<SEC-DOCUMENT>0001193125-24-159925.txt : 20250122
<SEC-HEADER>0001193125-24-159925.hdr.sgml : 20250122
<ACCEPTANCE-DATETIME>20240612160056
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-159925
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Archer-Daniels-Midland Co
		CENTRAL INDEX KEY:			0000007084
		STANDARD INDUSTRIAL CLASSIFICATION:	FATS & OILS [2070]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				410129150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		77 W. WACKER DR.
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
		BUSINESS PHONE:		312-634-8233

	MAIL ADDRESS:	
		STREET 1:		77 W. WACKER DR.
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARCHER DANIELS MIDLAND CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>CORRESP
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right"><FONT COLOR="#7f7f7f">77 West Wacker Drive</FONT></P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right"><FONT COLOR="#7f7f7f">Suite 4600</FONT></P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right"><FONT COLOR="#7f7f7f">Chicago, Illinois 60601</FONT></P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:arial" ALIGN="right"><FONT COLOR="#7f7f7f"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">312-634-8100</FONT></FONT></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:arial">June&nbsp;12, 2024 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>By EDGAR Submission </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial">Office of Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial">Washington, D.C. 20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial">Attn: Mindy Hooker and Kevin Stertzel </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:arial; " ALIGN="left"><B>Archer-Daniels-Midland Co </B></P></TD></TR></TABLE>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>&#8201;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:arial; " ALIGN="left"><B><FONT STYLE="white-space:nowrap">Form&nbsp;10-K&nbsp;for</FONT> the Year Ended December&nbsp;31, 2023
</B></P></TD></TR></TABLE>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>&#8201;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:arial; " ALIGN="left"><B>Form <FONT STYLE="white-space:nowrap">8-K</FONT> Filed March&nbsp;12, 2024 </B></P></TD></TR></TABLE>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>&#8201;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:arial; " ALIGN="left"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-00044</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial">Dear Ms.&nbsp;Hooker and Mr.&nbsp;Stertzel: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial">Archer-Daniels-Midland Company (the
&#147;<U>Company</U>&#148; or &#147;<U>we</U>&#148;) is pleased to submit the following response to the comments of the Commission Staff (&#147;Staff&#148;) as set forth in your letter to the Company dated May&nbsp;22, 2024, regarding the
Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2023 (the <FONT STYLE="white-space:nowrap">&#147;10-K&#148;),</FONT> filed on March&nbsp;12, 2024, and Form
<FONT STYLE="white-space:nowrap">8-K</FONT> filed on the same day. For convenience, each of the Staff&#146;s comments is set forth herein, followed by the Company&#146;s response in bold. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended December&nbsp;31, 2023 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><U><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures, page 42 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:arial; " ALIGN="left"><B><U>Comment:</U></B>&#8195;Please quantify the components of the adjustment &#147;asset impairment, restructuring and
net settlement contingencies&#148; and describe the nature of each material component. For each material component as well as the adjustment for &#147;railroad maintenance&#148;, please tell us your consideration of Item 10(e)(1)(ii)(B) of
Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and Question 100.01 of the SEC&#146;s Compliance&nbsp;&amp; Disclosure Interpretations on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures in determining the costs do not
represent normal, recurring operating costs. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B><U>Response:</U>&#8195;In the <FONT STYLE="white-space:nowrap">10-K,</FONT> the
Company reported &#147;Asset impairment, restructuring, and net settlement contingencies (net of taxes)&#148; on page 42 in the reconciliation of net earnings to adjusted net earnings and diluted EPS to adjusted EPS, and &#147;Asset impairment,
restructuring, and net settlement contingencies&#148; on page 43 in the reconciliation of net earnings to adjusted EBITDA. The components of these adjustments are described and quantified in the table below: </B></P>
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<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>2023</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>2022</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
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<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Description</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:arial"><B>&#8195;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"><B>In<BR>millions</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Per<BR>Share</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"><B>In<BR>millions</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Per<BR>Share</B></TD>
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<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Impairment &#150; PPE, long lived assets, exit of businesses, and recovery on assets impacted by Ukraine war (net of tax
of $43M in 2023 and $14M in 2022)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>$261</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>$0.48</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>$63</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>$0.11</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:12pt">
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Restructuring &#150; Severance (net of tax of $7M in 2023 and $8M in 2022)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>26</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>0.05</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>21</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>0.04</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:12pt">
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Settlement &#150; Contingencies for <FONT STYLE="white-space:nowrap">non-routine</FONT> matters (net of tax of $7M in
2023 and $11M in 2022)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>23</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>0.04</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>31</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>0.06</B></TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:12pt">
<TD VALIGN="bottom" ALIGN="right" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><B>Total&#8194;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>$310</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>$0.57</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>$115</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>$0.21</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>&nbsp;</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>Consistent with the guidance set forth in Question 100.01 of the SEC</B><B>&#146;</B><B>s <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations, the adjustment items in the table above were not viewed as normal, recurring, operating expenses necessary to operate our business, or indicative of underlying
business performance</B><B>. These adjustment items are discrete and separate adjustments, outside of the ordinary course of our continuing operations. </B><B>We deemed the adjustment items necessary to provide additional information about the
Company</B><B>&#146;</B><B>s operations, allowing for better evaluation of our underlying business performance and better <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">period-to-period</FONT></FONT> comparability. Presentation of
these adjustments also enables investors to view our business</B><B>&#146;</B><B> performance in the same manner as it is viewed by the Company. Further, as per Question 102.03 of the SEC</B><B>&#146;</B><B>s
<FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations, we do not describe such excluded costs as <FONT STYLE="white-space:nowrap">non-recurring,</FONT> infrequent or unusual, and, therefore, do not view any of
these adjustments as violating the prohibition in Item 10(e)(1)(ii)(B) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>On page
43 of the <FONT STYLE="white-space:nowrap">10-K,</FONT> there is an adjustment for &#147;Railroad maintenance expense.&#148; This item has been included in the reconciliation of net earnings to adjusted EBITDA because this expense is directly
associated with 45G tax credits recorded as a benefit to the &#147;Income tax expense&#148; financial statement caption. Failure to exclude this expense would not provide for a proper reconciliation of net earnings to adjusted EBITDA, as the sole
purpose of this expense was to realize the income tax credit, which by definition is excluded from EBITDA and adjusted EBITDA. As such, the adjustment for &#147;Railroad maintenance expense&#148; is consistent with the guidance in Question 100.01 of
the SEC&#146;s <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:arial; " ALIGN="left"><B><U>Comment:</U></B><B>&#8195;</B>We note your presentation of segment operating profit, adjusted segment operating
profit and segment adjusted EBITDA, which all appear to be <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures. Please tell us how you determined these measures comply with Rule 100(b) of Regulation G. We note that the measures remove
corporate overhead and other items, which appear to be </P></TD></TR></TABLE>
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normal, recurring, cash operating expenses necessary to operate your business. Refer to Question 100.01 of the SEC&#146;s <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and
Disclosure Interpretations. Please revise future filings to eliminate segment total measures or tell us how you intend to revise them to comply with Regulation G and Item 10(e) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> This comment
also applies to your earnings releases filed on Form <FONT STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B><U>Response:</U>&#8195;We respectfully note
the Staff&#146;s comment. In presenting segment operating profit, adjusted segment operating profit, adjusted EBITDA and adjusted EBITDA by segment, we noted that none of our adjustments from GAAP to arrive at these
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures were expressly prohibited by Regulation G or Item 10(e) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> While we acknowledge that some of the adjustments from GAAP to arrive at
these <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures include certain cash operating expenses, the adjustments are not for normal, recurring, cash operating expenses necessary to operate our business. These
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures provide additional information about the Company&#146;s operations, allowing for better evaluation of our underlying business performance and better <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">period-to-period</FONT></FONT> comparability. Further, as per Question 102.03 of the SEC&#146;s <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations, we do not describe such excluded
costs as <FONT STYLE="white-space:nowrap">non-recurring,</FONT> infrequent or unusual. More broadly, these measures are presented alongside GAAP measures of performance, and we note that these <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
measures are not replacements for the most directly comparable amounts reported under GAAP. In total, management is of the view that these <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures, which are used by management in managing the
business, offer investors meaningful additional insights into our operating performance. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>With respect to segment operating profit, we note
that it is presented in our financial statement footnotes, in accordance with ASC 280. In Note 17 to the Company&#146;s consolidated financial statements included in the <FONT STYLE="white-space:nowrap">10-K,</FONT> we present total segment
operating profit with a reconciliation to earnings before income taxes, in accordance with ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-30(b).</FONT></FONT></FONT> We also note the
guidance in Question 104.04 of the SEC&#146;s <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations. In future filings, in sections outside the ASC 280 required reconciliation in the footnote, we will clearly
identify segment operating profit as a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure, precede the presentation of segment operating profit with earnings before income taxes and then provide the requisite
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> reconciliation. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>Similarly, we present adjusted segment operating profit to further
illustrate the Company&#146;s performance by eliminating the effects of gains on the sale of assets and impairment, restructuring, and certain net settlement contingencies on the Company&#146;s segment operating profit. These adjustment items are
not normal, recurring, cash operating expenses necessary to operate our business and are, therefore, not misleading from the perspective of management. Management considers these adjustment items in managing our business and views them as discrete
and separate adjustments, outside of the ordinary course of our continuing operations. As such, these adjustments are <FONT STYLE="white-space:nowrap">non-routine</FONT> in the views of management and, therefore, are reasonable items for which to
adjust in arriving at adjusted segment operating profit. </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>With respect to adjusted EBITDA, we note that we present entity-wide adjusted EBITDA and adjusted
EBITDA by segment. For clarity, we do not present an aggregate &#147;segment adjusted EBITDA&#148; measure. Similar to other companies, we calculate adjusted EBITDA as earnings before interest, taxes, depreciation and amortization as further
adjusted in our case for (i)&nbsp;gains on the sale of assets, (ii)&nbsp;asset impairment, restructuring, and net settlement contingencies, (iii)&nbsp;railroad maintenance expense, and (iv)&nbsp;expenses related to acquisitions. Consistent with the
discussion above, none of these adjustments reflect normal, recurring, operating expenses necessary to operate our business. These adjustments are <FONT STYLE="white-space:nowrap">non-routine</FONT> in the views of management and, therefore, are
reasonable items for which to adjust in arriving at adjusted EBITDA. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>As it relates to the adjustment for corporate overhead, please note
that in our reconciliation of segment operating profit to earnings before income taxes in accordance with ASC 280, the reconciling item labeled &#147;Corporate&#148; includes only </B><B><I>unallocated</I></B><B> corporate overhead costs. Indeed, a
portion of our corporate overhead costs is allocated to our reportable segments and reflected in our segment measures of profitability. Unallocated corporate costs, on the other hand, represent corporate overhead expenses for the benefit of the
entire organization which are not directly attributable to or managed by individual businesses. These segment operating profit measures are prepared and presented in accordance with ASC 280, and unallocated corporate overhead is not an expense
reflected in our individual segment operating profit measures. Because unallocated corporate overhead costs are included in earnings before income taxes, our reconciliation includes a reconciling adjustment for those unallocated corporate overhead
costs, which we will label as &#147;unallocated&#148; in future filings. For purposes of illustrating segment level performance to our investors, we do not show the effect of unallocated corporate overhead on these segment performance measures.
Given our reconciliations of these measures, and the presentation of other entity-wide GAAP measures to illustrate full entity-wide performance, management is of the view that our segment measures of profitability communicate meaningful additional
information to investors, do not contain prohibited adjustments under SEC rules and are not misleading. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>In future filings, we will ensure
that we present the corresponding GAAP measures to segment operating profit (when presented outside the ASC 280 reconciliation), adjusted segment operating profit, adjusted EBITDA and adjusted EBITDA by segment with equal or greater prominence</B>.
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><U>Critical Accounting Policies and Estimates </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><U>Goodwill, page 54
</U></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:arial; " ALIGN="left"><B><U>Comment:</U></B>&#8195;Your disclosures indicate that you performed a quantitative goodwill impairment analysis on
two reporting units. Please identify for us the goodwill reporting unit beyond Animal Nutrition for which you performed the <FONT STYLE="white-space:nowrap">two-step</FONT> quantitative assessment and quantify
</P></TD></TR></TABLE>
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the amount of goodwill allocated to this reporting unit. Additionally, we note that you used both income and market approaches in determining the fair value of your reporting units. Tell us the
relative weighting used for each approach and how you determined such weighting was appropriate. Further, tell us and revise future disclosures to explain how you performed the market approach, including significant estimates and assumptions used.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B><U>Response:</U>&#8195;In addition to the Animal Nutrition reporting unit, the Company performed the <FONT
STYLE="white-space:nowrap">two-step</FONT> quantitative goodwill impairment assessment for the Starches and Sweeteners reporting unit. The carrying value of goodwill allocated to the Starches and Sweeteners reporting unit was $219&nbsp;million as of
December&nbsp;31, 2023. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>The Company used a combination of the income and market approaches when performing the quantitative assessment of
goodwill for the Animal Nutrition reporting unit. The Company weighted the income approach with a probability weight of 75%, as it is based on the future business plans and growth estimates for the Company&#146;s Animal Nutrition business and thus
considers short-term and long-term cash flow expectations for the business. The market approach was weighted less heavily at 25%, as it represents an estimate of fair value based on market guideline companies for which future growth expectations are
not precisely known. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>The income approach is predicated upon the value of the estimated future cash flows that a business will generate
going forward. The Company used the Discounted Cash Flow (DCF) method under the income approach for the analysis of Animal Nutrition. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>The
market approach assumes that companies operating in the same industry will share similar characteristics and that values will correlate to those characteristics. Therefore, under the market approach, a comparison of the reporting unit to similar
companies whose financial information is publicly available may provide a reasonable basis to estimate the fair value of the reporting unit. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>The two forms of the market approach most commonly applied are the Guideline Public Company (GPC) method and the Guideline Merged and Acquired
Company (GMAC) method. The Company utilized the GPC method to estimate the fair value of the Animal Nutrition reporting unit under the market approach. The GMAC method was also considered, but ultimately was not relied upon due to the lack of recent
transactions that were directly comparable. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>The GPC method provides indications of value based upon the development of valuation multiples
of various financial or operational measures calculated using stock prices of publicly traded guideline companies to develop Business Enterprise Value (BEV) multiples. The Company selected guideline public companies to use based on several factors,
such as industry classification, geographic region, the specific products and services offered, and customers served. Additionally, quantitative factors such as size, growth, and profitability of the guideline public companies were considered
relative to Animal Nutrition. After the </B></P>
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guideline public companies were selected, valuation multiples were calculated using information from S&amp;P Capital IQ database as of the valuation date. In the selection of the appropriate
market multiples, the Company considered the performance of the business, the size, risks, opportunities, and a comparison of the margins and growth of the Animal Nutrition business compared to the guideline public companies. Based on this analysis,
the selected fiscal year 2023 and fiscal year 2024 EBITDA multiples were applied to the corresponding financial metrics for Animal Nutrition and were equally weighted to determine the BEV for Animal Nutrition. The estimated fair value calculated by
the GPC method was within 5% of the estimated fair value calculated by the income approach. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>The Company acknowledges the Staff&#146;s
comments and in future filings will enhance disclosures, as requested, to explain how we performed the market approach, including significant estimates and assumptions used. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><U>Notes to the Consolidated Financial Statements </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><U>Note 17, Segment and
Geographical Information, page 106 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:arial; " ALIGN="left"><B><U>Comment:</U></B>&#8195;We note you have disclosed a correction of certain segment-specific historical financial
information. It appears that you are classifying the errors as a revision rather than a restatement. Please explain to us how you determined your disclosure relating to this error is appropriate. As part of your response, address both quantitative
and qualitative factors and tell us how your treatment complies with <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ASC-250-10-50-7.</FONT></FONT></FONT></FONT> As
part of your response, provide us with your materiality analysis prepared in accordance with SAB Topic 1:M and 1:N. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B><U>Response:</U>&#8195;As disclosed in Note 17 to the Company&#146;s consolidated financial statements included in its <FONT
STYLE="white-space:nowrap">10-K,</FONT> in connection with the Investigation (as defined in the <FONT STYLE="white-space:nowrap">10-K),</FONT> &#147;the Company identified certain intersegment sales for the years ended December&nbsp;31, 2021 through
2023 that occurred between the Company&#146;s Nutrition segment and the Company&#146;s Ag Services and Oilseeds and Carbohydrate Solutions segments that were not recorded at amounts approximating market.&#148; Separately, as disclosed, &#147;the
Company determined that a portion of the originally reported gross revenues and intersegment revenues of each of the Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition segments included certain intrasegment revenues (resulting from
sales within the segment), and should have included exclusively intersegment revenues (resulting from sales from one segment to the other).&#148; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>As explained further below, the Company concluded that these were immaterial disclosure errors, and the retrospective correction thereof in the <FONT
STYLE="white-space:nowrap">10-K</FONT> was viewed as a voluntary revision of an immaterial disclosure error. </B></P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ASC-250-10-50-7</FONT>
</FONT></FONT></FONT> provides as follows: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:20%; font-size:12pt; font-family:Times New Roman"><B><I>When financial statements are restated to correct an error, the entity shall
disclose that its previously issued financial statements have been restated, along with a description of the nature of the error. The entity also shall disclose both of the following: </I></B></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>a.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><I>The effect of the correction on each financial statement line item and any
<FONT STYLE="white-space:nowrap">per-share</FONT> amounts affected for each prior period presented </I></B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>b.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><I>The cumulative effect of the change on retained earnings or other appropriate components of equity or net
assets in the statement of financial position, as of the beginning of the earliest period presented. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>In Note 17 to
the Company&#146;s consolidated financial statements included in the <FONT STYLE="white-space:nowrap">10-K,</FONT> the Company disclosed that &#147;[t]he correction of these immaterial errors does not have any impact on the Company&#146;s previously
reported Consolidated Statements of Earnings, Consolidated Statements of Comprehensive Income (Loss), Consolidated Balance Sheets, Consolidated Statements of Cash Flows, or Consolidated Statements of Shareholders&#146; Equity for any of the periods
presented below.&#148; As such, the identified errors had no effect on <FONT STYLE="white-space:nowrap">per-share</FONT> amounts, retained earnings or other appropriate components of equity or net assets, meaning that there was nothing to disclose
with respect to these items. We considered the fact that ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">250-10-50-7</FONT></FONT></FONT> does not expressly apply because the identified errors
were determined to be immaterial, and ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">105-10-05-6</FONT></FONT></FONT> provides that &#147;[t]he provisions of the Codification need not be
applied to immaterial items.&#148; Nevertheless, to illustrate the effects of the identified errors on the affected segments, Note 17 to the Company&#146;s consolidated financial statements included in the
<FONT STYLE="white-space:nowrap">10-K</FONT> set forth the following, in each case, for each of the years ended December&nbsp;31, 2023, 2022, and 2021: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>(i)</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:arial; " ALIGN="left"><B>gross revenues, intersegment revenues and segment operating profit, as originally reported, adjustments to each as a
result of the corrections, and revised gross revenues, intersegment revenues, and segment operating profit amounts for the Ag Services and Oilseeds segment; </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="20%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>(ii)</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:arial; " ALIGN="left"><B>gross revenues, intersegment revenues and segment operating profit, as originally reported, adjustments to each as a
result of the corrections, and revised gross revenues, intersegment revenues, and segment operating profit amounts for the Carbohydrate Solutions segment; and </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="20%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>(iii)</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:arial; " ALIGN="left"><B>gross revenues, intersegment revenues and segment operating profit, as originally reported, adjustments as a result of
the corrections, and revised gross revenues, intersegment revenues and segment operating profit amounts for the Nutrition segment. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>The Company considered the quantitative and qualitative materiality of the identified errors in determining the applicable ASC requirements and
voluntary disclosures as documented more fully in a materiality analysis prepared in accordance with SAB Topic 1:M and 1:N. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>The Company
respectfully advises the Staff that in response to the request for the Company&#146;s materiality analysis prepared in accordance with SAB Topic 1:M and 1:N, the requested </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>
document will be provided directly to the Staff by Faegre Drinker Biddle&nbsp;&amp; Reath LLP (&#147;Faegre&#148;) under separate cover on a confidential and supplemental basis pursuant to <FONT
STYLE="white-space:nowrap">Rule&nbsp;12b-4</FONT> under the Securities Exchange Act of 1934, as amended <FONT STYLE="white-space:nowrap">(&#147;Rule&nbsp;12b-4&#148;).</FONT> In accordance with
<FONT STYLE="white-space:nowrap">Rule&nbsp;12b-4,</FONT> such materials are being provided together with a request that these materials be destroyed promptly following completion of the Staff&#146;s review thereof. Such materials are not, and will
not be, filed with or deemed to be part of the Company&#146;s <FONT STYLE="white-space:nowrap">Form&nbsp;10-K,</FONT> including any amendments thereto. Under separate cover, request for confidential treatment of these materials pursuant to the
provisions of 17 C.F.R. &#167;200.83 will be made by Faegre. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:arial; " ALIGN="left"><B><U>Comment:</U></B>&#8195;We note your inventory accounting policy disclosure which states that certain merchandisable
agricultural commodities inventories, including inventories acquired under deferred pricing contracts, are stated as market value. We further note from your segment disclosures, that intersegment sales have been recorded at &#147;amounts
approximating market&#148;. Please explain why your intersegment sales differ from market value and how you determine such values. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B><U>Response:</U>&#8195;As disclosed in Note 17 to the Company&#146;s consolidated financial statements included in the <FONT
STYLE="white-space:nowrap">10-K,</FONT> &#147;Intersegment sales have been recorded using principles consistent with ASC 606, </B><B><I>Revenue from Contracts with Customers</I></B><B>.&#148; Note 17 also disclosed that the Company identified and
corrected certain intersegment sales that were not recorded at amounts approximating market. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>Under ASC 606, entities are required to
allocate the transaction price to each performance obligation on a relative standalone selling price basis. ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-32-32</FONT></FONT></FONT>
provides that the &#147;standalone selling price is the price at which an entity would sell a promised good or service separately to a customer.&#148; ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">606-10-32-32</FONT></FONT></FONT> to <FONT STYLE="white-space:nowrap">-34</FONT> acknowledge that while the observable price of a good or service is the &#147;best evidence of a standalone selling price,&#148; a standalone
selling price is not always readily observable. Where a standalone selling price is not readily observable, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ASC&nbsp;606-10-32-33</FONT></FONT></FONT>
provides that an entity shall consider all information reasonably available to the entity to estimate the standalone selling price, including market conditions, entity-specific factors, and information about the customer or class of customer. ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-32-34</FONT></FONT></FONT> offers suitable methods for estimating standalone selling prices, including the adjusted market assessment approach, the
expected cost plus a margin approach, and the residual approach. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>The Company&#146;s intersegment sales involve a number of products, not
all of which have market prices (standalone selling prices) that are readily observable. For each product, the Company applies the guidance within the meaning of Topic ASC 606 to allocate the selling price based on the availability of standalone
selling prices for such product. For instance, merchandisable agricultural commodities are freely traded and have quoted market prices, and may be sold without significant additional processing. As such, intersegment prices of merchandisable
agricultural commodities are based on observable market prices. As this comment notes, the Company also uses observable market data to state the fair value of </B></P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B>
certain merchandisable agricultural commodities inventories, which is based on the separate guidance set forth in ASC&nbsp;820, </B><B><I>Fair Value Measurement</I></B><B>. By contrast, certain
processed products sold on an intersegment basis generally are not freely traded and lack observable market prices. When available, the intersegment pricing for processed products is based on readily observable prices sold to the Company&#146;s
third-party customers because that is the &#147;best evidence&#148; under ASC 606. However, for processed products where a standalone selling price is not readily observable, the Company estimates standalone selling prices using the other suitable
methods under ASC 606 as described above. As a result and in recognition of the range of products sold on an intersegment basis, some of which do not have observable market prices, the Company recorded intersegment sales using principles consistent
with ASC&nbsp;606. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><U>Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed March&nbsp;12, 2024 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><U>Exhibit 99.1, page 1 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:arial; " ALIGN="left"><B><U>Comment:</U></B>&#8195;Your Full-Year 2023 Highlights discloses segment operating profit, adjusted segment
operating profit and trailing four-quarter average adjusted return on invested capital which are all <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures. Please disclose the most directly comparable GAAP measure with equal or greater
prominence, whenever you present a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure. Refer to Item 10(e)(1)(i)(A) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:arial"><B><U>Response:</U>&#8195;The Company acknowledges the Staff&#146;s comments and will modify future filings as necessary in accordance with this
comment. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial">We trust that this letter responds adequately to the Staff&#146;s concerns. If we can facilitate the Staff&#146;s review of this response, or if the
Staff has any questions on any of the information set forth herein, please do not hesitate to contact me at <FONT STYLE="white-space:nowrap">217/451-3144</FONT> or Molly.StraderFruit@adm.com. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial">Sincerely, </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><U>/s/ Molly Strader Fruit </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial">Molly Strader Fruit </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial">Vice President </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial">Corporate Controller </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
