On August 11, Archer-Daniels Midland rose 5.04% in regular trading, trading at $80.46/share, with turnover of $140 million. The stock continues to rally following a strong Q2 earnings report released on August 4 that significantly exceeded market expectations.

ADM reported Q2 adjusted EPS of $1.84, crushing the consensus estimate of $1.44, with profits surging 75% year-over-year driven primarily by booming biofuels demand and strengthening oilseed crush margins. The company simultaneously raised its full-year adjusted EPS guidance to a range of $5.15-$5.60, far above the FactSet consensus of $4.82. Additionally, CFO Monish Patolawala disclosed that the company is evaluating restarting its opportunistic share buyback program later this year. Barclays subsequently raised its price target from $85 to $90, while multiple analysts increased their forecasts following the results. The company also recently announced plans to invest in four US facilities to expand oilseed crush capacity by approximately 700,000 metric tons annually, further capitalizing on the biofuels tailwind.

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