Shares in Archer Daniels Midland jumped 6% to their highest for more than a year after the oilseed processor and grain handler reported earnings way ahead of Wall Street estimates and highlighted "improving" demand.

The group's corn processing division recovered from a loss in the previous quarter to report an operating profit of $188m in the July-to-September period.

The profit, $70m better than a year before, reflected the strong sugar market, which supported the price for the sweeteners ADM processes from corn at a time when the price of the grain itself remained depressed.

Margins for making ethanol from corn also turned positive during the quarter, with ADM expecting processing to remain in the black.

'Assets and acumen'

While profits from other divisions fell, with the oilseeds processing division hurt by a death of soybean supplies, leaving group earnings down 52% at $496m, the results beat investors' expectations.

Earnings per share of $0.77 were $0.20-a-share-higher than analysts' forecasts.

Furthermore, the Illinois-based group reported stable domestic demand, with orders from abroad "picking up".

"We see demand improving in some key markets," ADM chief executive Patricia Woertz said, adding that the company had the "assets and acumen to capture value as the global economy resets".

ADM shares soared to $32.33 in early deals in New York – adding nearly $1.2bn to the company's stock market value – before losing some ground to close at $31.91, up 4.6% on the day.