On July 17, 2025, President Donald Trump announced that Coca-Cola had agreed to use real cane sugar in its U.S. drinks, potentially replacing high-fructose corn syrup. This announcement caused shares of high-fructose corn syrup producers, including Archer-Daniels-Midland, to fall.
Coca-Cola, however, did not explicitly confirm the change, stating only that more details on new innovative offerings within its product range would be shared soon. The Corn Refiners Association, an industry trade group, warned that replacing high-fructose corn syrup with cane sugar could lead to thousands of American food manufacturing job losses, depress farm income, and boost imports of foreign sugar.
This potential shift in sweetener preference by a major beverage company poses a significant risk to ADM's Carbohydrate Solutions segment, which produces high-fructose corn syrup. The uncertainty surrounding Coca-Cola's actual plans and the broader implications for the industry create a challenging outlook for ADM's corn processing business.
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