Farmland Industries and Archer Daniels Midland have reached an agreement for a grain marketing partnership. Under the agreement a new company, ADM/Farmland, will lease and operate Farmland’s grain assets throughout the United States. Farmland and ADM will share profits equally.

According to ADM chairman and chief executive G. Allen Andreas, the agreement provides ADM with the opportunity to add important assets to its network of grain elevators.

"The ADM/Farmland agreement allows us to expand our system into key areas where we have not had a significant presence," says Andreas. "In
particular, we will increase our participation in wheat marketing in the Great Plains region."

"This agreement enables Farmland to make great strides toward reducing our debt," says Bob Honse, Farmland president and chief executive officer. "At the same time, ADM/Farmland brings added efficiencies, which we anticipate will result in enhanced patronage-based earnings for the grain business."