-range  of  health   and
               nutrition  products  known  as  nutraceuticals  or
               functional  foods.  The Company  has  entered  the
               vitamin  market with the production of  riboflavin
               and   vitamin   E   and  is  currently   expanding
               production  facilities to produce vitamin  C.  The
               Company continues to develop its soy protein  meat
               substitutes, Harvest Burgersr and Harvest Burgersr
               for  RecipesT, its soy protein powdered  non-dairy
               beverage,  Nutribevr,  and  its  non-dairy  frozen
               dessert, DairylikeT. The Company is developing and
               expanding  production facilities to  produce  soy-
               derived  isoflavones, sterols, granular  lecithin,
               astaxathin,  distilled monoglycerides and  xanthan
               gum.  Additionally, the Company is  in  the  early
               stages  of  development of the antioxidants  beta-
               carotene and tocotrienols.

        (iii)  Source and availability of raw materials

                                            Substantially all  of
               the   Company's  raw  materials  are  agricultural
               commodities.  In any single year, the availability
               and price of these commodities are subject to wide
               fluctuations due to unpredictable factors such  as
               weather,   plantings,  government  (domestic   and
               foreign)   farm   programs,  international   trade
               policies,  shifts  in  global  demand  created  by
               population growth, changes in standards of  living
               and    worldwide   production   of   similar   and
               competitive crops.

         (iv)  Patents, trademarks and licenses

                                             The   Company   owns
               several valuable patents, trademarks and licenses,
               but  does not consider its business dependent upon
               any  single  or  group of patents,  trademarks  or
               licenses.

          (v)  Extent to which business is seasonal

                                            Since the Company  is
               so   widely  diversified  in  global  agribusiness
               markets,    there   are   no   material   seasonal
               fluctuations   in   the  manufacture,   sale   and
               distribution  of its products and services.  There
               is  a  degree of seasonality in the growing season
               and  procurement  of the Company's  principal  raw
               materials:   oilseeds,  wheat,  corn   and   other
               grains.  However, the actual physical movement  of
               the millions of bushels of these crops through the
               Company's  storage  and processing  facilities  is
               reasonably  constant  throughout  the  year.   The
               worldwide  need  for food is not seasonal  and  is
               ever expanding as is the world's population.

9
Page 10
Item 1. BUSINESS-Continued

        (vi)  Working capital items

                                            Price variations  and
               availability  of  grain  at  harvest  often  cause
               fluctuations  in  the  Company's  inventories  and
               short-term borrowings.

        (vii) Dependence on single customer

                                            No  material part  of
               the  Company's business is dependent upon a single
               customer or very few customers.

        (viii) Amount of backlog

                                            Because of the nature
               of  the  Company's business, the backlog of orders
               at year end is not a significant indication of the
               Company's  activity  for the current  or  upcoming
               year.

         (ix)  Business subject to renegotiation

                                            The  Company  has  no
               business   with   the   government   subject    to
               renegotiation.

          (x)  Competitive conditions

                                              Markets   for   the
               Company's  products are highly  price  competitive
               and  sensitive to product substitution. No  single
               company  competes with the Company in all  of  its
               markets.  However,  a number  of  large  companies
               compete  with the Company in one or more  markets.
               Major  competitors in one or more markets include,
               but  are  not limited to, Cargill, Inc.,  ConAgra,
               Inc.,  Corn Products International, Inc., Eridania
               Beghin-Say and Tate & Lyle.

         (xi)  Research and development expenditures

                                           Practically all of the
               Company's  technical efforts and expenditures  are
               concerned  with food and feed ingredient products.
               Special   efforts   are   being   made   to   find
               improvements  in  food  technology  to   alleviate
               protein   malnutrition   throughout   the   world,
               utilizing  the three largest United States  crops:
               corn, soybeans and wheat.

10
Page 11
Item 1. BUSINESS-Continued

                                               The    need     to
               successfully market new or improved food and  feed
               ingredients  developed in the  Company's  research
               laboratories  led  to  the  concept  of  technical
               support.  The  Company is staffed  with  technical
               representatives  who work closely  with  customers
               and potential customers on the development of food
               and   feed  products  which  incorporate  Company-
               produced      ingredients.     These     technical
               representatives  are  an  adjunct  to   both   the
               research and sales functions.

                                            The Company maintains
               a  research laboratory in Decatur, Illinois  where
               product  and  process development  activities  are
               conducted.  To  develop  new  bioproducts  and  to
               improve  existing  bioproducts, new  cultures  are
               developed  using  classical mutation  and  genetic
               engineering.  Protein  research  is  conducted  at
               facilities  in Decatur where meat and dairy  pilot
               plants  support application research.  Starch  and
               amyolitic  enzyme research is done at a laboratory
               in  Clinton, Iowa. Research to support  sales  and
               development  for  bakery products  is  done  at  a
               laboratory in Olathe, Kansas. Research to  support
               sales  and  development for  cocoa  and  chocolate
               products is done in Milwaukee, Wisconsin  and  the
               Netherlands.   The   Company  maintains   research
               centers in Quincy, Illinois that conduct swine and
               cattle  feeding  trials to test new  formula  feed
               products   and   to   develop   improved   feeding
               efficiencies.

               The  amounts  spent during the three  years  ended
               June  30,  2000, 1999 and 1998 for such  technical
               efforts  were  approximately $23.4, $22.0  million
               and $17.1 million, respectively.

                                       (xii)Material  effects  of
               capital expenditures for environmental protection

                                             During  2000,  $14.7
               million  was  spent for equipment, facilities  and
               programs for pollution control and compliance with
               the    requirements   of   various   environmental
               agencies.

                                            There  have  been  no
               material effects upon the earnings and competitive
               position  of the Company resulting from compliance
               with  federal, state and local laws or regulations
               enacted  or adopted relating to the protection  of
               the environment.

                                            The  Company  expects
               that expenditures for environmental facilities and
               programs   will  continue  at  approximately   the
               present  rate with no unusual amounts  anticipated
               for the next two years.
11
Page 12
Item 1. BUSINESS-Continued

        (xiii) Number of employees

                                            The number of persons
               employed  by  the Company was 22,753 at  June  30,
               2000.

           (d)Financial  Information About Foreign  and  Domestic
           Operations and Export Sales

           The  Company's  foreign operations are principally  in
           developed  countries and do not entail  any  undue  or
           unusual    business   risks.   Geographic    financial
           information  is  set forth in "Note  10  of  Notes  to
           Consolidated  Financial  Statements"  of  the   annual
           shareholders' report for the year ended June 30,  2000
           and is incorporated herein by reference.


12
Page 13
Item 1. BUSINESS--Continued

        (e)    Executive Officers and Certain Significant
Employees

           Name                       Title                 Age

           G. Allen Andreas    Chairman of the Board of      57
                               Directors from January 1999.
                               Chief Executive Officer from
                               July 1997. President from July
                               1997 to February 1999. Counsel
                               to the Executive Committee from
                               September 1994 to July 1997.
                               Vice President from 1988 to July
                               1997.

           Martin L. Andreas   Senior Vice President from 1989.61
                               Assistant to the Chief
                               Executive from 1989.

           Charles P. Archer   Treasurer from October 1992.  44

           Maureen K. Ausura   Vice President from June 2000.45
                               Senior Vice President, Human
                               Resources, of Giant Eagle, Inc.
                               from 1996. Various senior
                               personnel positions with Campbell
                               Soup Company from 1984.

           Ronald S. Bandler   Assistant Treasurer from January39
                               1998. Manager of Treasury
                               Operations from 1989 to
                               January 1998.

           Lewis W. Batchelder Group Vice President from     55
                               July 1997. Senior Vice President
                               of ADM/Growmark. Various grain
                               merchandising positions since
1971.

           Howard E. Buoy      Group Vice President from     74
                               January 1993.

           William H. Camp     Group Vice President and      51
                               President, North American
                               Oilseed Processing Division
                               from April 2000. Group Vice
                               President and President, South
                               American Oilseed Processing
                               Division from March 1999 to April
                               2000. Vice President from April
                               1993 to March 1999.
13
Page 14
Item 1. BUSINESS-Continued

           Mark J. Cheviron    Vice President from July 1997.51
                               Vice President of Corporate
                               Security and Administrative
                               Services since May 1997. Director
                               of Security since 1980.

           Larry H. Cunningham Senior Vice President from    56
                               February 2000Consultant for
                               the Company from October 1999 to
                               February 2000. Group Vice
                               President and President of ADM
                               Corn Processing Division from
                               October 1996 to October 1999.
                               President of ADM Food Additives
                               Division from October 1998 to
                               October 1999. Vice President from
                               July 1993 to October 1996.

           Anthony P. Delio    Vice President from May 2000. 44
                               President of ADM Protein
                               Specialties Division from
                               October 1999. President of ADM
                               Nutraceutical Division from May
                               1999. Various senior product
                               development positions with Mars,
                               Inc from 1980.

           Dennis C. Garceau   Vice President from April 1999.53
                               President of ADM Technical
                               Services Department. Various
                               senior engineering positions from
                               1969.

           Craig L. Hamlin     Senior Vice President from June 54
                               2000. Group Vice President from
                               October 1994 to June 2000.
                               President of ADM Milling from
                               1989.

           Edward A. HarjehausenPresident of ADM Corn Processing
50
                               Division from July 2000. President
                               of ADM BioProducts and Food
                               Additives From October 1999 to
                               July 2000. Vice President from
                               October 1992.

           Burnell D Kraft     Senior Vice President from    69
                               July 1997. Group Vice President
                               from January 1993 to July 1997.
                               President of ADM/Growmark,
                               ADM/Countrymark and Tabor Grain
Co.

           Paul L. Krug, Jr.   Vice President from 1991 and  56
14                             President of ADM Investor
Page 15
                               Services.
Item 1. BUSINESS-Continued

           John E. Long        Vice President from July 1996.71
                               President of ADM Research
                               Division from 1992 to March 2000.
                               Various senior research positions
                               from 1975.

           Michael Lusk        Vice President from November 1999
51
                               Senior Vice President with
                               International Risk Management,
                               Inc. from 1989.

           Claudia M. Madding  Executive Assistant to the
Chairman   49
                               and Chairman Emeritus from January
                               1999. Secretary to the Executive
                               Committee from September 1997.
                               Executive Assistant to the
Chairman
                              from July 1997 to January 1999.
                              Assistant Secretary from 1993.
                              Administrative Assistant to the
                              Chairman from 1984 to 1997.

           John D. McNamara    President from February 1999. 52
                               Group Vice President and
                               President of North American
                               Oilseed Processing Division from
                               July 1997 to February 1999.
                               President of ADM Agri-Industries
                               since 1992.

           Steven R. Mills     Vice President from February 2000.
45
                               Controller from October 1994.

           Stephen W. Minder   Corporate Compliance Officer from
44
                               July 1997. Various senior internal
                               audit positions since 1990.

           Paul B. Mulhollem   Senior Vice President from October
51
                               1999. Group Vice President from
                               July 1997 to October 1999. Vice
                               President from January 1996 to
                               July 1997. Managing Director of
                               ADM International, Ltd., from
                               1993.

           Brian F. Peterson   Group Vice President and Managing
58
                               Director of ADM International,
                               Ltd., from October 1999. Vice
                               President from January 1996 to
                               October 1999. President of ADM
                               Protein Specialties Division from
                               February 1999 to October 1999.
                               President of ADM BioProducts
                               Division from 1995 to October
1999.
15
Page 16
Item 1. BUSINESS-Continued

           Raymond V. Preiksaitis     Group Vice President from48
                               July 1997. Vice President -
                               Management Information Systems
                               from 1988 to July 1997.

           John G. Reed        Vice President from 1982.     70

           Richard P. Reising  Senior Vice President from July56
                               1997. Vice President, Secretary
                               and General Counsel from 1991 to
                               1997.

           John D. Rice        Senior Vice President from    46
                               February 2000. Group Vice
                               President and President, North
                               American Oilseed Processing
                               Division from February 1999 to
                               February 2000. Vice President
                               from 1993 to 1999. President of
                               ADM Food Oils Division from
                               December
                               1996 to February 2000.

           Scott A. Roberts    Assistant Secretary and Assistant
40
                               General Counsel from July 1997.
                               Member of the Law Department
                               since 1985.

           Kenneth A. Robinson Vice President from January 1996.
53
                               Vice President of ADM Processing
                               Division from 1985.

           Douglas J. Schmalz  Vice President and Chief      54
                               Financial Officer from 1986.

           David J. Smith      Vice President, Secretary and 45
                               General Counsel from July 1997.
                               Assistant General Counsel from
                               1995 to 1997. Assistant Secretary
                               from 1988 to 1997. Member of the
                               Law Department since 1981.

           Stephen H. Yu       Vice President from January 1996.
40
                               Managing Director of ADM
                               Asia-Pacific, Ltd., from 1993.


                               Officers  of  the  registrant  are
           elected  by  the Board of Directors for terms  of  one
           year  and until their successors are duly elected  and
           qualified.


16
Page 17
Item 2. PROPERTIES

        PROCESSING FACILITIES

        The  Company  owns,  leases, or  has  a  50%  or  greater
        interest in the following processing plants:

                           United States       Foreign
        Total

        Owned                    137              93
        230
        Leased                     2               2
        4
        Joint Venture             47              31
        78
                            186             126            312

        The  Company's operations are such that most products are
        efficiently  processed near the source of raw  materials.
        Consequently,   the  Company  has  many  plants   located
        strategically  in  grain  producing  areas.   The  annual
        volume  processed  will vary depending upon  availability
        of raw material and demand for finished products.

        The  Company operates thirty-three domestic and seventeen
        foreign  oilseed crushing plants with a daily  processing
        capacity   of  approximately  90,000  metric  tons   (3.3
        million  bushels).  The domestic plants  are  located  in
        Alabama,  Arkansas,  Georgia,  Illinois,  Indiana,  Iowa,
        Kansas,   Louisiana,  Minnesota,  Missouri,  Mississippi,
        Nebraska,  North Dakota, Ohio, South Carolina,  Tennessee
        and  Texas.   The foreign plants are located  in  Brazil,
        Canada,  England, Germany, India, Mexico, the Netherlands
        and  Poland.  The  Company also  has  interests,  through
        joint  ventures,  in oilseed crushing plants  in  Bolivia
        and Turkey.

        The  Company operates four wet corn milling and  two  dry
        corn  milling  plants  with a  daily  grind  capacity  of
        approximately  41,700 metric tons (1.6 million  bushels).
        These  plants  and  other related  properties,  including
        corn  germ extraction and corn gluten pellet plants,  are
        located  in  Illinois, Iowa, New York and  North  Dakota.
        The  Company also has interests, through joint  ventures,
        in  corn  milling  plants in Bulgaria,  Hungary,  Mexico,
        Romania, Slovakia and Turkey.

        The  Company  operates  twenty-nine  domestic  wheat  and
        durum   flour  mills,  a  domestic  bulgur  plant,  three
        domestic  corn flour mills, two domestic milo mills,  and
        eighteen  foreign flour mills with a total daily  milling
        capacity   of  approximately  31,800  metric  tons   (1.1
        million  bushels).   The  Company  also  operates   seven
        bakery  mix  and specialty ingredient plants,  one  pasta
        plant,  and  two starch and gluten plants.  These  plants
        and  other  related properties are located in California,
        Illinois,  Indiana,  Iowa, Kansas, Louisiana,  Minnesota,
        Missouri,  Nebraska, New York, North Carolina,  Oklahoma,
        Oregon,   Pennsylvania,  Tennessee,  Texas,   Washington,
        Wisconsin,  Barbados, Belize, Canada,  England,  Grenada,
        Jamaica, and the Netherlands Antilles.  The company  also
        has  an  interest,  through  a  joint  venture,  in  rice
        milling plants in Arkansas and Louisiana.
17
Page 18
Item 2. PROPERTIES-Continued

        The    Company   operates   fourteen   domestic   oilseed
        refineries   in   Georgia,   Illinois,   Indiana,   Iowa,
        Minnesota,  Missouri, Nebraska, North  Dakota,  Tennessee
        and  Texas  as  well  as thirteen foreign  refineries  in
        Brazil,  Canada,  Germany,  India,  the  Netherlands  and
        Poland.   The  company also has interests, through  joint
        ventures,  in  oilseed  refineries  in  Texas,   Bolivia,
        England, and Turkey.  The company produces packaged  oils
        in  California, Georgia, Illinois, Brazil and Germany and
        has  interests, through joint ventures, in packaged  oils
        plants  in  Bolivia,  England, and Turkey.   Soy  protein
        specialty  products  are produced  in  Illinois  and  the
        Netherlands, lecithin products are produced in  Illinois,
        Iowa, Nebraska, Canada, Germany and the Netherlands,  and
        Vitamin  E  is produced in Illinois.  Cotton linter  pulp
        is   produced  in  Tennessee  and  cottonseed  flour   is
        produced in Texas.

        The  Company  produces feed and food additives  at  seven
        bioproducts  plants located in Illinois, North  Carolina,
        China  and  Ireland. The Company also  operates  thirteen
        domestic  and  eleven  foreign formula  feed  and  animal
        health  and  nutrition plants.  The domestic  plants  are
        located  in  Georgia, Illinois, Indiana, Iowa,  Nebraska,
        Ohio,  Texas  and  Washington.  The  foreign  plants  are
        located  in  Barbados,  Belize, Canada,  China,  Grenada,
        Ireland, the Netherlands Antilles, and Puerto Rico.   The
        company  also  has interests, through joint ventures,  in
        formula  feed  plants  in  Arkansas,  Colorado,  Georgia,
        Illinois,  Iowa,  Indiana,  Kansas,  Kentucky,  Michigan,
        Minnesota,   Missouri,  Nebraska,   Ohio,   Pennsylvania,
        Tennessee,  Wisconsin,  Canada, China,  Puerto  Rico  and
        Trinidad.

        The  Company  operates four domestic and  eleven  foreign
        chocolate   and  cocoa  bean  processing   plants.    The
        domestic  plants  are located in Georgia,  Massachusetts,
        New  Jersey,  and Wisconsin, and the foreign  plants  are
        located   in  Brazil,  Canada,  China,  England,  France,
        Germany, the Netherlands, Poland and Singapore.

        The   Company  operates  various  other  food  and   food
        ingredient  plants  in  North  Dakota,  England,  France,
        Germany and Jamaica.

18
Page 19
Item 2. PROPERTIES-Continued

        PROCUREMENT FACILITIES

        The Company owns, leases, or has a 50% or greater
        interest in the following procurement facilities:
        <TABLE>
        <CAPTION>
        <S>                   <C>                 <C>
        <C>
                            United States        Foreign
        Total

        Owned                    249          80
        329
        Leased             30                 47
        77
        Joint Venture              8                15
        23
                          287                142
        429
        </TABLE>
        The  Company  operates two hundred twenty-eight  domestic
        terminal,  country,  and  river  elevators  covering  the
        major  grain  producing  states,  including  one  hundred
        fifty-six country elevators and seventy-two terminal  and
        river  loading  facilities including  five  grain  export
        elevators  in Louisiana,  Maryland, and Texas.  Elevators
        are  located  in  Arkansas, Colorado, Georgia,  Illinois,
        Indiana,  Iowa,  Kansas, Kentucky,  Louisiana,  Maryland,
        Michigan,  Minnesota, Missouri, Montana, Nebraska,  North
        Carolina,  North  Dakota, Ohio, Oklahoma,  Tennessee  and
        Texas.    Domestic   grain   terminals,   elevators   and
        processing  plants have an aggregate storage capacity  of
        approximately 491 million bushels.

        The  Company also has interests, through joint  ventures,
        in  eight  domestic grain elevators located in  Minnesota
        and   South   Dakota.   Domestic  joint   venture   grain
        terminals   and  elevators  have  an  aggregate   storage
        capacity of approximately 6 million bushels.

        The   Company  also  operates  one  hundred  twenty-three
        foreign   grain  elevators  with  an  aggregate   storage
        capacity  of approximately 109 million bushels, including
        four   export   facilities  located  in  Brazil.    These
        elevators  are  located in Argentina,  Barbados,  Brazil,
        Canada,  Germany, Paraguay and Uraguay. The Company  also
        has  an  interest,  through a joint venture,  in  fifteen
        grain  elevators  in  Bolivia with an  aggregate  storage
        capacity of approximately 6 million bushels.

        The   Company  operates  forty-seven  domestic  and  four
        foreign  edible  bean  procurement  facilities  with   an
        aggregate  storage capacity of approximately  22  million
        bushels,   located   in  California,   Colorado,   Idaho,
        Michigan, Minnesota, North Dakota, Wyoming and Canada.

        Four  cotton  gins  are located in Texas  and  serve  the
        cottonseed crushing plants in that area.


19
Page 20
Item 3. LEGAL PROCEEDINGS

        ENVIRONMENTAL MATTERS

        In  1993,  the State of Illinois Environmental Protection
        Agency    ("Illinois    EPA")   brought    administrative
        enforcement  proceedings arising  out  of  the  Company's
        alleged  failure  to  obtain proper permits  for  certain
        pollution  control  equipment at  one  of  the  Company's
        processing  facilities  in  Illinois.   The  Company  and
        Illinois  EPA  executed a settlement agreement  which  is
        currently  before  the Illinois Pollution  Control  Board
        for  approval.  However, in June 1999, the United  States
        Environmental  Protection  Agency  (U.S.  EPA)  issued  a
        Notice   of  Violation  involving  some  of  the  matters
        covered  under  the  pending  State  settlement  and   in
        January  2000  the  United States Department  of  Justice
        ("DOJ")  issued  a  Notice of Proposed Civil  Enforcement
        Action  against the Company regarding these same matters.
        Further,   in   1998,   the   Illinois   EPA   filed   an
        administrative  enforcement  proceeding  arising  out  of
        certain  alleged permit exceedances relating to the  same
        facility.  Also in 1998 and 2000, the Company voluntarily
        reported  to  the  Illinois  EPA  certain  other   permit
        exceedances  related  to  other processes  at  that  same
        facility,  and in 1999 Illinois EPA issued  a  Notice  of
        Violation relating to the exceedances disclosed in  1998.
        The  Company understands that all pending and  threatened
        enforcement  actions at the facility will be consolidated
        into  two  proceedings, one to be brought  by  the  State
        which  will  subsume  the  settlement  presently  pending
        before  the  Board  and  another to  be  brought  by  the
        Department  of  Justice. The Company  and  the  DOJ  have
        agreed  to  a  penalty of approximately $1.5  million  in
        settlement  of  the federal action, and the  Company  has
        offered  to settle the remaining matters with  the  State
        for  approximately $1.1 million. Also in 1998, the  State
        of  Illinois filed a civil administrative action alleging
        violations of the Illinois Environmental Protection  Act,
        and  regulations promulgated thereunder, arising  from  a
        one  time  release of denatured ethanol  at  one  of  its
        Illinois  distribution facilities.  In January 2000  U.S.
        EPA  issued  a  Notice of Violation to  the  Company  for
        another  Illinois  facility regarding  alleged  emissions
        violations  and the failure to obtain proper permits  for
        various  equipment  at  that  facility.  In  management's
        opinion  the  settlements and the remaining  proceedings,
        all  seeking  compliance  with  applicable  environmental
        permits  and  regulations, will not, either  individually
        or  in  the aggregate, have a material adverse affect  on
        the   Company's   financial  condition  or   results   of
        operations.

        On  July  31, 2000, the federal environmental authorities
        in  Brazil  issued  an  Administrative  Notice  upon  the
        Company  requiring payment of approximately $5.6  million
        for  the  discharge of an industrial wastewater from  its
        facility  located in Rondonopolis.  The  Company  intends
        to appeal this penalty.
20
Page 21
Item 3. LEGAL PROCEEDINGS-Continued

        The    Company   is   involved   in   approximately    25
        administrative and judicial proceedings in which  it  has
        been  identified as a potentially responsible party (PRP)
        under  the  federal Superfund law and its  state  analogs
        for  the  study  and  clean-up of sites  contaminated  by
        material  discharged  into the environment.   In  all  of
        these  matters, there are numerous PRPs.  Due to  various
        factors  such  as  the required level of remediation  and
        participation  in  the  clean-up effort  by  others,  the
        Company's future clean-up costs at these sites cannot  be
        reasonably estimated.  However, in management's  opinion,
        these  proceedings  will not, either individually  or  in
        the  aggregate,  have a material adverse  affect  on  the
        Company's financial condition or results of operations.

        LITIGATION REGARDING ALLEGED ANTICOMPETITIVE PRACTICES

        The Company is currently a defendant in various lawsuits
        related  to  alleged anticompetitive  practices  by  the
        Company  as described in more detail below. The  Company
        intends to vigorously defend the actions unless they can
        be settled on terms deemed acceptable to the parties.

        GOVERNMENTAL INVESTIGATIONS

        Federal  grand  juries  in  the  Northern  Districts   of
        Illinois, California and Georgia, under the direction  of
        the  DOJ, have been investigating possible violations  by
        the  Company  and  others with respect  to  the  sale  of
        lysine,  citric  acid  and  high  fructose  corn   syrup,
        respectively.  In connection with an agreement  with  the
        DOJ  in  fiscal 1997, the Company paid the United  States
        fines  of  $100  million.  This agreement  constitutes  a
        global resolution of all matters between the DOJ and  the
        Company and brought to a close all DOJ investigations  of
        the  Company.  The federal grand juries in  the  Northern
        Districts   of   Illinois  (lysine)  and  Georgia   (high
        fructose corn syrup) have been closed.

        The  Company  has  received notice that  certain  foreign
        governmental  entities were commencing investigations  to
        determine  whether anticompetitive practices occurred  in
        their  jurisdictions. Except for the investigations being
        conducted  by the Commission of the European Communities,
        the   Mexican  Federal  Competition  Commission  and  the
        Brazilian  Department of Protection and Economic  Defense
        as  described below, all such matters have been  resolved
        as previously reported.

21
Page 22
Item 3. LEGAL PROCEEDINGS-Continued

        In  June  1997, the Company and several of  its  European
        subsidiaries  were  notified that the Commission  of  the
        European  Communities had initiated an  investigation  as
        to  possible anticompetitive practices in the amino  acid
        markets,  in  particular  the  lysine  market,   in   the
        European  Union. On October 29, 1998, the  Commission  of
        the  European  Communities initiated  formal  proceedings
        against  the  Company and others and adopted a  Statement
        of  Objections.  The reply of the Company  was  filed  on
        February  1,  1999 and the hearing was held on  March  1,
        1999.   On August 8, 1999, the Commission of the European
        Communities   adopted   a  supplementary   Statement   of
        Objections  expanding  the period of  involvement  as  to
        certain   other  companies.   On  June   7,   2000,   the
        Commission   of  the  European  Communities   adopted   a
        decision  imposing  a fine against  the  Company  in  the
        amount  of  EUR  47.3  million.  The Company  intends  to
        appeal  this  decision.  In September 1997,  the  Company
        received  a  request for information from the  Commission
        of   the   European  Communities  with  respect   to   an
        investigation  being  conducted by that  Commission  into
        the  possible  existence  of  certain  agreements  and/or
        concerted  practices in the citric  acid  market  in  the
        European  Union.   On March 28, 2000, the  Commission  of
        European   Communities   initiated   formal   proceedings
        against  the  Company and others and adopted a  Statement
        of  Objections.  In November 1998, a European  subsidiary
        of  the  Company received a request for information  from
        the  Commission of the European Communities with  respect
        to  an  investigation being conducted by that  Commission
        into  the possible existence of certain agreements and/or
        concerted  practices  in the sodium gluconate  market  in
        the  European Union.  On May 17, 2000, the Commission  of
        European   Communities   initiated   formal   proceedings
        against  the  Company and others and adopted a  Statement
        of   Objections.    On  February  11,  1999   a   Mexican
        subsidiary  of the Company was notified that the  Mexican
        Federal   Competition   Commission   had   initiated   an
        investigation  as  to possible anticompetitive  practices
        in  the citric acid market in Mexico.  On May 8, 2000,  a
        Brazilian subsidiary of the Company was notified  of  the
        commencement  of  an  administrative  proceeding  by  the
        Department  of  Protection and Economic Defense  relative
        to  possible  anticompetitive  practices  in  the  lysine
        market  in  Brazil.   On  July  3,  2000,  the  Brazilian
        subsidiary  of the Company filed a Statement  of  Defense
        in   this   proceeding.    The   ultimate   outcome   and
        materiality of the proceedings of the Commission  of  the
        European Communities cannot presently be determined.  The
        Company  may  become  the subject  of  similar  antitrust
        investigations  conducted  by the  applicable  regulatory
        authorities of other countries.

        HIGH FRUCTOSE CORN SYRUP ACTIONS

        The  Company, along with other companies, has been named
        as  a  defendant in thirty-one antitrust suits involving
        the  sale  of  high fructose corn syrup  in  the  United
        States.   Thirty of these actions have been  brought  as
        putative class actions.
22
Page 23
Item 3. LEGAL PROCEEDINGS-Continued

        FEDERAL  ACTIONS.    Twenty-two of these putative  class
        actions  allege  violations of federal  antitrust  laws,
        including allegations that the defendants agreed to fix,
        stabilize  and maintain at artificially high levels  the
        prices of high fructose corn syrup, and seek injunctions
        against   continued  alleged  illegal  conduct,   treble
        damages  of  an unspecified amount, attorneys  fees  and
        costs,   and  other  unspecified  relief.  The  putative
        classes   in   these  cases  comprise   certain   direct
        purchasers  of  high fructose corn syrup during  certain
        periods in the 1990s. These twenty-two actions have been
        transferred to the United States District Court for  the
        Central District of Illinois and consolidated under  the
        caption   In  Re  High  Fructose  Corn  Syrup  Antitrust
        Litigation, MDL No. 1087 and Master File No. 95-1477.

        On  January  14,  1997, the Company,  along  with  other
        companies,  was named a defendant in a non-class  action
        antitrust suit involving the sale of high fructose  corn
        syrup  and  corn syrup. This action which is encaptioned
        Gray & Co. v. Archer Daniels Midland Co., et al, No. 97-
        69-AS, and was filed in federal court in Oregon, alleges
        violations  of  federal antitrust laws  and  Oregon  and
        Michigan  state  antitrust laws,  including  allegations
        that  defendants conspired to fix, raise,  maintain  and
        stabilize the price of corn syrup and high fructose corn
        syrup,  and  seeks treble damages, attorneys'  fees  and
        costs   of  an  unspecified  amount.  This  action   was
        transferred  for  pretrial  proceedings  to  the  United
        States  District  Court  for  the  Central  District  of
        Illinois.

        STATE  ACTIONS. The Company, along with other companies,
        also  has  been  named as a defendant in seven  putative
        class  action antitrust suits filed in California  state
        court  involving the sale of high fructose  corn  syrup.
        These  California  actions  allege  violations  of   the
        California   antitrust  and  unfair  competition   laws,
        including allegations that the defendants agreed to fix,
        stabilize  and maintain at artificially high levels  the
        prices  of  high  fructose corn syrup, and  seek  treble
        damages  of  an unspecified amount, attorneys  fees  and
        costs, restitution and other unspecified relief. One  of
        the California putative classes comprises certain direct
        purchasers of high fructose corn syrup in the  State  of
        California  during certain periods in  the  1990s.  This
        action  was filed on October 17, 1995 in Superior  Court
        for the County of Stanislaus, California and encaptioned
        Kagome Foods, Inc. v Archer-Daniels-Midland Co. et  al.,
        Civil Action No. 37236. This action has been removed  to
        federal  court  and consolidated with the federal  class
        action  litigation  pending in the Central  District  of
        Illinois  referred  to above. The other  six  California
        putative classes comprise certain indirect purchasers of
        high  fructose corn syrup and dextrose in the  State  of
        California during certain periods in the 1990s. One such
        action was filed on July 21, 1995 in the Superior  Court
        of   the  County  of  Los  Angeles,  California  and  is
        encaptioned Borgeson v. Archer-Daniels-Midland  Co.,  et
        al.,  Civil  Action No. BC131940. This action  and  four
        other  indirect purchaser actions have been  coordinated
        before  a  single court in Stanislaus County, California
        under  the caption, Food Additives (HFCS) cases,  Master
        File  No. 39693. The other four actions are encaptioned,
        Goings v. Archer Daniels Midland Co., et al., Civil
23
Page 24
Item 3. LEGAL PROCEEDINGS-Continued

        Action No. 750276 (Filed on July 21, 1995, Orange County
        Superior Court); Rainbow Acres v. Archer Daniels Midland
        Co.,  et al., Civil Action No. 974271 (Filed on November
        22,  1995, San Francisco County Superior Court);  Patane
        v.  Archer Daniels Midland Co., et al., Civil Action No.
        212610   (Filed  on  January  17,  1996,  Sonoma  County
        Superior  Court); and St. Stan's Brewing Co.  v.  Archer
        Daniels  Midland  Co., et al., Civil  Action  No.  37237
        (Filed  on October 17, 1995, Stanislaus County  Superior
        Court). On October 8, 1997, Varni Brothers Corp. filed a
        complaint   in   intervention  with   respect   to   the
        coordinated action pending in Stanislaus County Superior
        Court,  asserting the same claims as those  advanced  in
        the consolidated class action.

        The  Company, along with other companies, also has  been
        named  a  defendant in a putative class action antitrust
        suit  filed  in Alabama state court. The Alabama  action
        alleges   violations  of  the  Alabama,   Michigan   and
        Minnesota  antitrust  laws, including  allegations  that
        defendants  agreed  to fix, stabilize  and  maintain  at
        artificially  high levels the prices  of  high  fructose
        corn  syrup,  and seeks an injunction against  continued
        illegal  conduct,  damages  of  an  unspecified  amount,
        attorneys fees and costs, and other unspecified  relief.
        The  putative  class  in  the Alabama  action  comprises
        certain  indirect  purchasers in Alabama,  Michigan  and
        Minnesota during the period March 18, 1994 to March  18,
        1996.  This  action was filed on March 18, 1996  in  the
        Circuit   Court  of  Coosa  County,  Alabama,   and   is
        encaptioned Caldwell v. Archer-Daniels-Midland  Co.,  et
        al.,  Civil  Action No. 96-17. On April  23,  1997,  the
        court  granted  the  defendants'  motion  to  sever  and
        dismiss  the  non-Alabama claims.   On March  27,  2000,
        defendants  moved for summary judgment  in  light  of  a
        recent  Alabama  Supreme Court  case  holding  that  the
        Alabama   antitrust  laws  apply  only   to   intrastate
        commerce.  That matter is currently pending.

        LYSINE ACTIONS

        The  Company, along with other companies, had been  named
        as  a  defendant  in twenty-three putative  class  action
        antitrust  suits  involving the sale  of  lysine  in  the
        United   States.  Except  for  the  actions  specifically
        described  below,  all  such  suits  have  been  settled,
        dismissed or withdrawn.

        CANADIAN   ACTIONS.   The  Company,  along   with   other
        companies, has been named as a defendant in one  putative
        class  action  antitrust  suit  filed  in  Ontario  Court
        (General  Division)  in which the plaintiffs  allege  the
        defendants reached agreements with one another as to  the
        price  at  which  each  of  them  would  sell  lysine  to
        customers  in  Ontario  and as to  the  total  volume  of
        lysine  that  each  company would supply  in  Ontario  in
        violation  of  Sections  45  (1)(c)  and  61(1)(b)of  the
        Competition  Act.   The putative class  is  comprised  of
        certain indirect purchasers in Ontario during the  period
        from  June 1, 1992 to June 27, 1995.  The plaintiffs seek
        C$25  million for violations of the Competition Act, C$10
        million  in  punitive, exemplary and aggravated  damages,
        interest  and  costs  of  the action.   This  action  was
        served  upon  the  Company  on  June  11,  1999  and   is
        encaptioned Rein Minnema and
24
Page 25
Item 3. LEGAL PROCEEDINGS-Continued

        Minnema Farms Ltd. v. Archer-Daniels-Midland Company,  et
        al.,  Court File No. G23495-99.  The Company, along  with
        other  companies,  has been named as a  respondent  in  a
        motion  seeking authorization to institute a class action
        filed  in  Superior  Court  in the  Province  of  Quebec,
        District of Montreal, in which the applicants allege  the
        respondents  conspired, combined, agreed or  arranged  to
        prevent  or  lessen, unduly, competition with respect  to
        the  sale  of  lysine in Canada in violation  of  Section
        45(1)(c)  of the Competition Act.  The putative class  is
        comprised of certain indirect purchasers in Quebec  after
        June,  1992.   The applicants seek at least  C$4,460,000,
        costs  of  investigation, attorneys' fees  and  interest.
        This  motion is encaptioned Option Consommateurs,  et  al
        v. Archer-Daniels-Midland Company, et al., Court No. 500-
        06-000089-991.

        STATE ACTION. The Company has been named as a defendant,
        along with other companies, in one putative class action
        antitrust  suit  alleging  violations  of  the   Alabama
        antitrust   laws,   including   allegations   that   the
        defendants  agreed  to fix, stabilize  and  maintain  at
        artificially  high  levels the  prices  of  lysine,  and
        seeking  an injunction against continued alleged illegal
        conduct,  damages  of an unspecified  amount,  attorneys
        fees  and  costs,  and  other  unspecified  relief.  The
        putative class in this action comprises certain indirect
        purchasers  of  lysine in the State  of  Alabama  during
        certain  periods in the 1990s. This action was filed  on
        August  17, 1995 in the Circuit Court of DeKalb  County,
        Alabama,  and  is  encaptioned Ashley v. Archer-Daniels-
        Midland Co., et al., Civil Action No. 95-336.  On  March
        13,  1998, the court denied plaintiff's motion for class
        certification. Subsequently, the plaintiff  amended  his
        complaint    to   add   approximately   300   individual
        plaintiffs. On March 23, 2000, defendants filed a motion
        for  summary  judgment  in light  of  a  recent  Alabama
        Supreme  Court  case holding that the Alabama  antitrust
        laws apply only to intrastate commerce.  That motion  is
        currently pending.

        CITRIC ACID ACTIONS

        The  Company, along with other companies, had been  named
        as   a   defendant  in  fourteen  putative  class  action
        antitrust suits and two non-class action antitrust  suits
        involving  the sale of citric acid in the United  States.
        Except  for the action specifically described below,  all
        such suits have been settled or dismissed.


25
Page 26
Item 3. LEGAL PROCEEDINGS-Continued

        CANADIAN   ACTIONS.   The  Company,  along  with   other
        companies,  has  been  named as  a  defendant  in  three
        actions  filed  pursuant to the Class  Proceedings  Act,
        1992, in which the plaintiffs allege that the defendants
        violated the Competition Act with respect to the sale of
        citric  acid in Canada.  One of these actions was  filed
        in the Superior Court of Justice, in Newmarket, Ontario,
        and   encaptioned   Ashworth  v.  Archer-Daniels-Midland
        Company,  et al., Court file No. 53510/99.  The putative
        class  is  comprised of certain indirect  purchasers  in
        Ontario during the period from July 1, 1991 to  June 27,
        1995.   The  plaintiffs  in  this  action  seek  general
        damages  in the amount of C$30 million and punitive  and
        exemplary  damages  in  the  amount  of  C$30   million,
        interest, costs and fees. The second action was filed in
        the  Superior  Court of Justice in London, Ontario,  and
        encaptioned  Fairlee  Fruit  Juice  Limited  v.  Archer-
        Daniels-Midland  Company,  et  al.,   Court   File   No.
        32562/99.   The plaintiffs in this action  seek  general
        damages  in  the amount of C$300 million,  punitive  and
        exemplary  damages  in  the  amount  of  C$20   million,
        interest,  costs and fees. The Company has become  aware
        of,  but has not yet been formally served with, a  third
        action  commenced  in Barrie, Ontario in  the  (Ontario)
        Superior  Court  of Justice under the Class  Proceedings
        Act.   In  that action, encaptioned E. D. Smith &  Sons,
        Limited v. Archer Daniels Midland Company et al.,  Court
        File  No.  99-B673,  the putative class  is  persons  or
        corporations who were resident or carried on business in
        Ontario  and who were direct and indirect purchasers  of
        citric acid between July 1, 1991 and July 27, 1995.  The
        action claims damages in the amount of C$24,000,000  for
        breach of the Competition Act, conspiracy and infliction
        of  economic  injury,  plus C$10,000,000  for  punitive,
        exemplary  and  aggravated damages,  plus  interest  and
        costs.  All three Ontario actions referred to above have
        now  been  transferred to Toronto, Ontario. The Company,
        along  with  other  companies,  has  been  named  as   a
        respondent   in   a  motion  seeking  authorization   to
        institute a class action filed in Superior Court in  the
        Province  of Quebec, District of Montreal, in which  the
        applicants  allege the respondents comprised,  combined,
        agreed   or  arranged  to  prevent  or  lessen,  unduly,
        competition with respect to the sale of citric  acid  in
        Canada   in  violation  of  Section  45(1)(c)   of   the
        Competition  Act.  The putative class  is  comprised  of
        certain indirect purchasers in Quebec since July,  1991.
        The   applicants  seek   C$3,115,000,   the   costs   of
        investigation,  attorneys'  fees  and  interest.    This
        motion  is encaptioned Option Consommateurs, et  al.  v.
        Archer-Daniels-Midland-Company, et al., Court No.500-06-
        000094-991.

        HIGH FRUCTOSE CORN SYRUP/CITRIC ACID STATE CLASS ACTIONS

        The  Company, along with other companies, has been named
        as  a  defendant in five putative class action antitrust
        suits  involving  the sale of both  high  fructose  corn
        syrup  and  citric  acid. Two of  these  actions  allege
        violations  of  the  California  antitrust  and   unfair
        competition   laws,  including  allegations   that   the
        defendants  agreed  to fix, stabilize  and  maintain  at
        artificially  high levels the prices  of  high  fructose
        corn syrup and citric acid, and seek treble damages of
26
Page 27
Item 3. LEGAL PROCEEDINGS-Continued

        an   unspecified  amount,  attorneys  fees  and   costs,
        restitution  and other unspecified relief. The  putative
        class in one of these California cases comprises certain
        direct purchasers of high fructose corn syrup and citric
        acid  in  the  State  of California  during  the  period
        January 1, 1992 until at least October 1995. This action
        was  filed on October 11, 1995 in the Superior Court  of
        Stanislaus  County,  California and  is  entitled  Gangi
        Bros. Packing Co. v. Archer-Daniels-Midland Co., et al.,
        Civil  Action No. 37217. The putative class in the other
        California case comprises certain indirect purchasers of
        high fructose corn syrup and citric acid in the state of
        California  during  the period October  12,  1991  until
        November 20, 1995. This action was filed on November 20,
        1995  in the Superior Court of San Francisco County  and
        is encaptioned MCFH, Inc. v. Archer-Daniels-Midland Co.,
        et al., Civil Action No. 974120. The California Judicial
        Council has bifurcated the citric acid and high fructose
        corn  syrup claims in these actions and coordinated them
        with  other  actions  in San Francisco  County  Superior
        Court and Stanislaus County Superior Court.  As noted in
        prior   filings,  the  Company  accepted  a   settlement
        agreement  with  counsel for the citric  acid  plaintiff
        class. This settlement received final court approval and
        the  case  was  dismissed  on September  30,  1998.  The
        Company, along with other companies, also has been named
        as  a  defendant in at least one putative  class  action
        antitrust  suit  filed  in  West  Virginia  state  court
        involving  the  sale  of high fructose  corn  syrup  and
        citric acid. This action also alleges violations of  the
        West Virginia antitrust laws, including allegations that
        the defendants agreed to fix, stabilize and maintain  at
        artificially  high levels the prices  of  high  fructose
        corn syrup and citric acid, and seeks treble damages  of
        an  unspecified  amount, attorneys fees and  costs,  and
        other unspecified relief. The putative class in the West
        Virginia  action comprises certain entities  within  the
        State   of   West   Virginia  that  purchased   products
        containing  high fructose corn syrup and/or citric  acid
        for  resale  from at least 1992 until 1994. This  action
        was  filed on October 26, 1995, in the Circuit Court for
        Boone  County, West Virginia, and is encaptioned Freda's
        v.  Archer-Daniels-Midland Co., et al., Civil Action No.
        95-C-125. The Company, along with other companies,  also
        has been named as a defendant in a putative class action
        antitrust  suit  filed  in the Superior  Court  for  the
        District of Columbia involving the sale of high fructose
        corn   syrup  and  citric  acid.  This  action   alleges
        violations  of the District of Columbia antitrust  laws,
        including allegations that the defendants agreed to fix,
        stabilize  and maintain at artificially high levels  the
        prices of high fructose corn syrup and citric acid,  and
        seeks treble damages of an unspecified amount, attorneys
        fees  and  costs,  and  other  unspecified  relief.  The
        putative  class  in  the  District  of  Columbia  action
        comprises   certain  persons  within  the  District   of
        Columbia   that   purchased  products  containing   high
        fructose corn syrup and/or citric acid during the period
        January  1, 1992 through December 31, 1994. This  action
        was  filed  on April 12, 1996 in the Superior Court  for
        the  District of Columbia, and is encaptioned Holder  v.
        Archer-Daniels-Midland Co., et al., Civil Action No. 96-
        2975. On November 13, 1998, plaintiff's motion for class
        certification  was  granted.  The  Company,  along  with
        other  companies,  has been named as a  defendant  in  a
        putative class action
27
Page 28
Item 3. LEGAL PROCEEDINGS-Continued

        antitrust suit filed in Kansas state court involving the
        sale  of high fructose corn syrup and citric acid.  This
        action alleges violations of the Kansas antitrust  laws,
        including allegations that the defendants agreed to fix,
        stabilize  and maintain at artificially high levels  the
        prices of high fructose corn syrup and citric acid,  and
        seeks  treble  damages of an unspecified  amount,  court
        costs  and other unspecified relief. The putative  class
        in  the  Kansas action comprises certain persons  within
        the  State  of Kansas that purchased products containing
        high  fructose corn syrup and/or citric acid  during  at
        least  the  period January 1, 1992 through December  31,
        1994.  This  action  was filed on May  7,  1996  in  the
        District  Court  of  Wyandotte  County,  Kansas  and  is
        encaptioned Waugh v. Archer-Daniels-Midland Co., et al.,
        Case   No.  96-C-2029.  Plaintiff's  motion  for   class
        certification is currently pending.

        HIGH FRUCTOSE CORN SYRUP/CITRIC ACID/LYSINE STATE CLASS
        ACTIONS

        The  Company, along with other companies, has been named
        as  a  defendant in six putative class action  antitrust
        suits filed in California state court involving the sale
        of  high fructose corn syrup, citric acid and/or lysine.
        These   actions  allege  violations  of  the  California
        antitrust   and   unfair  competition  laws,   including
        allegations that the defendants agreed to fix, stabilize
        and  maintain at artificially high levels the prices  of
        high fructose corn syrup, citric acid and/or lysine, and
        seek  treble damages of an unspecified amount, attorneys
        fees   and  costs,  restitution  and  other  unspecified
        relief.  One  of the putative classes comprises  certain
        direct  purchasers of high fructose corn  syrup,  citric
        acid  and/or lysine in the State of California during  a
        certain  period in the 1990s. This action was  filed  on
        December  18, 1995 in the Superior Court for  Stanislaus
        County,  California and is encaptioned  Nu  Laid  Foods,
        Inc. v. Archer-Daniels-Midland Co., et al., Civil Action
        No.  39693.  The  other five putative  classes  comprise
        certain indirect purchasers of high fructose corn syrup,
        citric  acid  and/or lysine in the State  of  California
        during certain periods in the 1990s. One such action was
        filed  on  December 14, 1995 in the Superior  Court  for
        Stanislaus County, California and is encaptioned  Batson
        v.  Archer-Daniels-Midland Co., et al., Civil Action No.
        39680.  The other actions are encaptioned Nu Laid Foods,
        Inc.  v.  Archer Daniels Midland Co., et al.,  No  39693
        (Filed  on December 18, 1995, Stanislaus County Superior
        Court);  Abbott v. Archer Daniels Midland Co.,  et  al.,
        No. 41014 (Filed on December 21, 1995, Stanislaus County
        Superior  Court); Noldin v. Archer Daniels Midland  Co.,
        et   al.,  No.  41015  (Filed  on  December  21,   1995,
        Stanislaus  County  Superior Court);  Guzman  v.  Archer
        Daniels  Midland  Co.,  et  al.,  No.  41013  (Filed  on
        December 21,

28
Page 29
Item 3. LEGAL PROCEEDINGS-Continued

        1995,  Stanislaus County Superior Court)  and  Ricci  v.
        Archer  Daniels  Midland Co., et  al.,  No.  96-AS-00383
        (Filed  on February 6, 1996, Sacramento County  Superior
        Court).  As  noted in prior filings, the  plaintiffs  in
        these actions and the lysine defendants have executed  a
        settlement agreement that has been approved by the court
        and  the California Judicial Council has bifurcated  the
        citric  acid  and  high fructose corn syrup  claims  and
        coordinated  them  with other actions in  San  Francisco
        County  Superior  Court and Stanislaus  County  Superior
        Court.

        MONOSODIUM GLUTAMATE ACTIONS

        The  Company, along with other companies, has been named
        as a defendant in twelve putative class action antitrust
        suits  involving the sale of monosodium glutamate and/or
        other food flavor enhancers in the United States.

        FEDERAL  ACTIONS. Eight of these putative class  actions
        allege  violations of federal antitrust laws,  including
        allegations that the defendants agreed to fix, stabilize
        and  maintain at artificially high levels the  price  of
        monosodium  glutamate, disodium inosinate  and  disodium
        guanylate,  and  seek various relief,  including  treble
        damages  of  an unspecified amount, attorneys  fees  and
        costs,  and  other  unspecified  relief.   The  putative
        classes   in   these  cases  comprise   certain   direct
        purchasers  of monosodium glutamate, disodium  inosinate
        and/or disodium guanylate during certain periods in  the
        1990's  to the present.  The Company has never  produced
        or  sold disodium inosinate or disodium guanylate.   One
        such  action was filed on October 27, 1999 in the United
        States  District  Court  for the  Northern  District  of
        California  and  is encaptioned Thorp, Inc.  v.  Archer-
        Daniels-Midland Company, et al., NoC99 4752 (VRW).   The
        second  action  was filed on October  27,  1999  in  the
        United  States District Court for the Northern  District
        of  California  and is encaptioned Premium  Ingredients,
        Ltd.  v.  Archer-Daniels-Midland Co., et al., No.  C  99
        4742(MJJ).   The third action was filed on  October  28,
        1999  in  the  United  States  District  Court  for  the
        Northern  District  of  California  and  is  encaptioned
        Felbro  Food Products v. Archer-Daniels-Midland Company,
        et al., No.C99 4761(MJJ). The fourth action was filed on
        November  17,  1999 in the United States District  Court
        for   the  Northern  District  of  California   and   is
        encaptioned  First  Spice Mixing  Co.,  Inc.  v.  Archer
        Daniels  Midland Co., et al., No. C 99 4977 (PJH).   The
        fifth  action  was filed on November  23,  1999  in  the
        United  States  District Court for the District  of  New
        Jersey   and  is  encaptioned  Diversified   Foods   and
        Seasonings, Inc. v. Archer Daniels Midland Co., Inc.  et
        al.,  No.  99  CV 5501.  The sixth action was  filed  on
        December  16,  1999 in the United States District  Court
        for the Eastern District of New York and
29
Page 30
Item 3. LEGAL PROCEEDINGS-Continued

        is  encaptioned M. Phil Yen, Inc. v. Ajinomoto Co. Inc.,
        et  al.,  No. 99 Div 06514 (EK). The seventh action  was
        filed  on  January 27, 2000 in the Northern District  of
        California and is encaptioned Chicago Ingredients,  Inc.
        v.  Archer-Daniels-Midland Co., et al., No.  C  00  0308
        (JL).  The eighth action was filed on April 12, 2000  in
        the  Eastern District of Pennsylvania and is encaptioned
        Heller  Seasonings  &  Ingredients,  Inc.  v.  Ajinomoto
        U.S.A., Inc., et al., No. 00-CV-1905. The Judicial Panel
        on   Multidistrict  Litigation  has  consolidated  these
        actions for coordinated pretrial discovery in the United
        States District Court of the District of Minnesota.

        STATE  ACTION.   The Company, along with  at  least  one
        other  company,  also has been named as a  defendant  in
        four  putative  class action antitrust  suits  filed  in
        California  state court involving the sale of monosodium
        glutamate  and/or  other food flavor  enhancers.   These
        actions  allege violations of California  antitrust  and
        unfair competition laws, including allegations that  the
        defendants  agreed  to fix, stabilize  and  maintain  at
        artificially   high  levels  the  price  of   monosodium
        glutamate and/or other food flavor enhancers,  and  seek
        treble  damages  of an unspecified amount,  restitution,
        attorneys' fees and costs, and other unspecified relief.
        The  putative classes in these actions comprise  certain
        indirect purchasers of monosodium glutamate and/or other
        food  flavor enhancers in the State of California during
        certain  periods  in  the  1990's.   The  first   action
        originally  was filed on June 25, 1999 in  the  Superior
        Court  of  San Francisco County and in encaptioned  Fu's
        Garden Restaurant v. Archer-Daniels-Midland Company,  et
        al.,  Civil  Action  No. 304471. The second  action  was
        filed  on January 14, 2000 in the Superior Court of  San
        Francisco  County  and  is  encaptioned  JMN  Restaurant
        Management, Inc. v. Ajinomoto Co., Inc., et  al.,  Civil
        Action No. 309236. The third action was filed on May  2,
        2000  in the Superior Court of San Francisco County  and
        is  encaptioned Tanuki Restaurant and Lilly  Zapanta  v.
        Archer  Daniels  Midland Co., et al,  Civil  Action  No.
        311871.  The fourth action was filed on May 24, 2000  in
        the  Superior  Court  of  San Francisco  County  and  is
        encaptioned  Tasty  Sunrise Burgers  v.  Archer  Daniels
        Midland Co., et al., Civil Action No.  312373.  On  June
        19,  2000, the court consolidated all of these cases for
        pretrial and trial purposes.

        OTHER

        The  Company  has made provisions to cover certain  legal
        proceedings  and related costs and expenses as  described
        in  the  notes  to  the unaudited consolidated  financial
        statements and management's discussion of operations  and
        financial condition. However, because of the early  stage
        of   other   putative  class  actions   and   proceedings
        described   above,  including  those  related   to   high
        fructose   corn   syrup,   the   ultimate   outcome   and
        materiality   of  these  matters  cannot   presently   be
        determined.  Accordingly, no provision for any  liability
        that  may  result therefrom has been made in the  audited
        consolidated financial statements.

30
Page 31
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

        None.

PART II

Item 5. MARKET   FOR  REGISTRANT'S  COMMON  EQUITY  AND   RELATED
        STOCKHOLDER MATTERS

        Information  responsive to this  Item  is  set  forth  in
        "Common Stock Market Prices and Dividends" of the  annual
        shareholders'  report for the year ended  June  30,  2000
        and is incorporated herein by reference.

Item 6. SELECTED FINANCIAL DATA

        Information responsive to this Item is set forth  in  the
        "Ten-Year  Summary  of  Operating,  Financial  and  Other
        Data"  of  the annual shareholders' report for  the  year
        ended  June  30,  2000  and  is  incorporated  herein  by
        reference.

Item 7. MANAGEMENT'S   DISCUSSION  AND  ANALYSIS   OF   FINANCIAL
        CONDITION AND RESULTS OF OPERATIONS

        Information  responsive to this  Item  is  set  forth  in
        "Management's  Discussion  of  Operations  and  Financial
        Condition"  of  the annual shareholders' report  for  the
        year  ended June 30, 2000 and is incorporated  herein  by
        reference.

Item 7A.QUANTITIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

        Information  responsive to this  Item  is  set  forth  in
        "Management's  Discussion  of  Operations  and  Financial
        Condition"  of  the annual shareholders' report  for  the
        year  ended June 30, 2000 and is incorporated  herein  by
        reference.

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

        The  following  financial  statements  and  supplementary
        data included in the annual shareholders' report for  the
        year  ended  June  30,  2000 are incorporated  herein  by
        reference:

        Consolidated balance sheets--June 30, 2000 and 1999
        Consolidated statements of earnings--Years ended
          June 30, 2000, 1999 and 1998
        Consolidated statements of shareholders' equity--Years
ended
          June 30, 2000, 1999 and 1998
        Consolidated statements of cash flows--Years ended
          June 30, 2000, 1999 and 1998
        Notes to consolidated financial statements--June 30, 2000
        Summary of Significant Accounting Policies
        Report of Independent Auditors
        Quarterly Financial Data (Unaudited)
31
Page 32
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
        ACCOUNTING AND FINANCIAL DISCLOSURE

        None.

PART III

Item 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

        Information  with  respect  to  directors  and  executive
        officers  is  set  forth in "Election of  Directors"  and
        "Section    16(a)    Beneficial    Ownership    Reporting
        Compliance"  of  the definitive proxy statement  for  the
        Company's  annual meeting of Stockholders to be  held  on
        October   26,   2000  and  is  incorporated   herein   by
        reference. Certain information with respect to  executive
        officers is included in Item 1(e) of this report.

Item 11.  EXECUTIVE COMPENSATION

        Information  responsive to this  Item  is  set  forth  in
        "Executive  Compensation"  and  "Compensation   Committee
        Report"  of  the  definitive  proxy  statement  for   the
        Company's  annual meeting of Stockholders to be  held  on
        October   26,   2000  and  is  incorporated   herein   by
        reference.

Item 12.SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL  OWNERS  AND
        MANAGEMENT

        Information  responsive to this  Item  is  set  forth  in
        "Principal  Holders of Voting Securities"  and  "Election
        of  Directors" of the definitive proxy statement for  the
        Company's  annual meeting of Stockholders to be  held  on
        October   26,   2000  and  is  incorporated   herein   by
        reference.

Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

        Information  responsive to this  Item  is  set  forth  in
        "Certain Relationships and Related Transactions"  of  the
        definitive  proxy  statement  for  the  Company's  annual
        meeting  of Stockholders to be held on October  26,  2000
        and is incorporated herein by reference.

PART IV

Item 14.EXHIBITS,  FINANCIAL STATEMENT SCHEDULES AND  REPORTS  ON
        FORM 8-K

                               (a)(1)The  following  consolidated
              financial  statements and other financial  data  of
              the  registrant and its subsidiaries,  included  in
              the   annual  report  of  the  registrant  to   its
              shareholders for the year ended June 30, 2000,  are
              incorporated by reference in Item 8, and  are  also
              incorporated herein by reference:

              Consolidated balance sheets--June 30, 2000 and 1999

              Consolidated statements of earnings--Years ended
                June 30, 2000, 1999 and 1998
32
Page 33
Item 14.   EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON
FORM
        8-K--Continued

              Consolidated statements of shareholders' equity--
                Years ended June 30, 2000, 1999 and 1998
              Consolidated statements of cash flows--Years ended
                June 30, 2000, 1999 and 1998


Notes to consolidated          financial         statements--June
             30, 2000

              Summary of Significant Accounting Policies

              Quarterly Financial Data (Unaudited)

              (a)(2)
               Schedules  are  not applicable and  therefore  not
               included in this report.

              Financial  statements of affiliates  accounted  for
              by  the  equity  method have been  omitted  because
              they  do  not, considered individually,  constitute
              significant subsidiaries.

       (a)(3)                 LIST OF EXHIBITS

                (3)(i)Composite Certificate of Incorporation,  as
                amended,  filed as Exhibit (3)(i)  to  Form  10-K
                for  the year ended June 30, 1999 (File No. 1-44)
                is incorporated herein by reference.

             (ii)Bylaws,  as amended and restated, filed  on  May
                12,  2000 as Exhibit 3(ii) to Form 10-Q  for  the
                quarter  ended  March 31, 2000, are  incorporated
                herein by reference.

          (4)  Instruments defining the rights of security holders,
             including:

             (i)Indenture   dated  June  1,  1986   between   the
                registrant   and   The  Chase   Manhattan   Bank,
                formerly  known as Chemical Bank,  (as  successor
                to   Manufacturers  Hanover  Trust  Company),  as
                Trustee  (incorporated by  reference  to  Exhibit
                4(a) to Registration Statement No. 33-6721),  and
                Supplemental  Indenture dated  as  of  August  1,
                1989  between  the registrant and  Chemical  Bank
                (as  successor  to  Manufacturers  Hanover  Trust
                Company),  as Trustee (incorporated by  reference
                to  Exhibit 4(c) to Post-Effective Amendment  No.
                3   to   Registration  Statement  No.   33-6721),
                relating  to the $300,000,000 - 8 7/8% Debentures
                due April 15, 2011,
                the  $300,000,000 - 8 3/8% Debentures  due  April
                   15, 2017,
                the  $300,000,000 - 8 1/8% Debentures due June 1,
                 2012,
                the  $250,000,000  -  6 1/4% Notes  due  May  15,
                 2003,
                the  $250,000,000 - 7 1/8% Debentures  due  March
                 1, 2013,
                the  $350,000,000 - 7 1/2% Debentures  due  March
                 15, 2027,
                the  $200,000,000 - 6 3/4% Debentures due December
                 15, 2027,
                the   $250,000,000  -  6  7/8%   Debentures   due
                December 15, 2097,
                the  $196,210,000 - 5 7/8% Debentures due November
                15, 2010,
                and  the $300,000,000 - 6 5/8% Debentures due May
                1, 2029.
33
Page 34
Item  14.    EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND  REPORTS
ON FORM
        8-K--Continued

                Copies   of   constituent  instruments   defining
                rights  of  holders  of  long-term  debt  of  the
                Company   and   Subsidiaries,  other   than   the
                Indentures  specified  herein,  are   not   filed
                herewith,   pursuant   to   Instruction    (b)(4)
                (iii)(A)  to Item 601 of Regulation S-K,  because
                the  total amount of securities authorized  under
                any  such instrument does not exceed 10%  of  the
                total  assets of the Company and Subsidiaries  on
                a   consolidated  basis.  The  registrant  hereby
                agrees   that  it  will,  upon  request  by   the
                Commission, furnish to the Commission a  copy  of
                each such instrument.

          (10)  Material Contracts--Copies of the Company's stock
              option  and  stock unit plans and its  savings  and
              investment    plans,   pursuant   to    Instruction
              (10)(iii)(A)  to Item 601 of Regulation  S-K,  each
              of  which  is a management contract or compensation
              plan  or  arrangement required to be  filed  as  on
              exhibit  pursuant to Item 14(c) of Form  10-K,  are
              incorporated herein by reference as follows:

           (i)  Registration Statement No. 33-49409 on  Form  S-8
                dated  March  15,  1993 relating  to  the  Archer
                Daniels  Midland  1991  Incentive  Stock   Option
                Plan  and Archer Daniels Midland Company  Savings
                and Investment Plan.

           (ii) Registration Statement No. 333-39605 on  Form  S-
                8  dated  November 5, 1997 relating  to  the  ADM
                Savings   and   Investment  Plan   for   Salaried
                Employees  and  the  ADM Savings  and  Investment
                Plan for Hourly Employees.

          (iii)    Registration Statement No. 333-51381  on  Form
                S-8  dated April 30, 1998 relating to the Archer-
                Daniels-Midland Company 1996 Stock Option Plan.

           (iv) The  Archer-Daniels-Midland  Company  Stock  Unit
                Plan  for Nonemployee Directors (incorporated  by
                reference   to   Exhibit  10  to  the   Company's
                Quarterly  Report on Form 10-Q  for  the  quarter
                ended December 31, 1997, (File No. 1-44)).

           (v)  Registration Statement No. 333-75073 on Form S-8 dated
                March 26, 1999 relating to the ADM Employee Stock Ownership Plan
                for Salaried Employees and the ADM Employee Stock Ownership Plan
                for Hourly Employees.

           (vi) The Archer-Daniels-Midland Company Incentive Compensation
                Plan (incorporated by reference to Exhibit A to the Company's
                Definitive Proxy Statement filed with the Securities and
                Exchange Commission on September 15, 1999 (File No. 1-44)).
34
Page 35
Item  14.    EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND  REPORTS
ON FORM
        8-K--Continued

          (vii) Registration Statement No. 333-42612 on  Form  S-
                8  dated  July  31,  2000  relating  to  the  ADM
                401(k)  Plan for Salaried Employees and  the  ADM
                401(k)  Plan for Hourly Employees, as amended  by
                Post-Effective  No.  1 to Registration  Statement
                No. 333-42612 on Form S-8 dated August 8, 2000.



          (13)                  Portions  of  annual  report   to
              shareholders incorporated by reference

          (21)                 Subsidiaries of the registrant

          (23)                 Consent of independent auditors

          (24)                 Powers of attorney

          (27)                 Financial Data Schedule

        (b) Reports on Form 8-K


A Form 8-K was    not    filed    during   the   quarter    ended
           June 30, 2000.
35
Page 36
SIGNATURES

Pursuant  to  the requirements of Section 13 or 15(d)  of  the
Securities  Exchange  Act  of 1934, the  Registrant  has  duly
caused  this  report  to  be  signed  on  its  behalf  by  the
undersigned, thereunto duly authorized.

Date: September 27, 2000

                 ARCHER-DANIELS-MIDLAND COMPANY

By: /s/ D. J. Smith
D. J. Smith
Vice President, Secretary
and General Counsel

Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below on September 27, 2000,
by  the  following persons on behalf of the Registrant and  in
the capacities indicated.
<TABLE>
<CAPTION>
     <S>                                <C>
     /s/ G. A. Andreas                /s/ G. O. Coan
     G. A. Andreas*,                  G. O. Coan*,
     Chief Executive and Director     Director
     (Principal Executive Officer)
                                      /s/ F. R. Johnson
     /s/D. J. Schmalz                 F. R. Johnson*,
     D. J. Schmalz                    Director
     Vice President and
     Chief Financial Officer          /s/ D. J. Mimran
     (Principal Financial Officer)    D. J. Mimran*,
                                      Director
     /s/S. R. Mills
     S. R. Mills                      /s/ M. B. Mulroney
     Vice President and Controller    M. B. Mulroney*,
     (Controller)                     Director

     /s/ D. O. Andreas                /s/ R. S. Strauss
     D. O. Andreas*                   R. S. Strauss*,
     Director                         Director

     /s/ J. R. Block                  /s/ J. K. Vanier
     J. R. Block*,                    J. K. Vanier*,
     Director                         Director

     /s/ R. R. Burt                   /s/ O. G. Webb
     R. R. Burt*,                     O. G. Webb*,
     Director                         Director

     /s/ Mrs. M. H. Carter            /s/ A. Young
     Mrs. M. H. Carter*,              A. Young*,
     Director                         Director

                                      /s/ D. J. Smith
                                      Attorney-in-Fact
</TABLE>
*Powers  of Attorney authorizing D. J. Schmalz, S. R. Mills  and
D. J. Smith and each of them, to sign the Form 10-K on behalf of
the above-named officers and directors of the Company copies  of
which   are  being  filed  with  the  Securities  and   Exchange
Commission.
36

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13
<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>ANNUALREPORT
<TEXT>

Page 1
MANAGEMENT'S DISCUSSION OF
OPERATIONS AND FINANCIAL CONDITION - JUNE 30, 2000

Operations

The Company is in one business segment - procuring, transporting,
storing,  processing  and merchandising agricultural  commodities
and  products. A summary of net sales and other operating  income
by classes of products and services is as follows:
<TABLE>
<CAPTION>           <S>                           <C>         <C>
<C>

                                           2000    1999    1998
                              (in millions)
                                    Oilseed products           $7,219  $8,494  $10,15
                                                                                    2
                                    Corn products               1,950   1,855   2,154
                                    Wheat  and  other  milled   1,358   1,378   1,491
                                    products
                                    Other    products     and   2,350
                                    services                            2,556   2,312
                                                               $12,87  $14,28  $16,10
                                                                    7       3       9
</TABLE>
2000 compared to 1999

Net  sales  and  other operating income decreased 10  percent  to
$12.9  billion for 2000 due principally to decreases  in  average
selling   prices  of  11  percent.   Sales  of  oilseed  products
decreased  15  percent  to $7.2 billion due  primarily  to  lower
average  selling  prices  reflecting  the  lower  cost   of   raw
materials.   Sales  of  corn products  increased  5  percent  due
primarily to increased sales volume and increased average selling
price of the Company's fuel alcohol arising from good demand from
existing  sales  markets and expansion into new  markets  due  to
higher  gasoline  prices  and relative  ethanol  pricing.   These
increases  more than offset slight decreases in sales volumes  of
the  Company's sweetener and amino acid products.  Sales of wheat
and other milled products decreased 1 percent to $1.4 billion due
principally to lower average selling prices reflecting the  lower
cost  of  raw materials.  This decrease was partially  offset  by
sales  attributable to recently acquired operations in the United
Kingdom  and  the  Caribbean.  The decrease  in  sales  of  other
products  and  services  was  due primarily  to  decreased  sales
volumes  and  lower average selling prices of both the  Company's
cocoa  and  formula feed products.  This decrease  was  partially
offset by increased grain merchandising revenues.

Cost  of  products sold and other operating costs decreased  $1.4
billion  to  $11.7  billion due primarily to  lower  average  raw
material  costs  arising  from an abundant  worldwide  supply  of
agriculture commodities.

Gross  profit decreased $12 million to $1.2 billion in  2000  due
primarily  to  a  $108 million charge to cost  of  products  sold
related to the abandonment of certain long-lived assets and other
asset  write-downs.   This  decrease  was  partially  offset   by
increased grain merchandising margins.
1
Page 2
Selling,  general  and  administrative  expenses  increased   $28
million  for  the  year to $729 million due  principally  to  $26
million  of expenses attributable to recently acquired operations
and  to  newly-established international  merchandising  offices.
Increased   bad  debt  expense  and  increased  severance   costs
associated with facility closures and consolidations were  offset
by decreased advertising expenses.

Other   expense  increased  $26  million  to  $137  million   due
principally   to   decreased  gains  on   marketable   securities
transactions  and increased interest expense due to  both  higher
average  borrowing levels and higher short-term borrowing  rates.
These  increases  were partially offset by  increased  equity  in
earnings  of  unconsolidated affiliates resulting primarily  from
higher valuations of the Company's private equity funds.

The  decrease in income taxes for 2000 resulted primarily from  a
$60  million tax credit related to a redetermination  of  foreign
sales corporation benefits for prior years and the resolution  of
various  other  tax  issues.  To a lesser  extent,  income  taxes
decreased  due to lower pretax earnings.  The Company's effective
income  tax  rate for 2000, excluding the aforementioned  credit,
was  32  percent compared to an effective rate of 33 percent  for
1999.

1999 compared to 1998

Net  sales  and  other operating income decreased 11  percent  to
$14.3  billion for 1999 due principally to decreases  in  average
selling prices of 11 percent and in volumes of products sold of 7
percent. These decreases were partially offset by sales  of  $852
million  attributable to recently acquired operations.  Sales  of
oilseed  products  decreased  16  percent  to  $8.5  billion  due
primarily  to lower average selling prices reflecting  the  lower
cost   of  raw  materials.  Sales  volumes  of  oilseed  products
decreased  by 8 percent due to weak demand from Asia and  Eastern
Europe  for both protein meals and vegetable oils as well as  new
domestic  industry production capacity more than offsetting  good
domestic  demand  for  oilseed  products.  These  decreases  were
partially  offset  by  sales attributable  to  recently  acquired
operations. Sales of corn products decreased 14 percent  for  the
year  to  $1.9  billion as lower average selling prices  for  the
Company's  alcohol and amino acid products more than  offset  the
increase  in  average  selling price of the  Company's  sweetener
products.  Low  gasoline prices have negatively affected  average
sales  prices of fuel alcohol. Excess production capacity in  the
amino  acid industry as well as low protein meal and corn  prices
have  depressed  selling  prices  of  the  Company's  amino  acid
products  to historically low levels. Sales volumes of  both  the
alcohol  and  sweetener products decreased as  excess  production
capacity  in  these  industries  resulted  in  difficult   market
conditions. Sales of wheat and other milled products decreased  8
percent  to $1.4 billion due principally to lower average selling
prices  reflecting the lower cost of raw materials. Sales volumes
increased  slightly  for the year due to  sales  attributable  to
recently  acquired  operations. The increase in  sales  of  other
products  and  services was due principally to the sales  volumes
attributable  to the Company's recently acquired feed  and  cocoa
businesses   as   well  as  increased  grain  merchandising   and
transportation revenues. These increases were partially offset by
lower average selling prices for cocoa products.

Cost  of  products sold and other operating costs decreased  $1.7
billion  to  $13.1  billion due primarily to  lower  average  raw
material  costs  arising  from an abundant  worldwide  supply  of
agricultural  commodities  and  decreased  sales  volumes.  These
decreases  were  partially offset by costs  related  to  recently
acquired operations.

2
Page 3
Gross  profit decreased $149 million to $1.2 billion in 1999  due
primarily to selling price declines exceeding declines  in  lower
average raw material costs and to lower volumes of products sold.
These   decreases   were  partially  offset   by   gross   profit
attributable  to  recently acquired operations and  to  increased
grain merchandising and transportation margins.

Selling,  general  and  administrative  expenses  increased   $40
million  to  $701  million  due principally  to  $78  million  of
expenses  attributable  to  recently  acquired  operations.  This
increase  was partially offset by a decline in on-going expenses,
primarily legal and litigation related costs.

Other  expense of $111 million for 1999 was relatively  unchanged
from  1998. Increased interest expense due principally to  higher
average  borrowing  levels and decreased equity  in  earnings  of
unconsolidated  affiliates due primarily to lower  valuations  of
the  Company's  private equity fund investments  were  offset  by
increased gains on marketable securities transactions.

The  decrease  in income taxes for 1999 resulted  primarily  from
lower  pretax earnings. The Company's effective income  tax  rate
for  1999  was  33 percent compared to an effective  rate  of  34
percent for 1998.

In  1999,  the Company incurred an extraordinary charge,  net  of
tax, of $15 million resulting from the repurchase of a portion of
its 7 percent debentures due May 2011.

Liquidity and Capital Resources

At  June  30,  2000,  the Company continued to  show  substantial
liquidity with working capital of $1.8 billion. Capital resources
remained strong as reflected in the Company's net worth  of  $6.1
billion.  The  principal source of capital during  the  year  was
funds  generated from operations. The principal uses  of  capital
during the year were investments in property, plant and equipment
expansions,  investments  in affiliates,  and  purchases  of  the
Company's common stock. The Company's ratio of long-term debt  to
total  capital  at year-end was approximately 32 percent.  Annual
maturities  of long-term debt for the five years after  June  30,
2000 are $32 million, $425 million, $273 million, $23 million and
$123 million, respectively.

Commercial  paper  and  commercial  bank  lines  of  credit   are
available  to meet seasonal cash requirements. At June 30,  2000,
the  Company  had $2.2 billion of short-term bank  credit  lines.
Standard & Poor's and Moody's rate the Company's commercial paper
as  A-1  and P-1, respectively, and rate the Company's  long-term
debt  as  A+ and A1, respectively. In addition to the  cash  flow
generated  from operations, the Company has access to equity  and
debt  capital  through  numerous  alternatives  from  public  and
private sources in domestic and international markets.

As described in Note 11 to the consolidated financial statements,
the  Company  has  made  provisions to  cover  fines,  litigation
settlements  and costs related to certain putative  class  action
antitrust  suits  and other proceedings.  Because  of  the  early
stage  of other putative class actions and proceedings, including
those  related to high fructose corn syrup, the ultimate  outcome
and  materiality of these matters cannot presently be determined.
Accordingly,  no  provision  for any liability  that  may  result
therefrom has been made in the consolidated financial statements.
3
Page 4
Market Risk Sensitive Instruments and Positions

The  market risk inherent in the Company's market risk  sensitive
instruments  and  positions is the potential  loss  arising  from
adverse  changes in commodity prices, marketable equity  security
prices,  foreign  currency exchange rates and interest  rates  as
described below.

Commodities

The  availability  and  price  of  agricultural  commodities  are
subject to wide fluctuations due to unpredictable factors such as
weather,  plantings,  government  (domestic  and  foreign)   farm
programs  and  policies,  shifts  in  global  demand  created  by
population growth and changes in standards of living, and  global
production of similar and competitive crops. To reduce price risk
caused  by  market fluctuations, the Company generally follows  a
policy  of hedging its inventories and related purchase and  sale
contracts. In addition, the Company from time to time will  hedge
portions of its production requirements. The instruments used are
principally readily marketable exchange-traded futures  contracts
which  are designated as hedges. The changes in market  value  of
such  contracts have a high correlation to the price  changes  of
the  hedged commodity. To obtain a proper matching of revenue and
expense,  gains  or losses arising from open and  closed  hedging
transactions  are  included  in inventories  as  a  cost  of  the
commodities  and  reflected  in the  consolidated  statements  of
earnings when the product is sold.

A   sensitivity  analysis  has  been  prepared  to  estimate  the
Company's exposure to market risk of its commodity position.  The
Company's  daily net commodity position consists of  inventories,
related   purchase   and  sale  contracts,  and   exchange-traded
contracts,  including  those  to  hedge  portions  of  production
requirements. The fair value of such position is a  summation  of
the fair values calculated for each commodity by valuing each net
position  at  quoted futures prices. Market risk is estimated  as
the potential loss in fair value resulting from a hypothetical 10
percent  adverse  change  in such prices.  The  results  of  this
analysis, which may differ from actual results, are as follows.
<TABLE>
<CAPTION>
<S>                    <C>         <C>            <C>         <C>
                            2000                1999
                         Fair Value          Fair Value
                        Market Risk         Market Risk
                                 (in millions)
Highest        long    $254      $25       $319      $32
position
Highest       short     293        29       149        15
position
Average    position      (25)       2         29        3
long (short)
</TABLE>
The  decrease  in  fair value of the average  position  for  2000
compared  to 1999 was principally a result of a decrease  in  the
daily  net  commodity position and, to a lesser  extent,  from  a
decrease in quoted futures prices.

Marketable Equity Securities

Marketable  equity securities, which are recorded at fair  value,
have  exposure to price risk. The fair value of marketable equity
securities is based on quoted market prices. Risk is estimated as
the potential loss in fair value resulting from a hypothetical 10
percent  adverse change in quoted market prices.  Actual  results
may differ.
4
Page 5
<TABLE>
<CAPTION>
<S>                       <C>            <C>
                          2000        1999
                            (in millions)
Fair value                $576        $743
Market risk                  58          74
</TABLE>
The  decrease  in fair value for 2000 compared to  1999  resulted
primarily  from  a  decrease in quoted market prices  and,  to  a
lesser extent, to disposals of securities.

Currencies

In  order  to  reduce the risk of foreign currency exchange  rate
fluctuations,   the   Company  follows  a   policy   of   hedging
substantially  all  transactions, except for amounts  permanently
invested as described below, denominated in a currency other than
the  functional  currencies applicable to  each  of  its  various
entities. The instruments used for hedging are readily marketable
exchange-traded  futures  contracts and  forward  contracts  with
banks. The changes in market value of such contracts have a  high
correlation  to the price changes in the currency of the  related
hedged  transactions. The potential loss in fair value  for  such
net currency position resulting from 10 percent adverse change in
foreign currency exchange rates is not material.

The  amount the Company considers permanently invested in foreign
subsidiaries and affiliates and translated into dollars using the
year-end exchange rate is $2.1 billion at June 30, 2000 and  $1.8
billion  at  June  30, 1999. This increase is due  to  additional
investments  and  earnings  of the subsidiaries  and  affiliates,
partially offset by a decrease due to changes in exchange  rates.
The potential loss in fair value resulting from a hypothetical 10
percent adverse change in quoted foreign currency exchange  rates
amounts  to  $207  million and $183 million for  2000  and  1999,
respectively. Actual results may differ.

Interest

The fair value of the Company's long-term debt is estimated below
using  quoted  market  prices, where  available,  and  discounted
future  cash  flows  based on the Company's  current  incremental
borrowing rates for similar types of borrowing arrangements. Such
fair  value  exceeded the long-term debt carrying  value.  Market
risk  is  estimated  as  the potential  increase  in  fair  value
resulting  from  a  hypothetical  one-half  percent  decrease  in
interest rates.
<TABLE>
<CAPTION>
<S>                                <C>       <C>
                                 2000       1999
                                  (in millions)
Fair value of long-term debt    $3,279     $3,430
Excess  of  fair  value  over                  238
carrying value                    2
Market risk                         140        171
</TABLE>
The decrease in fair value for the current year resulted from the
effect of an increase in quoted interest rates.
Page 5
Page 6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

The Company is in one business segment - procuring, transporting,
storing,  processing, and merchandising agricultural  commodities
and products.

Principles of Consolidation

The consolidated financial statements include the accounts of the
Company  and  its  majority-owned  subsidiaries  over  which  the
Company  exercises control. Investments in affiliates are carried
at cost plus equity in undistributed earnings since acquisition.

Use of Estimates

The   preparation   of  consolidated  financial   statements   in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect  amounts
reported   in   its   consolidated   financial   statements   and
accompanying  notes.  Actual  results  could  differ  from  those
estimates.

Cash Equivalents

The  Company  considers  all  highly liquid  investments  with  a
maturity  of three months or less at the time of purchase  to  be
cash equivalents.

Marketable Securities

The  Company  classifies  all  of its  marketable  securities  as
available-for-sale. Available-for-sale securities are carried  at
fair  value, with the unrealized gains and losses, net of  income
taxes, reported as a component of shareholders' equity.

Inventories

Inventories,  consisting primarily of merchandisable agricultural
commodities  and  related value-added products,  are  carried  at
cost,  which  is  not in excess of market prices. Inventory  cost
methods include the last-in, first-out (LIFO) method, the  first-
in, first-out (FIFO) method and the hedging procedure method. The
hedging  procedure  method  approximates  FIFO  cost  by  valuing
inventory  at  market adjusted for gains and  losses  on  forward
purchase and sale contracts and exchange-traded futures.

To  reduce price risk caused by market fluctuations, the  Company
generally follows a policy of hedging its inventories and related
purchase  and sale contracts. In addition, the Company from  time
to  time will hedge portions of its production requirements.  The
instruments  used are readily marketable exchange-traded  futures
contracts  which are designated as hedges. The changes in  market
value  of  such contracts have a high correlation  to  the  price
changes  of the hedged commodity. Also, the underlying  commodity
can  be  delivered  against such contracts. To  obtain  a  proper
matching  of  revenue and expense, gains or losses  arising  from
open  and closed hedging transactions are included in inventories
as  a  cost  of the commodities and reflected in the consolidated
statements of earnings when the product is sold.
6
Page 7
Property, Plant and Equipment

Property,  plant and equipment are recorded at cost. The  Company
generally uses the straight-line method in computing depreciation
for  financial reporting purposes and generally uses  accelerated
methods  for  income  tax  purposes. The  annual  provisions  for
depreciation  have been computed principally in  accordance  with
the  following ranges of asset lives: buildings - 10 to 50 years;
machinery and equipment - 3 to 30 years.

Asset Abandonments and Write-Downs

The  Company recorded a $108 million charge in the fourth quarter
of  fiscal  year  2000 principally related to the abandonment  of
certain  long-lived  assets  and other  asset  write-downs.   The
majority  of the long-lived assets were idle and the decision  to
abandon  was  finalized after consideration  of  the  ability  to
utilize the assets for their intended purpose, employ the  assets
in  alternative uses or sell the assets to recover  the  carrying
value.   The remaining long-lived assets were in use in a product
line,  which  is  currently being marketed  for  sale,  but  were
written  down  to  fair value to recognize an impairment  in  the
value of the assets.

Net Sales

The Company follows a policy of recognizing sales at the time  of
product  shipment.  Net margins from grain  merchandised,  rather
than the total sales value thereof, are included in net sales  in
the  consolidated statements of earnings. Sales of  the  Company,
including  the  sales  value of grain  merchandised,  were  $18.6
billion  in  2000,  $18.5 billion in 1999, and $19.8  billion  in
1998,  and such sales include export sales of $5 billion in 2000,
$5.2 billion in 1999, and $5.5 billion in 1998.

Per Share Data

Share  and per share information has been adjusted to give effect
to  all  stock dividends, including the 5 percent stock  dividend
declared  in  July  2000  and payable in  September  2000.  Basic
earnings per common share are determined by dividing net earnings
by the weighted average number of common shares outstanding.

New Accounting Standards

Effective  July  1,  2000,  the  Company  adopted  Statement   of
Financial  Accounting Standards Number 133 (SFAS 133) "Accounting
for  Derivative  Instruments and Hedging  Activities".  SFAS  133
establishes   standards  for  recognition  and   measurement   of
derivatives and hedging activities. As a result of this adoption,
the  Company will record in the first quarter of fiscal 2001  the
cumulative  effect  of change in accounting adjustment  to  other
comprehensive income (loss) of $(32 million), net of $19  million
tax  benefit, for derivatives which hedge the variable cash flows
of  certain  forecasted transactions.  The fair  value  of  these
derivative instruments was previously classified in inventory.

Effective  June 30, 2001, the Company will adopt Emerging  Issues
Task  Force  Issue Number 99-19, "Reporting Revenue  Gross  as  a
Principal  Versus Net as an Agent".  The adoption of  this  Issue
will  result in the Company reporting revenue including the sales
value  of  grain  merchandised but will have no impact  on  gross
profit or net earnings.
7
Page 8
<TABLE>
<CAPTION>
<S>                                     <C>       <C>
<C>
CONSOLIDATED STATEMENTS OF EARNINGS

                                              Year Ended June 30
                                        2000         1999        1998
                                       (In thousands, except per share
                                                   amounts)

Net sales and other operating income   $12,876    $14,283,335   $16,108
                                          ,817                     ,630
Cost of products sold and other        11,657,     13,051,306   14,727,
operating costs                            242                      670

   Gross Profit                        1,219,5      1,232,029   1,380,9
                                            75                       60

Selling, general and administrative    729,358        701,075   660,692
expenses

   Earnings From Operations            490,217        530,954   720,268

Other expense                          (136,98      (111,121)   (110,25
                                            0)                       6)

   Earnings Before Income Taxes and    353,237        419,833   610,012
Extraordinary Loss

Income taxes                            52,334        138,545   206,403

   Earnings Before Extraordinary       300,903        281,288   403,609
Loss

                                          -                        -
Extraordinary loss, net of tax, on                   (15,324)         -
debt repurchase                           -

   Net Earnings                        $300,90       $265,964   $403,60
                                             3                        9

Basic and diluted earnings per
common share
   Before extraordinary loss             $0.47          $0.43     $0.62
   Extraordinary loss on debt                           (.02)
repurchase                                -                     -

   After Extraordinary Loss              $0.47          $0.41     $0.62

Average number of shares outstanding   637,409        652,694   653,378


See notes to consolidated financial
statements.

</TABLE
8
Page 9

</TABLE>
<TABLE>
<CAPTION>
<S>                           <C>       <C>       <C>
CONSOLIDATED BALANCE SHEETS

                                     June 30
ASSETS                       2000
                                                 1999
                                       (In
                                     thousan
                                       ds)

CURRENT ASSETS
   Cash and cash                                $681,378
equivalents                $477,226
   Marketable securities                         222,191
                           454,223
   Receivables                                 1,922,163
                          2,139,896
   Inventories                                 2,732,694
                          2,856,884
   Prepaid expenses                              231,162
                           234,138

      Total Current                            5,789,588
Assets                    6,162,367

Investments and Other
Assets
   Investments in and                          1,484,980
advances to affiliates    1,876,633
   Long-term marketable                          779,916
securities                 617,633
   Other assets                                  408,236
                           489,386

                                               2,673,132
                          2,983,652

Property, Plant and
Equipment
   Land                                          163,607
                           163,722
   Buildings                                   1,949,211
                          2,098,124
   Machinery and                               8,384,865
equipment                 8,702,639
   Construction in                               675,870
progress                   416,546
   Less allowances for
depreciation              (6,103,95            (5,606,392)
                              0)

                                               5,567,161
                          5,277,081

                                               $14,029,8
                          $14,423,1                   81
                              00


9
Page 10

</TABLE>
<TABLE>
<CAPTION>
<C>                                          <S>        <S>
<S>
CONSOLIDATED BALANCE SHEETS

                                                 June 30
Liabilities and Shareholders'             2000               1999
Equity
                                                   (In
                                                 thousan
                                                   ds)

Current Liabilities
   Short-term debt                       1,550,5           1,241,369
                                              71
   Accounts payable                      2,139,7           2,004,396
                                              44
   Accrued expenses                      610,735             567,593
   Current maturities of long-            31,895              26,907
term debt


      Total Current Liabilities          4,332,9           3,840,265
                                              45

Long-Term Debt                           3,277,2           3,191,883
                                              18

Deferred Liabilities
   Income taxes                          560,772             619,752
   Other                                 141,922             137,341


                                         702,694             757,093

Shareholders' Equity
   Common stock                          5,232,5           5,081,320
                                              97
   Reinvested earnings                   1,325,3           1,419,321
                                              23
   Accumulated other                                           (260,
comprehensive loss                      (447,677                001)
                                            )


                                         6,110,2           6,240,640
                                              43


                                         $14,423           $14,029,8
                                            ,100                  81


See notes to consolidated
financial statements.
</TABLE>
10
Page 11
<TABLE>
<CAPTION>
<S>                                     <S>       <S>
<S>
CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                  June 30
                                        2000        1999        1998
                                                    (In
                                                 thousands)
Operating Activities
  Net earnings
                                       $300,      $265,964     $403,6
                                        903                      09
  Adjustments to reconcile to net
cash provided by operations
   Depreciation and amortization
                                       604,2      584,965      526,81
                                         29                      3
   Asset abandonments and write-downs                            -
                                       108,4         -
                                         77
   Deferred income taxes                (23,8
                                          12)      49,676      28,659
   Amortization of long-term debt
discount                               43,41       37,216      33,297
                                         0
   (Gain) loss on marketable            (10,1      (101,780)   (36,30
securities transactions                   66)                      3)
   Extraordinary loss on debt            -                       -
repurchase                                         15,324
   Other
                                       43,42       95,456      39,292
                                         7
   Changes in operating assets and
liabilities
    Receivables                         (278,                  (294,4
                                         383)      56,946         07)
    Inventories                         (160,       (79,811)   (150,5
                                         422)                     09)
    Prepaid expenses                    (3,33       (63,294)   (27,27
                                           8)                      5)
    Accounts payable and accrued
expenses                               191,0      359,185      90,203
                                         71

     Total Operating Activities
                                       815,3     1,219,847     613,37
                                         96                      9

Investing Activities
  Purchases of property, plant and      (428,      (671,471)   (702,6
equipment                                737)                     83)
  Net assets of businesses acquired     (30,4      (136,021)   (370,5
                                          22)                     61)
  Investments in and advances to        (362,      (117,371)   (366,9
affiliates, net                          072)                     68)
  Purchases of marketable securities    (1,10      (635,562)   (1,202
                                        1,100                   ,662)
                                            )
  Proceeds from sales of marketable
securities                             912,9     1,139,466     1,007,
                                         23                     373
  Increase in other assets              (50,0                    -
                                          00)        -


     Total Investing Activities         (1,05      (420,959)   (1,635
                                        9,408                   ,501)
                                            )

Financing Activities
  Long-term debt borrowings
                                       108,8      383,735      441,46
                                         95                      4
  Long-term debt payments               (54,6       (88,785)   (55,97
                                          09)                      2)
  Net borrowings under line of credit              (338,109)
agreements                             316,9                   774,03
                                         32                      3
  Purchases of treasury stock           (210,      (313,829)   (81,15
                                         911)                      4)
  Cash dividends and other              (120,      (106,847)   (107,7
                                         447)                     12)

     Total Financing Activities                    (463,835)
                                       39,86                   970,65
                                         0                       9

     Increase (Decrease) in Cash and    (204,
Cash Equivalents                         152)     335,053      51,463

Cash and Cash Equivalents Beginning
of Year                                681,3      346,325      397,78
                                         78                      8

     Cash and Cash Equivalents End of
Year                                   $477,      $681,378     $346,3
                                        226                      25

Supplemental cash flow information
  Non-cash investing and financing
activities
    Common stock issued in purchase       $             $      $298,2
acquisition                            -        -                  44

See notes to consolidated financial
statements.
</TABLE>
11
Page 12
<TABLE>
<CAPTION>
<S>                      <C>       <C>  <C>       <C>       <C>
<C>
CONSOLIDATED STATEMENTS OF SHAREHOLDERS'
EQUITY

                                               Accumul  Other
                                                  ated
                                                Comprehensive
                                                Income (Loss)


                                                       Unrealiz
                                                          ed
                                                         Net
                                                        Gains
                                              Foreign  (losses)  Total
                     Common
                     Stock
                                       Reinv  Currenc     on     Shareh
                                       ested     y     Marketab  olders
                                                          le       '
                      Shares   Amoun   Earni  Transla  Securiti  Equity
                                 t      ngs     tion      es


Balance July 1, 1997   557,874  $4,19  $1,84   ($107,4 $120,498  $6,050
                                2,321  4,744       34)             ,129
Comprehensive income
  Net earnings                         403,6
                                          09
  Foreign currency                             (108,55
translation                                         1)
  Change in unrealized net gains                          1,187
   (losses) on marketable securities
    Total                                                        296,24
comprehensive income                                                  5
Cash dividends paid-                   (111,                     (111,5
$.17 per share                          551)                        51)
5% stock dividend       28,534  473,9  (473,
                                   48   948)
Treasury stock         (3,767)  (81,1                            (81,15
purchases                         54)                                4)
Common stock issued     13,953  298,2                            298,24
in purchase                        44                                 4
 acquisition
Other                    2,627  53,29  (291)                     52,999
                                    0

     Balance June      599,221  4,936  1,662   (215,98  121,685  6,504,
30, 1998                         ,649   ,563        5)              912

Comprehensive income
  Net earnings                         265,9
                                          64
  Foreign currency                             (83,842
translation                                          )
  Change in unrealized net gains                       (81,859)
   (losses) on marketable securities
    Total                                                        100,26
comprehensive income                                                  3
Cash dividends paid-                   (117,                     (117,0
$.18 per share                          089)                        89)
5% stock dividend       29,180  391,8  (391,
                                   89   889)
Treasury stock        (19,867)  (313,                            (313,8
purchases                        829)                               29)
Other                    4,261  66,61  (228)                     66,383
                                    1

     Balance June      612,795  5,081  1,419   (299,82   39,826  6,240,
30, 1999                         ,320   ,321        7)              640

Comprehensive income
  Net earnings                         300,9
                                          03
  Foreign currency                             (97,030
translation                                          )
  Change in unrealized net gains                       (90,646)
   (losses) on marketable securities
    Total                                                        113,22
comprehensive income                                                  7
Cash dividends paid-                   (120,                     (120,0
$.19 per share                          001)                        01)
5% stock dividend       30,109  274,4  (274,
                                   73   473)
Treasury stock        (17,711)  (210,                            (210,9
purchases                        911)                               11)
Other                    7,103  87,71  (427)                     87,288
                                    5

     Balance June      632,296  $5,23  $1,32   ($396,8 ($50,820  $6,110
30, 2000                        2,597  5,323       57)        )    ,243


See notes to
consolidated
financial
statements.


</TABLE>

12
Page 13
<TABLE>
<CAPTION>
<S>                                <C>  <C>       <C>       <C>
Note 1-Marketable Securities and Cash
Equivalents

                                        Unreali Unreali
                                          zed     zed
                                Cost     Gains   Losses     Fair
                                                           Value
 2000                                       (In
                                            Thousan
                                                ds)
  United States government
obligations
    Maturity less than 1       $499,50     $489     $467   $499,53
year                                 9                           1
    Maturity 1 year to 5        39,788       74             39,862
years                                              -

  Other debt securities
    Maturity less than 1       173,454      700        1   174,153
year

  Equity securities            665,095   60,192  149,142   576,145
                               $1,377,  $61,455  $149,61   $1,289,
                                   846                 0       691



                                        Unreali Unreali
                                          zed     zed
                                Cost     Gains   Losses     Fair
                                                           Value
 1999                                       (In Thousan
                                                ds)
  United States government
obligations
    Maturity less than 1       $405,72     $260     $279   $405,70
year                                 3                           4
    Maturity 1 year to 5        35,392
                                                 298    35,094
years                                      -

  Other debt securities
    Maturity less than 1       238,827       75        2   238,900
year

  Equity securities            705,156  103,762  $65,808   743,110
                               $1,385,  $104,09  $66,387   $1,422,
                                   098        7                808

</TABLE>
13
Page 14
<TABLE>
<CAPTION>
<S>                                <C>       <C>
Note 2-Inventories

                                  2000
                                         1999
                                    (In thousands)
LIFO inventories                $420,824

                                             367,902
     FIFO value
                                         (1,360)
                                   -
     LIFO valuation reserve      420,824

                                             366,542
     LIFO carrying value



FIFO inventories, including     2,436,06

hedging                                0    2,366,152
   procedure method             $2,856,8

                                      84   $2,732,694


</TABLE>
14
Page 15
<TABLE>
<CAPTION>
<S>                           <C>            <C>            <C>
Note 3-Investments In and Advances to
Affiliates


The Company has 97 unconsolidated affiliates located in North and
South America, Africa,
Europe and Asia, accounted for under the equity method.  The
following table summarizes the
Balance sheets as of June 30, 2000 and 1999, and the statements
of earnings for the three years
Ended June 30, 2000 of the Company's
unconsolidated affiliates:


                                2000          1999        1998
                                       (In thousands)
Current assets                 $3,894,202
                                           $3,359,596
Non-current assets              7,571,209
                                            6,155,709
Current liabilities             2,286,132
                                            2,241,739
Non-current liabilities         1,910,057
                                            1,695,557
Minority interests                265,937
                                             309,712
Net sales                      15,009,536                $13,651,
                                           14,605,815         086
Gross profit                    1,211,868                1,161,67
                                            1,124,363           3
Net income (loss)                 725,759      (2,630)    216,178


The Company's investment in unconsolidated affiliates exceeds the
underlying equity in net
assets by $109 million, which amount is being amortized on a
straight-line basis over 10 to 40
years.

Three foreign affiliates for which the Company has a carrying
value of $370 million have a market
value of $183 million based on quoted market prices and exchange
rates at June 30, 2000.

</TABLE>
15
Page 16
<TABLE>
<CAPTION>
<S>                                <C>       <C>
Note 4-Debt and Financing Arrangements


                                  2000        1999
                                    (In thousands)

7.5% Debentures $350 million
face amount, due in 2027          $347,926    $347,903

Zero Coupon Debt $400 million
face amount, due in 2002          313,344     274,198

6.625% Debentures $300 million
face amount, due in 2029          298,579     298,563

8.875% Debentures $300 million
face amount, due in 2011          298,545     298,467

8.125% Debentures $300 million
face amount, due in 2012          298,305     298,224

8.375% Debentures $300 million
face amount, due in 2017          294,669     294,530

6.25% Notes $250 million
face amount, due in 2003          249,600     249,513

7.125% Debentures $250 million
face amount, due in 2013          249,485     249,460

6.95% Debentures $250 million
face amount, due in 2097          246,124     246,095

6.75% Debentures $200 million
face amount, due in 2027          195,676     195,572

5.87% Debentures $196 million
face amount, due in 2010          109,074     105,520


Other                             407,786     360,745

 Total long-term debt             3,309,11   3,218,790
                                         3

 Less current maturities           (31,895)    (26,907)

                                    $3,277,2    $3,191,88
                                        18           3


 In 1999, the Company incurred a pre-tax extraordinary
 charge of $24 million
 resulting from the repurchase of a portion of its 7%
 debentures due in 2011.
 The remaining 7% debentures were exchanged for 5.87%
 debentures due in
 2010.

 At June 30, 2000, the fair value of the Company's
 long-term debt exceeded the
 carrying value by $1.5 million, as estimated by using
 quoted market prices or
 discounted future cash flows based on the Company's
 current incremental bor-
 rowing rates for similar types of
 borrowing arrangements.

 Unamortized original issue discount on the Zero
 Coupon Debt is being amor-
 tized at 13.80%. Accelerated amortization of the
 discount for tax purposes has
 the effect of lowering the actual rate of interest to
 be paid over the remaining life
 of the issue to approximately
 4.94%.

 The aggregate maturities for long-term debt for the
 five years after June 30, 2000
 are $32 million, $425 million, $273 million, $23
 million, and $123 million, respectively.

 At June 30, 2000, the Company had lines of credit
 totaling $2.2 billion. The
 weighted average interest rates on short-term
 borrowings outstanding at June
 30, 2000 and 1999 were 6.57% and 4.71%,
 respectively.



 Note 5-Shareholders' Equity


 The Company has authorized 800 million shares of common
 stock and 500,000
 shares of preferred stock, both without par value.  No
 preferred stock has been
 issued.  At June 30, 2000 and 1999, the Company had
 approximately 18.7 million
 and 23.7 million common shares, respectively, in treasury.
 Treasury stock is
 recorded at cost, $210 million at June 30, 2000, as a
 reduction of common
 stock.

 Stock option plans provide for the granting of options to
 employees to purchase
 common stock of the Company at market value on the date of
 grant.  Options
 expire five to ten years after the date of grant.  At June
 30, 2000, there were 7.8
 million shares available for future grant.  Stock option
 activity during the years
 indicated is as follows:

                                                Weighted
                                                 Average
                                    Number   Exercise Price
                                      of
                                    Shares      Per Share
                                         (In thousands)
   Shares under option at June       5,002       $12.44
 30, 1997
     Granted                             38        19.17
     Exercised                                     11.40
                                     (560)
     Cancelled                                     13.75
                                     (71)
   Shares under option at June       4,409         12.61
 30, 1998

     Granted                         2,398         14.22
     Exercised                      (1,286)        10.99
     Cancelled                                     11.62
                                     (216)
   Shares under option at June       5,305         13.77
 30, 1999

     Granted                         5,795         10.72
     Exercised                                     12.43
                                      (5)
     Cancelled                                     12.82
                                     (652)
   Shares under option at June                   $12.14
 30, 2000                           10,443


   Shares exercisable at June 30,    1,795         13.72
 2000
   Shares exercisable at June 30,    1,440         13.11
 1999
   Shares exercisable at June 30,    2,332         11.73
 1998

 At June 30, 2000, the range of exercise prices and weighted
 average remaining
 contractual life of outstanding options was $9.52 to $19.51
 and six years,
 respectively.

 The Company accounts for its stock option plans in
 accordance with Accounting
 Principles Board Opinion Number 25 (APB 25) "Accounting for
 Stock Issued to
 Employees."  Under APB 25, compensation expense is
 recognized if the exercise
 price of the employee stock option is less than the market
 price on the grant
 date.  Statement of Financial Accounting Standards Number
 123 "Accounting for
 Stock-Based Compensation" requires the fair value of
 options granted and the
 pro forma impact on earnings and earnings per share be
 disclosed when material.
 Had compensation expense for stock options been determined
 based on the
 fair value of options granted, the Company's 2000 net
 earnings would have been
 impacted by approximately one and one-half percent.  1999
 net earnings
 would have been impacted by approximately one-half of one
 percent and 1998 net
 earnings by less than one-quarter of one percent.  The
 Company's 2000 earnings per
 share would have been affected by approximately three-
 quarters of one percent.  1999
 and 1998 earnings per share would have been affected by
 approximately one-
 quarter of one percent.

 The weighted average fair values of options granted during
 2000, 1999 and
 1998 are $3.20, $4.62 and $5.88, respectively.  The fair
 value of each
 option grant is estimated as of the date of grant using the
 Black-Scholes
 single option pricing model for pro forma footnote
 purposes.  Expected dividend
 yield was assumed to be 2 percent in 2000 and 1 percent in
 1999 and 1998.  An expected risk-free
 interest rate of 8 percent was assumed in 2000 and 6
 percent in 1999 and 1998.  Expected
 volatility was assumed to be .3 percent in 2000 and 1999
 and .2 percent in 1998.  Expected option
 life was assumed to be six years in 2000, five years in
 1999 and four years in 1998.

 </TABLE>
 16
 Page 17
 <TABLE>
 <CAPTION>
 <S>                      <C>
 <C>       <C>
 Note 6-Other Expense

                            2000
                                  1999       1998

 Investment income        $136,317   $118,720
                                               $123,729
 Interest expense

                          (377,404  (326,207   (293,220
                             )          )         )
 Net gain on marketable

  securities

 transactions              10,103    101,319    36,544
 Equity in earnings

 (losses)
  of affiliates

                           88,206    (4,273)    20,364
 Other

                           5,798      (680)     2,327
                          ($136,98
                                ($111,12   ($110,25
                             0)        1)         6)

 Interest expense is net of interest capitalized of $23
 million, $26 million
 and $37 million in 2000, 1999 and 1998,
 respectively.

 The Company made interest payments of $366 million,
 $299 million and
 $295 million in 2000, 1999, and 1998,
 respectively.

 Realized gains on sales of available-for-sale
 marketable securities totaled
 $17 million, $102 million and $37 million
 in 2000, 1999 and 1998,
 respectively. Realized losses totaled $7 million and
 $1 million in 2000 and
 1999, respectively.



 Note 7-Income Taxes

 For financial reporting purposes, earnings before income
 taxes and extraordinary loss
 includes the following
 components:


                            2000       1999        1998
                                    (In thousands

 United States             $          $
                          211,159    327,489     $458,184
 Foreign
                          142,078    92,344      151,828
                           $          $           $
                          353,237    419,833     610,012


 Significant components of income
 taxes are as follows:

                            2000       1999        1998
                                   (In thousands)
 Current
  Federal                             $           $
                          $36,624    74,040      111,152
  State
                          22,099     12,787      20,879
  Foreign
                          30,480     27,968      54,724
 Deferred
  Federal
                          (33,025)   25,085      14,474
  State
                          (7,693)    674         1,451
  Foreign
                          3,849      (2,009)     3,723
                                      $           $
                          $52,334    138,545     206,403



 Significant components of the Company's
 deferred tax liabilities
 and assets are as
 follows:

                                       2000        1999
                                        (In thousands)
 Deferred tax

 liabilities
  Depreciation                        $514,822    $527,833
  Bond discount                         49,733      58,286
 amortization
  Other                                 91,851      85,285
                                       656,406     671,404

 Deferred tax assets
  Unrealized loss on marketable         37,336       2,117
 securities
  Postretirement                        35,103      32,786
 benefits
  Other                                129,139     107,771
                                       201,578     142,674

 Net deferred tax                      454,828     528,730
 liabilities

 Current net deferred tax assets
 included
  in prepaid expenses                  105,944      91,022
 Non-current net                      $560,772    $619,752
 deferred tax
 liabilities


 Reconciliation of the statutory federal income tax rate
 to the Company's effective tax rate
 on earnings before extraordinary
 loss is as follows:


                          2000       1999        1998
 Statutory rate                          35.0%       35.0%
                              35.0%
 Prior years tax             (17.0)          -           -
 redetermination
 Foreign sales                (6.3)      (4.5)       (4.7)
 corporation
 State income taxes, net
 of
  federal tax benefit           2.7        2.2         2.4
 Indefinitely invested
 earnings of
  foreign affiliates          (0.3)      (1.8)         0.7
 Litigation settlements
 and
  fines                           -          -         1.4
 Other                          0.7        2.1       (1.0)


 Effective rate               14.8%      33.0%       33.8%

 The Company made income tax payments of $89
 million, $111 million,
 and $225 million in 2000, 1999,
 and 1998 respectively.

 During the fourth quarter of 2000, the
 Company recognized a reduction
 in income tax related to a redetermination of
 foreign sales corporation
 benefits for prior years and the resolution
 of various other tax issues.
 This resulted in a $60 million credit, or
 $.09, per share to the current
 year provision.

 Undistributed earnings of the Company's
 foreign subsidiaries amounting
 to approximately $523 million at June 30,
 2000 are considered to be
 permanently reinvested and, accordingly, no
 provision for U.S. income
 taxes has been provided thereon. It is not
 practicable to determine the
 deferred tax liability for temporary
 differences related to these
 undistributed earnings.

 </TABLE>
 17
 Page 18
 <TABLE>
 <CAPTION>
 <S>
 <C>

 Note 8-Leases


 The Company leases manufacturing and warehouse
 facilities, real estate,
 Transportation and other equipment under operating
 leases which expire
 at various dates through the year 2026. Rent
 expense for 2000, 1999 and
 1998 was $89 million, $86 million and $82 million,
 respectively. Future
 minimum rental payments for non-cancelable
 operating leases with initial
 or remaining terms in excess of one year are as
 follows:

 Fiscal years                        (In thousands)
 2000                                       $32,375
 2001                                        21,320
 2002                                        18,715
 2003                                        13,889
 2004                                        11,524
 Thereafter                                  66,440
 Total minimum lease payments              $164,263



 </TABLE>
 <TABLE>
 <CAPTION>
 Note 9-Employee
 Benefit Plans

 The Company provides
 substantially all employees
 with pension benefits.  The
 Company also provides
 substantially all domestic
 employees with postretirement
 health care and life insurance
 benefits.  It is the Company's
 policy to fund pension costs as
 required by applicable laws and
 regulations.  In addition, the
 Company has savings and
 investment plans available to
 eligible employees with one
 year of service.  Total
 retirement plan expense
 includes the following
 components:
 <S>                    <C>       <C>     <C>      <C>   <C>     <C>
                            Pension Benefits         Postretirement
                                                        Benefits
                          2000     1999    1998    2000   1999   1998
                                    (In                   (In
                                  thousa                 thous
                                   nds)                  ands)
 Defined benefit plans
      Service cost       $         $       $       $      $       $
 (benefits earned       31,084    23,239  22,559   5,546 4,355   4,139
        During the
 period)
      Interest cost
                        47,818    37,903  33,658   5,693 4,284   4,403
      Expected return
 on plan assets         (50,910)  (43,84  (37,15   -     -       -
                                  4)      9)
      Actuarial loss
 (gain)                 891       969     (53)     (265) (769)   (663)
      Net amortization
                        1,071     40      (951)    165   (111)   (111)
           Net
 periodic pension       29,954    18,307  18,054   11,13 7,759   7,768
 expense                                           9

 Defined contribution
 plans                  18,455    17,775  15,497
      Total retirement   $         $       $       $      $       $
 plan expense           48,409    36,082  33,551   11,13 7,759   7,768
                                                   9

 The following tables set forth changes in the
 benefit obligation and the fair value of plan
 assets:

                          2000     1999    2000    1999
                                    (In thousands)
 Benefit obligation,     $         $       $        $
 beginning              696,658   638,00  81,330   61,19
                                  6                0
 Service cost
                        31,084    23,239  5,546    4,355
 Interest cost
                        47,818    37,903  5,693    4,284
 Actuarial loss (gain)
                        (25,443)  (6,581  4,237    8,288
                                  )
 Benefits paid
                        (32,461)  (23,96  (4,500   (2,85
                                  1)      )        1)
 Plan amendments
                        1,822     35,254  -        -
 Acquisitions/divestit
 ures, net              2,472     -       -        6,065
 Foreign currency
 effects                (9,934)   (7,202  (1)      (1)
                                  )
 Benefit obligation,     $         $                $
 ending                 712,016   696,65  $92,30   81,33
                                  8       5        0


 Fair value of plan      $         $       $        $
 assets, beginning      615,977   613,51  -        -
                                  6
 Actual return on plan
 assets                 52,000    15,685  -        -
 Employer
 contributions          29,762    20,378  4,500    2,851
 Benefits paid
                        (32,461)  (23,96  (4,500   (2,85
                                  1)      )        1)
 Acquisitions/divestit
 ures, net              6,031     -       -        -
 Foreign currency
 effects                (14,565)  (9,641  -        -
                                  )
 Fair value of plan      $         $       $        $
 assets, ending         656,744   615,97  -        -
                                  7


 Funded status           $         $
                        (55,272)  (80,68  $(92,3   $(81,
                                  1)      05)      330)
 Unamortized
 transition amount      (17,090)  (14,72  -        -
                                  9)
 Unrecognized net loss
 (gain)                 25,537    40,146  (9,468   (13,9
                                          )        71)
 Unrecognized prior
 service costs          44,575    59,600  4,613    4,779
 Adjustment for fourth
 quarter contributions  3,846     491     -        -
 Pension asset           $         $
 (liability)            1,596     4,827   $(97,1   $(90,
 recognized in the                        60)      522)
 balance sheet

 At June 30, 2000 and 1999, a
 prepaid pension benefit cost of
 $54 million and $57 million,
 respectively, and an accrued
 pension benefit liability of
 $75 million and $83million,
 respectively, were recognized
 in the consolidated balance
 sheets. For postretirement
 benefit plans, an accrued
 benefit liability of $97
 million and $91 million was
 recognized at June 30, 2000 and
 1999, respectively.


 The following table sets forth the principal assumptions used in
 developing the benefit obligation and the net periodic pension
 expense:

                          Pension  Benef    Pensi   Bene
                                  its          on  fits
                          2000     1999    2000    1999
      Discount rate       7.1%     7.0%    7.5%    7.0%
      Expected return     8.3%     8.9%     N/A     N/A
 on plan assets
      Rate of             4.2%     4.5%     N/A     N/A
 compensation increase

 </TABLE>
 18
 Page 19

 The projected benefit
 obligation, accumulated benefit
 obligation and fair value of
 plan assets for the U.S.
 retirement plans with
 accumulated benefit obligations
 in excess of plan assets were
 $539 million, $459 million, and
 $414 million, respectively, as
 of June 30, 2000 and $539
 million, $455 million, and $386
 million, respectively, as of
 June 30, 1999


 For measurement purposes, a
 7.6% annual rate of increase in
 the per capita cost of covered
 health care benefits was
 assumed for 2001. The rate was
 assumed to decrease gradually
 to 5.5% for 2004 and remain at
 that level thereafter.


 Assumed health care cost trend
 rates have a significant impact
 on the amounts reported for the
 health care plans.  A 1% change
 in assumed health care cost
 trend rates would have the
 following effect:
 <TABLE>
 <CAPTION>


 <S>                                <C>             <C>
                                    1%              1%
                                  Increa           Decre
                                    se              ase
                                      (In
                                          thousa
                                          nds)
 Effect on total of service and    $                $
 interest cost components         1,092            (1,01
                                                   1)
 Effect on accumulated             $                $
 postretirement benefit           6,695            (6,35
 obligations                                       3)



 </TABLE>
 19
 Page 20
 <TABLE>
 <CAPTION>
 Note 10-Segment and Geographic Information

 Based on the Company's organizational structure and the
 manner in which
 Performance is assessed and operating decisions are made,
 the Company
 operates as one business segment - procuring,
 transporting, storing, processing
 and merchandising agricultural commodities
 and products.

 Information about the Company's operations by geographic
 areas is as follows:
 <S>                                   <C>       <C>         <C>
                                         2000       1999     1998
                                                 (In
                                                 millions)
 Net sales and other
 operating income
   United States                         $8,258      $9,288  $10,
                                                              784
   Germany                                1,523       1,795  1,88
                                                                9
   Other foreign                          3,096       3,200  3,43
                                                                6
                                        $12,877     $14,283  $16,
                                                              109
 Sales or transfers between

 geographic areas:

   United States                           $339        $339  $354



   Europe                                    47          47    51

   Other foreign                            228         228   146

                                       *    $614        $614  $551

 Earnings from operations:

   United States                           $412        $552  $550



   Germany                                   23          37     8

   Other foreign                             96         131    67

                                           $531        $720  $625


 Long-lived assets
   United States                         $4,275      $4,525  $4,3
                                                               50
   Germany                                  172         196   206
   Other foreign                            958         987   924
                                         $5,405      $5,708  $5,4
                                                               80

 Information about the Company's revenues by classes of
 products and services
 is as follows:
                                         2000       1999

                                                        1998
                                                 (In
                                                 millions)

   Oilseed products                      $7,219      $8,494  $10,
                                                              152
   Corn products                          1,950       1,855  2,15
                                                                4
   Wheat and other milled products        1,358       1,378  1,49
                                                                1
   Other products and services            2,350       2,556  2,31
                                                                2
                                        $12,877     $14,283  $16,
                                                              109


 </TABLE>
 20
 Page 21
 Note 11-Antitrust Investigation
 and Related Litigation


 The  Company, along with  other
 domestic and foreign companies,
 was  named as a defendant in  a
 number of putative class action
 antitrust   suits   and   other
 proceedings involving the  sale
 of  lysine, citric acid, sodium
 gluconate, monosodium glutamate
 and  high fructose corn  syrup.
 These  actions and  proceedings
 generally  involve  claims  for
 unspecified        compensatory
 damages, fines, costs, expenses
 and   unspecified  relief.  The
 Company  intends to  vigorously
 defend   these   actions    and
 proceedings unless they can  be
 settled    on   terms    deemed
 acceptable   by  the   parties.
 These matters have resulted and
 could  result  in  the  Company
 being   subject   to   monetary
 damages,  other  sanctions  and
 expenses.

 The Company has made provisions
 to  cover the fines, litigation
 settlements  and costs  related
 to      certain     of      the
 aforementioned    suits     and
 proceedings.  Because  of   the
 early  stage of other  putative
 class  actions and proceedings,
 including those related to high
 fructose   corn   syrup,    the
 ultimate      outcome       and
 materiality  of  these  matters
 cannot presently be determined.
 Accordingly,  no provision  for
 any  liability that may  result
 therefrom has been made in  the
 consolidated          financial
 statements.




 21
 Page 22

 REPORT OF INDEPENDENT AUDITORS

 Board of Directors and
 Shareholders
 Archer Daniels Midland Company
 Decatur, Illinois

        We   have  audited   the
 accompanying       consolidated
 balance   sheets   of    Archer
 Daniels  Midland  Company   and
 subsidiaries  as  of  June  30,
 2000  and 1999, and the related
 consolidated   statements    of
 earnings, shareholders'  equity
 and  cash flows for each of the
 three years in the period ended
 June  30, 2000. These financial
 statements       are        the
 responsibility of the Company's
 management.  Our responsibility
 is  to  express an  opinion  on
 these    financial   statements
 based on our audits.
      We conducted our audits in
 accordance    with     auditing
 standards generally accepted in
 the    United   States.   Those
 standards require that we  plan
 and perform the audit to obtain
 reasonable   assurance    about
 whether      the      financial
 statements are free of material
 misstatement. An audit includes
 examining,  on  a  test  basis,
 evidence supporting the amounts
 and    disclosures    in    the
 financial statements. An  audit
 also  includes  assessing   the
 accounting principles used  and
 significant estimates  made  by
 management,    as    well    as
 evaluating     the      overall
 financial             statement
 presentation. We  believe  that
 our audits provide a reasonable
 basis for our opinion.
        In   our  opinion,   the
 financial  statements  referred
 to above present fairly, in all
 material     respects,      the
 consolidated financial position
 of   Archer   Daniels   Midland
 Company and its subsidiaries at
 June 30, 2000 and 1999, and the
 consolidated results  of  their
 operations and their cash flows
 for each of the three years  in
 the period ended June 30, 2000,
 in  conformity with  accounting
 principles  generally  accepted
 in the United States.


 St. Louis, Missouri
 July 28, 2000





 22
 Page 23
 <TABLE>
 <CAPTION>
 Quarterly Financial Data (Unaudited)

  <S>                       <C>      <C>       <C>       <C>      <C>
                                          Quarter
                             First   Second     Third    Fourth    Total
                              (In thousands, except per share amounts)
 Fiscal 2000
  Net sales                 $3,220,  $3,420,    $3,111   $3,123   $12,876
                                980      346      ,809     ,682      ,817
  Gross profit              272,320  406,273    334,97   206,00   1,219,5
                                                     6        6        75
  Net earnings               36,367  101,920    103,02   59,587   300,903
                                                     9
    Per common share           0.06       0.16      0.16     0.09      0.47


 Fiscal 1999
  Net sales                 $3,801,  $3,911,    $3,378   $3,192   $14,283
                                421      539      ,126     ,249      ,335
  Gross profit              293,636  421,330    238,92   278,14   1,232,0
                                                     3        0        29
  Earnings before           116,855  110,434    11,742   42,257   281,288
  extraordinary loss
    Per common share           0.18       0.16      0.02     0.07      0.43
  Net earnings              116,855   95,110    11,742   42,257   265,964
    Per common share           0.18      0.14      0.02     0.07      0.41


 Net earnings for the three months ended June 30, 2000 and the year ended
 June 30, 2000 include a charge to cost
 of products sold of $108 million ($72 million after tax, equal to $.11
 per share) related to the abandonment of certain
 long-lived assets and other asset write-downs and a $60 million tax
 credit, equal to $.09 per share, related to a redeter-
 mination of foreign sales corporation benefits for prior years and the
 resolution of various other tax issues.

 During the second quarter of the year ended June 30, 1999, the Company
 incurred an extraordinary charge, net of tax,
  of $15 million, or $ .02 per share, resulting from the repurchase of a
 portion of its 7 percent debentures due May 2011.


 </TABLE>
 23
 Page 24
 <TABLE>
 <CAPTION>
 Common Stock Market Prices and Dividends


 The Company's common stock is listed and traded on the New York Stock
 Exchange, Chicago Stock Exchange,
 Tokyo Stock Exchange, Frankfurt Stock Exchange and Swiss Exchange. The
 following table sets forth, for
 the periods indicated, the high and low market prices of the common
 stock and common stock cash dividends.

  <S>                   <C>                   <C>      <C>
                                                       Cash
                         Market Price                  Divid
                                                       ends
                        High                  Low       Per
                                                       Share

 Fiscal 2000--
 Quarter Ended
  June 30          $  1   7/8           $  9         $ 0.048
                      1                       1/16
  March 31            1   3/4              8    3/8    0.048
                      2
  December 31         1   1/2              1    7/8    0.048
                      3                    0
  September 30        1  15/16             1    1/4    0.045
                      3                    1


 Fiscal 1999--
 Quarter Ended
  June 30          $  1   3/16          $  1    1/4    0.045
                      5                    2         $
  March 31            1   1/2              1    1/8    0.045
                      5                    3
  December 31         1   9/16             1           0.045
                      7                    4  5/16
  September 30        1   3/16             1           0.043
                      7                    3  7/16


 The number of shareholders of the Company's common stock at June 30,
 2000 was 29, 911.  The Company
 expects to continue its policy of paying regular cash dividends,
 although there is no assurance as to future
 dividends because they are dependent on future earnings, capital
 requirements and financial condition.

 </TABLE>
 24
 Page 25
 <TABLE>
 <CAPTION>
 TEN YEAR SUMMARY

 Operating, Financial and Other Data (Dollars in
 thousands, except per share data)
 <S>                             <C>       <C>       <C>        <C>
                                  2000      1999       1998      1997
 Operating
   Net sales and other           $12,876   $14,283    $16,108   $13,853
 operating income                   ,817      ,335       ,630      ,262
   Depreciation and              604,229   584,965    526,813   446,412
 amortization
   Net earnings                  300,903   265,964    403,609   377,309
       Per common share             0.47      0.41       0.62      0.57
   Cash dividends                120,001   117,089    111,551   106,990
            Per common share        0.19      0.18       0.17      0.16


 Financial
   Working capital               $1,829,   $1,949,    $1,734,   $2,035,
                                     422       323        411       580
       Per common share             2.89      3.03       2.63      3.15
       Current ratio                 1.4       1.5        1.5       1.9
   Inventories                   2,856,8   2,732,6    2,562,6   2,094,0
                                      84        94         50        92
   Net property, plant and       5,277,0   5,567,1    5,322,7   4,708,5
 equipment                            81        61         04        95
   Gross additions to            475,396
 property, plant and                       825,676              1,127,3
     equipment                                       1,228,55        60
                                                        3
   Total assets                  14,423,   14,029,    13,833,   11,354,
                                     100       881        534       367
   Long-term debt                3,277,2   3,191,8    2,847,1   2,344,9
                                      18        83         30        49
   Shareholders' equity          6,110,2   6,240,6    6,504,9   6,050,1
                                      43        40         12        29
       Per common share             9.66      9.70       9.85      9.37


 Other
   Weighted average shares       637,409
 outstanding                               652,694    653,378   657,478
     (000s)
   Number of shareholders         29,911    31,764     32,539    33,834
   Number of employees            22,753    23,603     23,132    17,160


 Share and per share data have been adjusted for a three-for-
 two stock split in December 1994 and annual 5%  stock
 dividends through September 2000.

 Net earnings for 1999 include an extraordinary charge of
 $15 million, or $.02 per share, from the repurchase
 of debt.

 Net earnings for 1993 include a net credit of $68 million,
 or $.09 per share, and a charge of $35 million, or
 $.05 per share, for the cumulative effects of changes in
 accounting for income taxes and postretirement
 benefits, respectively.

 </TABLE>
 25
 Page 26
 <TABLE>
 <CAPTION>
 <S>       <C>       <C>        <C>      <C>      <C>
  1996      1995       1994      1993     1992     1991

 $13,239   $12,555    $11,158   $9,578   $9,026   $8,271
    ,839      ,403       ,479     ,370     ,177     ,588
 393,605   384,872    354,463   328,54   293,72   261,36
                                     9        9        7
 695,912   795,915    484,069   567,52   503,75   466,67
                                     7        7        8
    1.04      1.15       0.69     0.78     0.69     0.64
  90,860    46,825     32,586   32,266   30,789   29,527
    0.14      0.07       0.05     0.04     0.04     0.04



 $2,751,   $2,540,    $2,783,   $2,961   $2,276   $1,674
     132       260        817     ,503     ,564     ,735
    4.15      3.74       4.03     4.10     3.15     2.31
     2.7       3.2        3.5      4.1      3.4      3.0
 1,790,6   1,473,8    1,422,1   1,131,   1,025,   917,49
      36        96         47      787      030        5
 4,114,3   3,762,2    3,538,5   3,214,   3,060,   2,695,
      01        81         75      834      096      625
 801,426   657,915    682,485   572,02   614,84   911,58
                                     2        4        6
 10,449,   9,756,8    8,746,8   8,404,   7,524,   6,260,
     869        87         53      111      530      607
 2,002,9   2,070,0    2,021,4   2,039,   1,562,   980,27
      79        95         17      143      491        3
 6,144,8   5,854,1    5,045,4   4,883,   4,492,   3,922,
      12        65         21      251      353      295
    9.26      8.61       7.30     6.76     6.21     5.42



 668,583   690,105    697,246   723,47   725,41   727,92
                                     9        5        7
  35,431    34,385     33,940   33,654   32,277   28,981
  14,811    14,833     16,013   14,168   13,524   13,049

 </TABLE>
 26



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>3
<FILENAME>0003.txt
<DESCRIPTION>COMMENTS
<TEXT>




Page 1
EXHIBIT 21--SUBSIDIARIES OF THE REGISTRANT

ARCHER DANIELS MIDLAND COMPANY

June 30, 2000

Following is a list of the Registrant's subsidiaries showing  the
percentage of voting securities owned:
<TABLE>
<CAPTION>
<S>                                          <C>            <C>
                                       Organized Under
                                           Laws of        Ownershi
                                                                 p
ADM Agri-Industries Ltd. (A)           Canada            100%
ADM Europe BV (B)                      Netherlands       100
ADM Europoort BV (C)                   Netherlands       100
ADM/Growmark River Systems, Inc.       Delaware          100
ADM Beteiligungs GmbH (D)              Germany           100
ADM Do Brazil Ltda (E)                 Brazil            100
ADM International Ltd. (F)             England           100
ADM Investments Ltd. (G)               Cayman Islands    100
ADM Investor Services, Inc.            Delaware          100
ADM Milling Co.                        Minnesota         100
ADM Transportation Co.                 Delaware          100
Agri Sales, Inc                        Illinois          100
American River Transportation Co.      Delaware          100
Ardanco, Inc.                          Guam              100
Collingwood Grain, Inc.                Kansas            100
Hickory Point Bank & Trust Co.         Illinois          100
Jamaica Flour Mills Limited (H)        Jamaica           100
Midland Stars, Inc.                    Delaware          100
Oelmuhle Hamburg AG (I)                Germany           95
Tabor Grain Co.                        Nevada            100

</TABLE>
(A) ADM Agri-Industries Ltd. has three subsidiary companies whose
names have been omitted because, considered in the aggregate as a
single  subsidiary,  they  would  not  constitute  a  significant
subsidiary.

(B) ADM Europe BV has eight subsidiary companies whose names have
been  omitted because, considered in the aggregate  as  a  single
subsidiary, they would not constitute a significant subsidiary.

(C)  ADM  Europoort BV has two subsidiary companies  whose  names
have  been  omitted  because, considered in the  aggregate  as  a
single  subsidiary,  they  would  not  constitute  a  significant
subsidiary.

(D)  ADM  Beteiligungs GmbH has four subsidiary  companies  whose
names have been omitted because, considered in the aggregate as a
single  subsidiary,  they  would  not  constitute  a  significant
subsidiary.

(E) ADM Do Brazil Ltda has seven subsidiary companies whose names
have  been  omitted  because, considered in the  aggregate  as  a
single  subsidiary,  they  would  not  constitute  a  significant
subsidiary.

(F)  ADM  International Ltd. has twenty-one subsidiary  companies
whose  names  have  been  omitted  because,  considered  in   the
aggregate  as  a single subsidiary, they would not  constitute  a
significant subsidiary.

(G)  ADM  Investments Ltd. has eleven subsidiary companies  whose
names have been omitted because, considered in the aggregate as a
single  subsidiary,  they  would  not  constitute  a  significant
subsidiary.

1
Page 2
(H)  Jamaica  Flour Mills Limited has eight subsidiary  companies
whose  names  have  been  omitted  because,  considered  in   the
aggregate  as  a single subsidiary, they would not  constitute  a
significant subsidiary.

(I)  Oelmuhle Hamburg AG has twelve subsidiaries whose names have
been  omitted because, considered in the aggregate  as  a  single
subsidiary, they would not constitute a significant subsidiary.

The  names  of  forty-four domestic subsidiaries and  sixty-seven
international subsidiaries have been omitted because,  considered
in   the  aggregate  as  a  single  subsidiary,  they  would  not
constitute a significant subsidiary.
2

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>4
<FILENAME>0004.txt
<DESCRIPTION>EXHIBIT 23 E&Y
<TEXT>

Page 1
                 CONSENT OF INDEPENDENT AUDITORS


ARCHER DANIELS MIDLAND COMPANY AND SUBSIDIARIES

We  consent  to  the incorporation by reference  in  this  Annual
Report  (Form  10-K)  of Archer Daniels Midland  Company  of  our
report dated July 28, 2000 included in the 2000 Annual Report  to
Shareholders of Archer Daniels Midland Company.

We  also  consent  to  the  incorporation  by  reference  in  the
following  Registration Statements of our report dated  July  28,
2000,  with  respect to the consolidated financial statements  of
Archer  Daniels Midland Company incorporated herein by  reference
in  this  Annual Report (Form 10-K) for the year ended  June  30,
2000.

 Registration  Statement No. 33-49409 on Form S-8  dated  March
 15, 1993 relating to the Archer Daniels Midland 1991 Incentive
 Stock  Option Plan and Archer Daniels Midland Company  Savings
 and Investment Plan.

 Registration  Statement No. 33-55301 on Form S-3 dated  August
 31,  1994 as amended by Amendment No. 1 dated October 7,  1994
 (definitive  Prospectus dated October 11,  1994)  relating  to
 secondary  offering  of  the Common Stock  of  Archer  Daniels
 Midland Company.

 Registration Statement No. 33-56223 on Form S-3 dated  October
 28, 1994 as amended by Amendment No. 1 dated December 27, 1994
 (definitive  Prospectus dated December 30, 1994)  relating  to
 secondary  offering  of  the Common Stock  of  Archer  Daniels
 Midland Company.

 Registration Statement No. 333-13233 on Form S-3 dated October
 1,  1996 as amended by Amendment No. 1 dated November 8, 1996,
 Amendment No. 2 dated March 20, 1997 and Amendment No. 3 dated
 March  31,  1997 (definitive Prospectus dated April  1,  1997)
 relating  to secondary offering of the Common Stock of  Archer
 Daniels Midland Company.

 Registration  Statement No. 333-31623 on Form S-3  dated  July
 18,  1997  as amended by Amendment No. 1 dated July 29,  1997,
 (definitive  Prospectus  dated August  5,  1997)  relating  to
 secondary  offering  of  the Common Stock  of  Archer  Daniels
 Midland Company.

 Registration Statement No. 333-48903 on Form S-3  dated  March
 30,  1998 relating to Debt Securities and Warrants to purchase
 Debt Securities of Archer Daniels Midland Company.

 1
 Page 2
 Registration Statement No. 333-51381 on Form S-8 dated  April
 29,  1998 relating to the Archer Daniels Midland Company 1996
 Stock Option Plan.

 Registration  Statement  No.  333-68339  on  Form  S-3  dated
 December 3, 1998 as amended by Amendment No. 1 dated December
 10,  1998 relating to secondary offering of the common  stock
 of Archer Daniels Midland Company.

 Registration Statement No. 333-75073 on Form S-8 dated  March
 26,  1999  relating to the ADM Employee Stock Ownership  Plan
 for  Salaried Employees and the ADM Employee Stock  Ownership
 Plan for Hourly Employees.

 Registration  Statement No. 333-37690 on Form S-8  dated  May
 23,  2000  relating  to  the Archer Daniels  Midland  Company
 Incentive Compensation Plan.

 Registration  Statement No. 333-37694 on Form S-8  dated  May
 23,  2000  relating to the ADM Employee Stock Ownership  Plan
 for  Salaried Employees and the ADM Employee Stock  Ownership
 Plan for Hourly Employees.

 Registration Statement No. 333-42612 on Form S-8  dated  July
 31, 2000, as amended by Post-Effective No. 1 dated August  8,
 2000,  relating to the ADM 401(k) Plan for Salaried Employees
 and the ADM 401(k) Plan for Hourly Employees.






                                        ERNST & YOUNG LLP




St. Louis, Missouri
September 22, 2000

2


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>5
<FILENAME>0005.txt
<DESCRIPTION>POWERS OF ATTORNEY
<TEXT>

Page 1

                 ARCHER-DANIELS-MIDLAND COMPANY

                        Power of Attorney


          KNOW ALL MEN BY THESE PRESENTS, that the undersigned
director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware
corporation, does hereby make, constitute and appoint D. J.
SCHMALZ, S. R. MILLS and D. J. SMITH, and each or any one of
them, the undersigned's true and lawful attorneys-in-fact, with
power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the
undersigned's name as a director of said Company to the Form 10-
K for the fiscal year ended June 30, 2000, and all amendments
thereto, to be filed by said Company with the Securities and
Exchange Commission, Washington, D.C., and to file the same,
with all exhibits thereto and other supporting documents, with
said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all
acts necessary or incidental to the performance and execution of
the powers therein expressly granted.

          IN WITNESS WHEREOF, the undersigned has hereunto set
the undersigned's hand this   day of August, 2000.


                          /s/ D. O. Andreas


                          D. O. ANDREAS


1
Page 2

                 ARCHER-DANIELS-MIDLAND COMPANY

                  Power of Attorney of Director


          KNOW ALL MEN BY THESE PRESENTS, that the undersigned,
the Chief Executive Officer (Principal Executive Officer) and
Chairman of the Board of Directors of ARCHER-DANIELS-MIDLAND
COMPANY, a Delaware corporation, does hereby make, constitute
and appoint D. J. SCHMALZ, S. R. MILLS and D. J. SMITH, and each
or any one of them, the undersigned's true and lawful attorneys-
in-fact, with power of substitution, for the undersigned and in
the undersigned's name, place and stead, to sign and affix the
undersigned's name as the Chief Executive Officer and Chairman
of the Board of Directors of said Company to the Form 10-K for
the fiscal year ended June 30, 2000, and all amendments thereto,
to be filed by said Company with the Securities and Exchange
Commission, Washington, D.C., and to file the same, with all
exhibits thereto and other supporting documents, with said
Commission, granting unto said attorneys-in-fact, and each of
them, full power and authority to do and perform any and all
acts necessary or incidental to the performance and execution of
the powers therein expressly granted.

          IN WITNESS WHEREOF, the undersigned has hereunto set
the undersigned's hand this    day of August, 2000.


                                   /s/ G. Allen Andreas
                                   G. ALLEN ANDREAS

2
Page 3



                 ARCHER-DANIELS-MIDLAND COMPANY

                  Power of Attorney of Director


          KNOW ALL MEN BY THESE PRESENTS, that the undersigned
director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware
corporation, does hereby make, constitute and appoint D. J.
SCHMALZ, S. R. MILLS and D. J. SMITH, and each or any one of
them, the undersigned's true and lawful attorneys-in-fact, with
power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the
undersigned's name as a director of said Company to the Form 10-
K for the fiscal year ended June 30, 2000, and all amendments
thereto, to be filed by said Company with the Securities and
Exchange Commission, Washington, D.C., and to file the same,
with all exhibits thereto and other supporting documents, with
said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all
acts necessary or incidental to the performance and execution of
the powers therein expressly granted.

          IN WITNESS WHEREOF, the undersigned has hereunto set
the undersigned's hand this  day of August, 2000.


                                   /s/ J. R. Block
                                   J. R. BLOCK
3
Page 4

                 ARCHER-DANIELS-MIDLAND COMPANY

                  Power of Attorney of Director


          KNOW ALL MEN BY THESE PRESENTS, that the undersigned
director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware
corporation, does hereby make, constitute and appoint D. J.
SCHMALZ, S. R. MILLS and D. J. SMITH, and each or any one of
them, the undersigned's true and lawful attorneys-in-fact, with
power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the
undersigned's name as a director of said Company to the Form 10-
K for the fiscal year ended June 30, 2000, and all amendments
thereto, to be filed by said Company with the Securities and
Exchange Commission, Washington, D.C., and to file the same,
with all exhibits thereto and other supporting documents, with
said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all
acts necessary or incidental to the performance and execution of
the powers therein expressly granted.

          IN WITNESS WHEREOF, the undersigned has hereunto set
the undersigned's hand this   day of August, 2000.


                                   /s/ Richard Burt
                                   RICHARD BURT
4
Page 5


                 ARCHER-DANIELS-MIDLAND COMPANY

                  Power of Attorney of Director


          KNOW ALL MEN BY THESE PRESENTS, that the undersigned
director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware
corporation, does hereby make, constitute and appoint D. J.
SCHMALZ, S. R. MILLS and D. J. SMITH, and each or any one of
them, the undersigned's true and lawful attorneys-in-fact, with
power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the
undersigned's name as a director of said Company to the Form 10-
K for the fiscal year ended June 30, 2000, and all amendments
thereto, to be filed by said Company with the Securities and
Exchange Commission, Washington, D.C., and to file the same,
with all exhibits thereto and other supporting documents, with
said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all
acts necessary or incidental to the performance and execution of
the powers therein expressly granted.

          IN WITNESS WHEREOF, the undersigned has hereunto set
the undersigned's hand this    day of August, 2000.


                                   /s/ M. H. Carter
                                   M. H. CARTER
5
Page 6
                 ARCHER-DANIELS-MIDLAND COMPANY

                  Power of Attorney of Director


          KNOW ALL MEN BY THESE PRESENTS, that the undersigned
director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware
corporation, does hereby make, constitute and appoint D. J.
SCHMALZ, S. R. MILLS and D. J. SMITH, and each or any one of
them, the undersigned's true and lawful attorneys-in-fact, with
power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the
undersigned's name as a director of said Company to the Form 10-
K for the fiscal year ended June 30, 2000, and all amendments
thereto, to be filed by said Company with the Securities and
Exchange Commission, Washington, D.C., and to file the same,
with all exhibits thereto and other supporting documents, with
said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all
acts necessary or incidental to the performance and execution of
the powers therein expressly granted.

          IN WITNESS WHEREOF, the undersigned has hereunto set
the undersigned's hand this   day of August, 2000.


                                   /s/ G. O. Coan
                                   G. O. COAN
6
Page 7
                 ARCHER-DANIELS-MIDLAND COMPANY

                  Power of Attorney of Director


          KNOW ALL MEN BY THESE PRESENTS, that the undersigned
director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware
corporation, does hereby make, constitute and appoint D. J.
SCHMALZ, S. R. MILLS and D. J. SMITH, and each or any one of
them, the undersigned's true and lawful attorneys-in-fact, with
power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the
undersigned's name as a director of said Company to the Form 10-
K for the fiscal year ended June 30, 2000, and all amendments
thereto, to be filed by said Company with the Securities and
Exchange Commission, Washington, D.C., and to file the same,
with all exhibits thereto and other supporting documents, with
said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all
acts necessary or incidental to the performance and execution of
the powers therein expressly granted.

          IN WITNESS WHEREOF, the undersigned has hereunto set
the undersigned's hand this   day of August, 2000.


                                   /s/ F. Ross Johnson
                                   F. ROSS JOHNSON

7

Page 8



                 ARCHER-DANIELS-MIDLAND COMPANY

                  Power of Attorney of Director


          KNOW ALL MEN BY THESE PRESENTS, that the undersigned
director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware
corporation, does hereby make, constitute and appoint D. J.
SCHMALZ, S. R. MILLS and D. J. SMITH, and each or any one of
them, the undersigned's true and lawful attorneys-in-fact, with
power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the
undersigned's name as a director of said Company to the Form 10-
K for the fiscal year ended June 30, 2000, and all amendments
thereto, to be filed by said Company with the Securities and
Exchange Commission, Washington, D.C., and to file the same,
with all exhibits thereto and other supporting documents, with
said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all
acts necessary or incidental to the performance and execution of
the powers therein expressly granted.

          IN WITNESS WHEREOF, the undersigned has hereunto set
the undersigned's hand this    day of August, 2000.


                                   /s/ M. Brian Mulroney
                                   M. BRIAN MULRONEY

8
Page 9
                 ARCHER-DANIELS-MIDLAND COMPANY

                  Power of Attorney of Director


          KNOW ALL MEN BY THESE PRESENTS, that the undersigned
director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware
corporation, does hereby make, constitute and appoint D. J.
SCHMALZ, S. R. MILLS and D. J. SMITH, and each or any one of
them, the undersigned's true and lawful attorneys-in-fact, with
power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the
undersigned's name as a director of said Company to the Form 10-
K for the fiscal year ended June 30, 2000, and all amendments
thereto, to be filed by said Company with the Securities and
Exchange Commission, Washington, D.C., and to file the same,
with all exhibits thereto and other supporting documents, with
said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all
acts necessary or incidental to the performance and execution of
the powers therein expressly granted.

          IN WITNESS WHEREOF, the undersigned has hereunto set
the undersigned's hand this    day of August, 2000.


                                   /s/ R. S. Strauss
                                   R. S. STRAUSS

9
Page 10
                 ARCHER-DANIELS-MIDLAND COMPANY

                  Power of Attorney of Director


          KNOW ALL MEN BY THESE PRESENTS, that the undersigned
director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware
corporation, does hereby make, constitute and appoint D. J.
SCHMALZ, S. R. MILLS and D. J. SMITH, and each or any one of
them, the undersigned's true and lawful attorneys-in-fact, with
power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the
undersigned's name as a director of said Company to the Form 10-
K for the fiscal year ended June 30, 2000, and all amendments
thereto, to be filed by said Company with the Securities and
Exchange Commission, Washington, D.C., and to file the same,
with all exhibits thereto and other supporting documents, with
said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all
acts necessary or incidental to the performance and execution of
the powers therein expressly granted.

          IN WITNESS WHEREOF, the undersigned has hereunto set
the undersigned's hand this   day of August, 2000.


                                   /s/ J. K. Vanier
                                   J. K. VANIER

10
Page 11
                 ARCHER-DANIELS-MIDLAND COMPANY

                  Power of Attorney of Director


          KNOW ALL MEN BY THESE PRESENTS, that the undersigned
director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware
corporation, does hereby make, constitute and appoint D. J.
SCHMALZ, S. R. MILLS and D. J. SMITH, and each or any one of
them, the undersigned's true and lawful attorneys-in-fact, with
power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the
undersigned's name as a director of said Company to the Form 10-
K for the fiscal year ended June 30, 2000, and all amendments
thereto, to be filed by said Company with the Securities and
Exchange Commission, Washington, D.C., and to file the same,
with all exhibits thereto and other supporting documents, with
said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all
acts necessary or incidental to the performance and execution of
the powers therein expressly granted.

          IN WITNESS WHEREOF, the undersigned has hereunto set
the undersigned's hand this   day of August, 2000.


                                   /s/ O. G. Webb
                                   O. G. WEBB

11
Page 12
                 ARCHER-DANIELS-MIDLAND COMPANY
                  Power of Attorney of Director


          KNOW ALL MEN BY THESE PRESENTS, that the undersigned
director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware
corporation, does hereby make, constitute and appoint D. J.
SCHMALZ, S. R. MILLS and D. J. SMITH, and each or any one of
them, the undersigned's true and lawful attorneys-in-fact, with
power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the
undersigned's name as a director of said Company to the Form 10-
K for the fiscal year ended June 30, 2000, and all amendments
thereto, to be filed by said Company with the Securities and
Exchange Commission, Washington, D.C., and to file the same,
with all exhibits thereto and other supporting documents, with
said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all
acts necessary or incidental to the performance and execution of
the powers therein expressly granted.

          IN WITNESS WHEREOF, the undersigned has hereunto set
the undersigned's hand this   day of August, 2000.


                                   /s/ Andrew Young
                                   ANDREW YOUNG



12
Page 13

                 ARCHER-DANIELS-MIDLAND COMPANY
                  Power of Attorney of Director


          KNOW ALL MEN BY THESE PRESENTS, that the undersigned
director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware
corporation, does hereby make, constitute and appoint D. J.
SCHMALZ, S. R. MILLS and D. J. SMITH, and each or any one of
them, the undersigned's true and lawful attorneys-in-fact, with
power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the
undersigned's name as a director of said Company to the Form 10-
K for the fiscal year ended June 30, 2000, and all amendments
thereto, to be filed by said Company with the Securities and
Exchange Commission, Washington, D.C., and to file the same,
with all exhibits thereto and other supporting documents, with
said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all
acts necessary or incidental to the performance and execution of
the powers therein expressly granted.

          IN WITNESS WHEREOF, the undersigned has hereunto set
the undersigned's hand this    day of August, 2000.


                                   /s/ David J. Mimran
                                   DAVID J. MIMRAN








13

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-27
<SEQUENCE>6
<FILENAME>0006.txt
<DESCRIPTION>FINANCIAL DATA
<TEXT>

<TABLE> <S> <C>

<ARTICLE> 5
<MULTIPLIER> 1,000

<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUN-30-2000
<PERIOD-START>                             JUL-01-1999
<PERIOD-END>                               JUN-30-2000
<CASH>                                         477,226
<SECURITIES>                                   454,223
<RECEIVABLES>                                2,139,896
<ALLOWANCES>                                         0
<INVENTORY>                                  2,856,884
<CURRENT-ASSETS>                             6,162,367
<PP&E>                                      11,381,031
<DEPRECIATION>                               6,103,950
<TOTAL-ASSETS>                              14,423,100
<CURRENT-LIABILITIES>                        4,332,945
<BONDS>                                      3,277,218
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                     5,232,597
<OTHER-SE>                                     877,646
<TOTAL-LIABILITY-AND-EQUITY>                14,423,100
<SALES>                                     12,876,817
<TOTAL-REVENUES>                            12,876,817
<CGS>                                       11,657,242
<TOTAL-COSTS>                               11,657,242
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             377,404
<INCOME-PRETAX>                                353,237
<INCOME-TAX>                                    52,334
<INCOME-CONTINUING>                            300,903
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   300,903
<EPS-BASIC>                                        .47
<EPS-DILUTED>                                      .47


</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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