ADM to enter Cuban market

Agribusiness giant Archer Daniels Midland Co. plans to take a large share of the lucrative rice market in Cuba, ADM Senior Vice-President Marty Andreas told Reuters on Oct. 27. Before the 1962 U.S. trade sanction, Cuba was the top customer for U.S. rice. ADM is also exploring opportunities in other sectors, the company said. On Oct. 28, U.S. President Bill Clinton signed legislation allowing sales of U.S. food and medicine to Cuba easing the trade embargo the United States imposed when the Cuba nationalized US-owned companies and accepted Soviet aid. Under the eased embargo, U.S. financing of sales to Cuba is still prohibited. ADM ventured into the rice business early this year. In July it sold 15,000 metric tons of rice to Iraq under the United Nations' oil-for-food program. ADM is also exploring business opportunities in vegetable oils, soybean protein, and vitamins in Cuba, the company stated.