UPDATE: BMO Capital Markets Downgrades Archer Daniels Midland to Market Perform on Corn Concerns

BMO Capital Markets reduced its rating on Archer Daniels Midland ADM from Outperform to Market Perform and reduced its price target from $36 to $32. BMO Capital Markets commented, "We downgraded ADM to MARKET PERFORM from OUTPERFORM as increased concern regarding the health of the corn (and soybean) crop may have a ripple effect across ADM's value chain. Corn fundamentals have materially reversed over the last several weeks, as recent hot, dry weather during the key corn maturation period has created a risk to yields (December corn increased from $5 to $7)." Archer Daniels Midland closed at $28.39 on Friday.