Patricia Woertz Douglas Schmalz John Rice Brian Peterson Dwight Grimestad Chairman, CEO SVP and CFO EVP, Global Marketing SVP, Corporate Affairs VP, Investor Relations

and President and Risk Management

Third Quarter FY2007Earnings Conference CallArcher Daniels Midland Company

2

Safe Harbor StatementThird Quarter FY2007

Some of our comments constitute forward-looking statements that reflect management’s current views and estimates of future economic circumstances, industry conditions, company performance and financial results.

The statements are based on many assumptions and factors, including availability and prices of raw materials, market conditions, operating efficiencies, access to capital and actions of governments. Any changes in such assumptions or factors could produce significantly different results. To the extent permitted under applicable law, the Company assumes no obligation to update any forward-looking statements as a result of new information or future events.

3

Table of ContentsThird Quarter FY2007

Financial Earnings Highlights Page 4

Earnings Summary Page 5

Target Performance Objectives Page 6

Operating Profit by Segment Page 7-12

Summary of Financial Condition Page 13

Capital Projects Update Page 14

Cash Flow Highlights Page 15

Q&A Page 16

Upcoming Events Page 17

Appendix Page 18-21

4

Financial Earnings HighlightsThird Quarter FY2007

--53Gain on sale of Arkady food ingredient business

Third Quarter

% ChangeFY06FY07

.56

$ 363

34.8%

49

294

746

$ 11,381

18%29.4%Effective tax rate

6%.53Diluted earnings per share

4%$ 348Net earnings

17%42Financing cost – net

-1%297Selling, general and administrative expenses

-3%771Gross profit

25%$ 9,123Net sales and other operating income

(Amounts in millions, except for per share data and percentages)

5

$0

$500

Earnings Summary Third Quarter FY2007

(After tax amounts in millions, except for per share amounts)

Net Earnings Excluding

Unusual Items

Gains on securities

transactions

LIFOCharge

Net Earnings as Reported

$.51 per share

$.56 per share

($9) $14

FY07

FY06

$363 $335

Gain on Sale Arkady Food Ingredients

($33)

$0

$500

$.54 per share

$.53 per share

($4) $3$348 $354$7

Gains on securities

transactions

Abandonment Charge

Plant Closing Costs

Net Earnings Excluding

Unusual Items

Net Earnings as Reported

6

Target Performance Objectives

$108.20Less than $110 per metric ton

Cost Per Metric Ton

• See appendix for calculation

13.7%13%Return on Net Assets (RONA)

• Exceeds ADM’s approximate 8% cost of capital

• Equals adjusted earnings ÷net assets

• See appendix for calculation

ActualObjectiveMetric

7

Operating Profit by SegmentThird Quarter FY2007

13%-35%

8%76%

-15%185%

-49%15%18%12%

-5%% Change

Third QuarterFY06FY07

$ 556 (37)

593132

3597

40252125127

$ 169

75

219

$ 493 Profit Before Income Taxes(57)Corporate

550Total Segment Operating Profit

41Financial34Food, Feed and Industrial

Other79Agricultural Services

106Bioproducts113Sweeteners and Starches

Corn Processing$ 177Oilseeds Processing

(Amounts in millions, except for percentages)

8

Oilseeds Processing Operating Profit AnalysisThird Quarter FY2007

$0

$200

FY06Operating

Profit

Margin OperatingCosts

EquityEarnings of

Affiliates

AbandonmentCharge

FY07Operating

Profit

$14

$177$169

(Amounts in millions)

($32)$6 $4

9

$0

$300

FY06Operating

Profit

Margin OperatingCosts

EquityEarnings of

Affiliates

Gain on Saleof Abandoned

Assets FY06

FY07Operating

Profit

($8)

Corn Processing Operating Profit AnalysisThird Quarter FY2007

$219 $1

$30 $10 $252

(Amounts in millions)

10

$0

$125

$6

Agricultural Services Operating Profit AnalysisThird Quarter FY2007

$79 ($1) ($39)

($17) $40

(Amounts in millions)

FY06 Operating

Profit

FY07 Operating

Profit

Insurance Recovery

Equity Earnings of

Affiliates

Operating Costs

Global Merchandising and Handling

Transportation

$12

11

$0

$150

Other Operating Profit AnalysisThird Quarter FY2007

3

$75 $2$10 ($20)

$132

(Amounts in millions)

FY06 Operating

Profit

FY07 Operating

Profit

Sale of Arkady Food

Ingredients

Equity Earnings of

Affiliates

Operating Costs

Financial Margin

Food and Feed Ingredient

Margin

$53

Other

$9

12

CorporateThird Quarter FY2007

-$100

$50

($57)

$28 ($24)$7

($37)

FY06 Investment Income

LIFO Security Gains

Other FY07

$9

(Amounts in millions)

13

Summary of Financial Condition Third Quarter FY2007

IncJun 30Mar 31

8729,80710,679Equity$ 2,531$ 15,733$ 18,264

$ 2,531$ 15,733$ 18,264

(Dec)20062007

1,2135,229

$ 1,143

1,0591,1752,0515,823

$ 8,156

(34)1,247Deferred liabilities

651,110Long-term marketable securities

1,0994,130Long-term debt$ 594$ 549Short-term debt

FINANCED BY

51,054Other non-current assets

661,985Investments in affiliates5305,293Property, plant and equipment

$ 1,865$ 6,291Working capitalINVESTED CAPITAL

(Amounts in millions)

14

October 08

Capital Projects UpdateThird Quarter FY2007

Decatur, Illinois Propylene/Ethylene Glycol Plant

Mexico, Missouri JV Biodiesel Plant

Jan 09Jan 08Jan 07

Columbus, Nebraska Co-Generation Plant

Clinton, Iowa PHA Plant

Columbus, Nebraska Ethanol Plant

Hazelton, Pennsylvania Cocoa Plant

Clinton, Iowa Co-Generation Plant

Rondonopolis, Brazil Biodiesel Plant

Velva, North Dakota Biodiesel Plant

Scheduled Completion DateLocation / Project

(Cedar Rapids, Iowa Ethanol Plant - Permitting in process)

July 07

August 07

October 07

March 08

November 08

December 08

December 08

Dec 06

October 08

Jan 09

Completion Date Phase I

15

Cash Flow HighlightsThird Quarter FY2007

-(533)Share repurchase

(145)(83)Marketable securities

518521Depreciation

(165)35Pension and postretirement accruals (contributions), net(94)9Deferred taxes

Investing activities(533)(844)Purchases of property, plant and equipment(169)(92)Business acquisitions

(37)69Other(884)(950)

Financing Activities

38076818(96)Other

(177)(207)Dividends197570ST debt – net borrowings (payments)3421,034LT debt – net borrowings (payments)

900(34)

Nine MonthsFY06FY07

$ (216)

(40)(1,766)

$ 1,207

(10)Other

$ 396Increase (decrease) in cash

(251)Changes in working capital

$ 902Net earningsOperations

(Amounts in millions)

Q&A

16

17

Upcoming Events

• BMO Capital Markets Agriculture & Protein Conference May 17

• Deutsche Bank Global Consumer & Food Retail Conference June 12

• Farm Progress Presentation August 28

• Prudential Equity Back to School Conference September 5

Appendix

18

19

Net AssetsThird Quarter FY 2007

(Amounts in millions)

$ 13,577

(1,213)(2,215)(4,872)5,823

739320

2,051536

6,603$ 5,805

3/31/07Quarter Ended

$ 12,444$ 13,335$ 11,822$ 11,043NET ASSETS

737757720732Other Assets5,5485,6985,3795,293PP&E

Average12/31/069/30/066/30/06

(1,253)(1,499)(4,115)

3222,062

4295,004

$ 4,775

(1,247)(1,521)(4,014)

3221,986

3444,678

$ 4,471

2,0201,980Investment in Affiliate

(1,248)(1,279)Deferred Liabilities(1,808)(1,995)Accrued Expenses(4,544)(5,175)Accounts Payable

321320Goodwill

518763Prepaid Expense5,6426,287Inventories

$ 5,257$ 5,979Receivables

20

Adjusted EarningsThird Quarter FY 2007

(Amounts in millions)

$ 385

221436

(13)

115(66)

$ 363

3/31/07

12 months EndedQuarter Ended

$ 1,703$ 465$ 423$ 430ADJUSTED EARNINGS

139393232Total Adjustments53151212Tax on Adjustments

3/31/0712/31/069/30/066/30/06

20

(4)

97(61)

$ 403

20

(12)

102(58)

$ 410

425111Interest Expense

8624Net adjustment

(36)(7)Net (Gain) Loss on Marketable Securities Transactions

(250)(65)Investment IncomeAdjustments

$ 1,617$ 441Net Earnings

21

Cost Per Metric TonNine Months FY 2007

$ 85.83Manufacturing22.37SG&A

Total Cost (in 000s)$ 3,461,000Manufacturing

902,000SG&A$ 4,363,000Total Cost

$ 108.20

40,323

Cost Per Metric Ton Produced

Production Volume (000s Metric Tons)