No. 1 U.S. grain processor Archer Daniels Midland Co. (ADM) ADM.N , said on Monday that strong ethanol sales and better oilseed crushing margins helped boost fiscal first-quarter earnings 20 percent from a year earlier, topping Wall Street estimates. 
ADM rival Bunge Ltd. BG.N also reported on Monday, saying third-quarter earnings more than tripled, mainly on strong soybean processing profits. Last week, another competitor, privately held Cargill Inc., reported a sharp earnings jump. 
ADM, the top U.S. ethanol producer, reported net earnings of $131.6 million, or 20 cents a share, for the period ended Sept. 30, compared with $109.4 million, or 17 cents, a year ago. The results beat analysts' estimates, which ranged from 10 cents to 17 cents a share with a consensus at 13 cents, according to research firm Thomson Financial/First Call. 
ADM's net sales and other operating income for the quarter rose to $5.5 billion from $4.63 billion a year ago. 
"ADM's long-term picture continues to be positive, with improving market supply conditions, stronger industry positions, and a growing ability to participate effectively in a broader range of global food markets," Chairman and Chief Executive G. Allen Andreas said in a statement. 
Virtually every unit showed year-over-year improvement with earnings from operations rising to $221 million from $114.6 million a year ago, mainly on oilseed crushing and ethanol. 
Cost reductions and facilities consolidation in the past two years has improved operating results, the company said. Bioproducts, protein specialties and agricultural services also showed marked improvement from a year ago, ADM said. 
Market demand for soybean meal has risen, and ethanol's continuing replacement for methyl tertiary butyl ether, or MTBE, as a fuel additive also has increased profits, ADM said. 
First-quarter results included 3 cents a share loss from private equity fund investments, compared to last year's 1 cent a share loss on those investments. ADM also reported a 5 cents a share gain from marketable securities transactions, compared with a 2 cents a share loss a year ago. 
ADM shares rose 91 cents, or 7.45 percent, to $13.14 Monday on the New York Stock Exchange. The shares have declined 8 percent since the start of the year.