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Archer Daniels Midland Company

4666 Faries Parkway

Decatur, Il 62526

News Release

FOR IMMEDIATE RELEASE

January 28, 2005

ARCHER DANIELS MIDLAND REPORTS SECOND QUARTER RESULTS

Decatur, IL — January 28, 2005 — Archer Daniels Midland (NYSE: ADM)

►	Net earnings for the quarter ended December 31, 2004 increased 42% to $ 314 million - $ .48 per share from $ 221 million - $ .34 per share last year.

Net earnings for the quarter ended December 31, 2004 includes a gain of $ 45 million, $ .07 per share, representing the Company’s equity share of the gain reported by its unconsolidated affiliate, Compagnie Industrielle et Financiere des Produits Amylces SA (“CIP”), upon the sale of its interest in Tate & Lyle.

►	Second quarter segment operating profit decreased 2% to $ 485 million from $ 495 million last year.

w	Oilseeds Processing earnings decreased as improved processing margins in Europe and Asia were offset by a reduction in North and South American operating results.

w	Corn Processing earnings decreased due principally to higher net corn and energy costs compared to last year. While still higher than a year ago, net corn costs in fiscal 2005 continue to decline from the peak reached in the fourth quarter of fiscal 2004.

w	Agricultural Services earnings declined as improved North American origination and transportation results were offset by a decline from the prior year’s strong global grain merchandising results.

w	Other segment operating earnings increased primarily from improved Financial earnings.

► Financial Highlights

(Amounts in thousands, except per share data and percentages)

	THREE MONTHS ENDED					THREE MONTHS ENDED
		12/31/04		12/31/03	% CHANGE		12/31/04		12/31/03	% CHANGE
Net sales and other operating income	$	9,063,526	$	9,188,504	-1%	$	18,035,937	$	17,156,406	5%
Segment operating profit	$	484,685	$	495,111	-2%	$	823,357	$	791,686	4%
Net earnings	$	313,509	$	220,821	42%	$	579,806	$	371,002	56%
Earnings per share	$	0.48	$	0.34	41%	$	0.89	$	0.57	56%
Average number of shares outstanding		654,985		646,845	1%		653,652		645,992	1%

“ADM closed the first half of fiscal year 2005 with record quarterly earnings. The results for the quarter were generated with balanced contributions from our diverse operating segments. Management continues to adapt its strategies to meet the demands of a dynamic agribusiness environment.”

G. Allen Andreas, Chairman and Chief Executive

Archer Daniels Midland

Page 2

Discussion of Operations

Net earnings for the quarter ended December 31, 2004 were $ 314 million, or $ .48 per share, compared to $ 221 million, or $ .34 per share, last year. Net earnings for the six months ended December 31, 2004 were $ 580 million, or $ .89 per share, compared to $ 371 million, or $ .57 per share, last year. This year’s results for the quarter and six months ended December 31, 2004 include an after-tax gain of $ 45 million, or $ .07 per share, representing the Company’s equity share of the gain reported by its unconsolidated affiliate, CIP, upon the sale of its interest in Tate & Lyle. Last year’s results for the quarter and six months included an asset abandonment charge of $ 29 million ($ 18 million after tax, equal to $ .03 per share).

Segment Operating profit declined $ 10 million to $ 485 million for the quarter but increased $ 32 million to $ 823 million for the six months.

Oilseed Processing operating profit for the quarter of $ 119 million declined slightly from $ 121 million last year as improved operating results in Europe and Asia were offset by decreased operating results in our North and South American operations. For the six months, Oilseed Processing operating profit increased to $ 210 million from $ 189 million last year as improved European operating results were partially offset by a decline in North American, South American and Asian operating earnings.

Corn Processing operating profit declined $ 40 million to $ 132 million for the quarter and declined $ 44 million to $ 235 million for the six months due principally to higher net corn and energy costs as compared to last year. However, as net corn costs in fiscal 2005 continue to decline, second quarter Corn Processing operating profits increased 28% over first quarter levels. Sweetener and Starches earnings declined $ 31 million to $ 45 million for the quarter and declined $65 million to $ 100 million for the six months due principally to higher net corn and energy costs. For the quarter, Bioproducts operating profits declined $ 9 million to $ 87 million as the effect of higher net corn and energy costs, lower ethanol sales volumes and lower lysine selling prices more than offset the positive impact of higher ethan ol selling prices. For the six months, Bioproducts operating profits increased $ 21 million to $ 135 million due principally to higher ethanol selling prices.

Agricultural Services operating profit decreased $ 18 million to $ 88 million for the quarter and decreased $ 10 million to $ 139 million for the six months as improvements in North American origination and transportation operating results were more than offset by a decline from the prior year’s strong global grain merchandising results.

Other segment operating profit increased to $ 146 million from $ 96 million for the quarter and increased to $ 239 million from $ 174 million for the six months due principally to improved Financial operating results. Food and Feed Ingredient earnings of $ 71 million for the quarter were comparable to last year. Earnings of Food and Feed Ingredients increased to $ 160 million for the six months due principally to improved operating results of our Cocoa operations and improved earnings of GRUMA. Financial operations increased to $ 75 million for the quarter and $ 79 million for the six months primarily due to improved results of our private equity fund investments and captive insurance operations.

Corporate improved by $ 145 million for the quarter and $ 271 million for the six months primarily due to the Company’s $45 million equity share of the gain reported by CIP upon the sale of its Tate & Lyle interest in this year’s second quarter and the positive impact of $ 72 million for the quarter and $ 196 million for the six months from the effect of declining commodity prices on LIFO inventory valuations. In addition, last year’s quarter and six months included an abandonment charge of $ 14 million.

Archer Daniels Midland

Page 3

Conference Call Information

Archer Daniels Midland will host a conference call and audio Web cast at 10:00 a.m. Central Standard Time on Friday, January 28, 2005 to discuss financial results and provide a Company update. To listen by phone, dial 888-639-3004 or 706-679-8315, no access code is required. Digital replay of the call will be available for10 days beginning on January 28, 2005 approximately 2 hours after the call and ending on February 6, 2005 at 10:59 p.m. CST. To access this replay, dial 800-642-1687 or 706-645-9291 and enter access code: 3063288. To listen to a live broadcast via the Internet go to: http://www.admworld.com/webcast/. A replay of the Web cast will be available for 10 days on the ADM World Web site.

Archer Daniels Midland Company (ADM) is a world leader in agricultural processing. ADM is one of the world's largest processors of soybeans, corn, wheat and cocoa. ADM is also a leader in the production of soy meal and oil, ethanol, corn sweeteners and flour. In addition, ADM produces value-added food and feed ingredients. Headquartered in Decatur, Illinois, ADM has over 26,000 employees, more than 250 processing plants and net sales for the fiscal year ended June 30, 2004 of $36.2 billion. Additional information can be found on ADM's Web site at http://www.admworld.com.

###

Contacts:
Brian Peterson	Dwight Grimestad
Senior Vice President - Corporate Affairs	Vice President - Investor Relations
217/424-5413	217/424-4586

(Financial Tables Follow)

January 28, 2005

ARCHER DANIELS MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited)

	Three months ended						Six months ended
	December 31,						December 31,
		2004			2003			2004			2003
	(in thousands, except per share amounts)

Net sales and other operating income	$	9,063,526		$	9,188,504		$	18,035,937		$	17,156,406
Cost of products sold		8,394,818			8,584,210			16,703,797			16,098,358
Gross profit		668,708			604,294			1,332,140			1,058,048
Selling, general and administrative expenses		269,741			265,641			521,250			497,437
Other (income) expense - net		(55,395	)		18,624			(29,409	)		22,928
Earnings before income taxes		454,362			320,029			840,299			537,683
Income taxes		140,853			99,208			260,493			166,681
Net earnings	$	313,509		$	220,821		$	579,806		$	371,002
Basic and diluted earnings per common share	$	0.48		$	0.34		$	0.89		$	0.57
Average number of shares outstanding		654,985			646,845			653,652			645,992

Other (income) expense - net consists of:
Interest expense	$	82,561		$	89,949		$	161,610		$	172,993
Investment income		(24,621	)		(25,448	)		(55,456	)		(53,749	)
Net (gain) loss on marketable securities transactions		566			72			559			(1,020	)
Equity in (earnings) losses of unconsolidated affiliates		(115,905	)		(53,355	)		(136,798	)		(96,649	)
Other - net		2,004			7,406			676			1,353
	$	(55,395	)	$	18,624		$	(29,409	)	$	22,928

Operating profit by segment is as follows:
Oilseeds Processing	$	118,782		$	120,883		$	210,055		$	188,713
Corn Processing
Sweeteners and Starches		44,758			75,812			99,638			164,672
Bioproducts		87,250			96,295			135,443			114,732
Total Corn Processing		132,008			172,107			235,081			279,404
Agricultural Services ²		87,863			106,335			139,135			149,184
Other
Food and Feed Ingredients ²		70,808			72,569			160,047			132,567
Financial		75,224			23,217			79,039			41,818
Total Other ²		146,032			95,786			239,086			174,385
Total segment operating profit		484,685			495,111			823,357			791,686
Corporate ¹ ² ³		(30,323	)		(175,082	)		16,942			(254,003	)
Earnings before income taxes	$	454,362		$	320,029		$	840,299		$	537,683

¹	Fiscal 2005 second quarter and six months results include a $ 45 million gain representing the Company’s equity share of the gain reported by its unconsolidated affiliate, CIP, upon the sale of its interest in Tate & Lyle.

²	Fiscal 2004 second quarter and six months results include a charge for the abandonment and write down of long-lived assets of: Agricultural Services ($ 5 million), Other ($ 10 million), and Corporate ($ 14 million).

³	Includes LIFO income of $ 19 million for the quarter and $ 135 million for the six months ended December 31, 2004. Includes LIFO charge of $ 53 million for the quarter and $ 61 million for the six months ended December 31, 2003.

January 28, 2005

ARCHER DANIELS MIDLAND COMPANY

SUMMARY OF FINANCIAL CONDITION

(unaudited)

		December 31, 2004			June 30, 2004
	(in thousands)
NET INVESTMENT IN
Working capital	$	5,102,225		$	5,520,066
Property, plant and equipment		5,272,295			5,254,738
Investments in and advances to affiliates		1,981,633			1,832,619
Long-term marketable securities		1,237,549			1,161,388
Other non-current assets		799,753			781,080
	$	14,393,455		$	14,549,891
FINANCED BY
Short-term debt	$	732,678		$	1,770,512
Long-term debt, including current maturites		3,774,597			3,900,670
Deferred liabilities		1,355,484			1,180,493
Shareholders' equity		8,530,696			7,698,216
	$	14,393,455		$	14,549,891

SUMMARY OF CASH FLOWS
(unaudited)	Six Months Ended
	December 31,
		2004			2003
	(in thousands)
Operating activities
Net earnings	$	579,806		$	371,002
Depreciation		337,086			340,878
Asset abandonments		1,896			29,268
Other - net		82,737			(24,806	)
Changes in operating assets and liabilities		341,357			(1,192,448	)
Total Operating Activities		1,342,882			(476,106	)
Investing Activities
Purchases of property, plant and equipment		(284,286	)		(250,697	)
Net assets of businesses acquired		(6,797	)		(53,616	)
Other investing activities		41,440			(169,776	)
Total Investing Activities		(249,643	)		(474,089	)
Financing Activities
Long-term borrowings		8,547			2,646
Long-term debt payments		(155,988	)		(20,504	)
Net borrowings (payments) under lines of credit		(1,070,423	)		811,612
Purchases of treasury stock		(45	)		(3,980	)
Cash dividends		(98,175	)		(77,799	)
Proceeds from exercises of stock options		16,957			10,386
Total Financing Activities		(1,299,127	)		722,361
Decrease in cash and cash equivalents		(205,888	)		(227,834	)
Cash and cash equivalents beginning of period		540,207			764,959
Cash and cash equivalents end of period	$	334,319		$	537,125

Delaware	1-44	41-0129150
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

4666 Faries Parkway Decatur, Illinois		62526
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (217) 424-5200

Item 9.01	Financial Statements and Exhibits.

(c) Exhibits	The following exhibit is furnished herewith:

99.1	Press release dated January 28, 2005 announcing second quarter results.

Date: January 28, 2005	By	/s/ David J. Smith
		David J. Smith Executive Vice President, Secretary and General Counsel

	Exhibit	Description
	99.1	Press Release dated January 28, 2005

Item 2.02	Results of Operations and Financial Condition.

	On January 28, 2005, Archer-Daniels-Midland Company (ADM) issued a press release announcing second quarter results. A copy of such press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.