Archer-Daniels-Midland (ADM) is on track to record $200 million to $300 million in cost savings this year, Reuters reported Wednesday, citing a speech by the company's CEO, Juan Luciano.

"From a capital allocation perspective, we continue to focus on aligning our capital to productivity efforts or cost reductions efforts or internal innovation," Luciano said, according to the report.

Luciano added that Archer-Daniels-Midland has major improvements planned in its nutrition and commodity businesses, Reuters said.

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