UPDATE 1-UK's Labour has 'bottom line' for supporting Brexit vote -Corbyn

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LONDON The head of Britain's opposition Labour Party will try to block divorce talks with the European Union if the government does not agree to Labour's Brexit demands, potentially leading to an early national election, a newspaper said on Saturday.

Jeremy Corbyn told the Sunday Mirror that Labour's "Brexit bottom line" would require guarantees for access to the EU's single market for exporters, continued protection of workers' rights, safeguards for consumers and the environment and pledges that Britain would make up any loss of EU capital investment.

England's High Court dealt Prime Minister Theresa May a setback on Thursday when it ruled that the decision to begin formal talks about leaving the EU needed to be approved by parliament.

The government has said it will appeal the decision but should it have to hold the vote, the ruling Conservative Party may struggle to get the majority it needs because some of its own members have concerns about the terms of Brexit.

"We are not challenging the referendum. We are not calling for a second referendum," Corbyn told the Sunday Mirror. "We're calling for market access for British industry to Europe."

May told other EU leaders on Friday she believed the court ruling would be overturned and said she would stick to her timetable of starting the Brexit negotiations before the end of March.

The Labour Party supported the "Remain" campaign ahead of the June 23 referendum.

In his interview with the Sunday Mirror, Corbyn said he was looking forward to the possibility of an election before the next scheduled national poll in 2020.

"If the government calls an election we're ready for it," he said. "We have the members, the organization and the enthusiasm. We welcome the challenge."

Separately on Saturday, another newspaper quoted May as saying there would be no going back on the government's Brexit plan, despite the setback in the High Court and calling on pro-EU lawmakers and judges to accept the outcome of the referendum.

"Instead of re-fighting the battles of the past, we should be focusing on how we can come together as a country to make the most of this great national opportunity and forge a bold, confident, global future for Britain," May wrote in the Sunday Telegraph. Thanks.

UPDATE 2-U.S. tentatively approves Delta-Aeromexico venture

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WASHINGTON/NEW YORK Delta Air Lines Inc (DAL.N) and Aeromexico can set prices and coordinate schedules for their U.S.-Mexico flights, but they must free up certain airport slots to bolster competition, the U.S. Transportation Department tentatively ruled on Friday.

The decision paves the way for the two companies to dominate the second-busiest market for travel to or from the United States. It comes after the U.S. airline industry has consolidated, with carriers operating more efficient itineraries and having more power to raise fares on some routes.

Opponents of the tentative ruling, which lets the airlines cooperate with immunity from U.S. antitrust law, have until Nov. 30 to raise objections.

The department said the decision benefits the public because Delta and Grupo Aeromexico SAB de CV (AEROMEX.MX) can plan shorter layovers, increase flights and offer more destinations. The U.S. government has approved similar arrangements for many other airlines.

However, the department has proposed that the carriers divest 24 takeoff and landing slots in Mexico City and six at New York's John F. Kennedy International Airport to give budget airlines room to add flights.

Slot allocation in Mexico City depends "on confusing and often unwritten rules, making it extremely difficult for new entrants," the department said. "This remedy would allow for new, competitive entry at these airports that would not otherwise be possible."

In an unusual move, the department also proposed limiting Delta and Aeromexico's antitrust immunity to five years because it was unclear whether the divestitures and reforms in Mexico City would be enough to ensure low fares for travelers.

In a statement, Delta said it was reviewing the tentative decision and looked forward to implementing a cooperation agreement with Aeromexico. It is in the process of buying 49 percent of Aeromexico, similar to stakes it has taken in other airlines to influence how they operate and where they fly.

Friday's ruling "really gives Delta a huge advantage" over United Continental Holdings Inc (UAL.N) and American Airlines Group Inc (AAL.O), which will be unable to compete for Mexico flights outside their major hubs, said industry consultant Robert Mann.

Delta's shares were up nearly 3 percent at $43.03 on Friday afternoon. Aeromexico's rose nearly 5 percent.

Budget carrier JetBlue Airways Corp (JBLU.O), which had wanted the airlines to divest at least 30 slots in Mexico City, said it commended the department for ensuring greater airport access.

Aeromexico did not immediately comment.

Mexico's federal competition commission approved the airlines' joint venture in May. Thanks.

US STOCKS-S&P set to snap losing streak after strong jobs report

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Wall Street gained modestly on Friday after a strong U.S. employment report as investors sought bargains after a spate of selling sparked by uncertainty over the impending U.S. elections.

The S&P 500 was on track to snap a streak of eight straight days of declines, which had been the benchmark's longest run of down days since the 2008 financial crisis. The tech-heavy Nasdaq was also on pace to snap an eight-session losing streak.

Over its losing streak, the S&P 500 had fallen nearly 3 percent. Investors have been unnerved by signs of a tightening presidential race between Democrat Hillary Clinton and Republican Donald Trump, after Clinton had until recently been thought to have a clear lead.

"Investors are buying anything that looks like a dip and that is because the fundamentals continue to be pretty good even though I think there is a lot of anxiety about next week’s election," said Kate Warne, investment strategist with Edward Jones in St. Louis. "With the pullback, I think investors are seeing some bargains out there."

The Dow Jones industrial average .DJI rose 5.24 points, or 0.03 percent, to 17,935.91, the S&P 500 .SPX gained 3.78 points, or 0.18 percent, to 2,092.44 and the Nasdaq Composite .IXIC added 5.47 points, or 0.11 percent, to 5,063.88.

U.S. employers maintained a strong pace of hiring in October and boosted wages for workers, the Labor Department report on Friday showed. Nonfarm payrolls increased by 161,000 jobs last month amid gains in construction, healthcare and professional and business services.

While that was below economists' forecast for growth of 175,000 jobs, solid labor market fundamentals were underscored by revisions to August and September data, which showed 44,000 more jobs created than previously reported.

"The upward revisions over the last two months suggest that the overall picture is continued job growth," Warne said. "That means that consumers have more money and that should continue to support economic growth."

For the year, the S&P 500 is up 2.5 percent.

In an encouraging sign for stocks, S&P 500 companies are on pace to increase earnings by 3.9 percent in the third quarter, ending a four-quarter streak of profit declines, according to Thomson Reuters I/B/E/S.

Higher-than-expected quarterly profits from biotech company Regeneron (REGN.O) and health insurer Humana (HUM.N) lifted those companies' shares along with the S&P healthcare sector .SPXHC, which was the best performing group on Friday.

Advancing issues outnumbered declining ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.75-to-1 ratio favored advancers.

The S&P 500 posted 4 new 52-week highs and 13 new lows; the Nasdaq Composite recorded 28 new highs and 126 new lows. Thanks.

WRAPUP 5-Strong U.S. job growth, rising wages boost Dec rate hike prospects

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WASHINGTON U.S. employers maintained a strong pace of hiring in October and boosted wages for workers, which could effectively seal the case for a December interest rate increase from the Federal Reserve.

Nonfarm payrolls increased by 161,000 jobs last month amid gains in construction, healthcare and professional and business services, the Labor Department said on Friday. The closely watched employment report was published four days before the Nov. 8 presidential election.

The solid labor market fundamentals were also underscored by revisions to August and September data, which showed 44,000 more jobs created than previously reported. Average hourly earnings rose 10 cents or 0.4 percent in October.

As a result, the year-on-year gain in wages last month rose to 2.8 percent, the largest in nearly 7-1/2 years.

"This was a very good report. With the hourly wage number beginning to accelerate, the Fed will have all the cover it needs to raise rates in December," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.

The report came on the heels of data last week showing an acceleration in economic growth in the third quarter. Businesses have created 15.5 million jobs since 2010, with almost half of them high wage jobs. Even Americans holding low-income jobs are starting to experience wage gains.

Economists said that could provide a lift to Democratic candidate Hillary Clinton against her Republican rival Donald Trump as the race for the White House tightens and becomes increasingly bitter and divisive.

Speaking in Pittsburgh on Friday Clinton hailed the 73 straight months of job gains and took a swipe at Trump's tax proposal, which she said would to give the biggest tax breaks in history to wealthy Americans.

"I believe in growth from the middle out and bottom up. When the middle class thrives, America thrives," said Clinton. "Donald Trump believes in something different. He wants an economy that works for him."

Trump dismissed the low unemployment rate and other economic data as "phony."

"These numbers are absolute disaster. Nobody believes the numbers anyway. The numbers they put out are phony," Trump told supporters in Atkinson, New Hampshire.

Though the U.S. central bank is expected to increase borrowing costs at the Dec. 13-14 policy meeting, that decision will likely depend on the outcome of Tuesday's election.

Financial markets view Clinton as the candidate of the status quo, while many investors fear that a Trump victory would carry risks to global trade and growth.

The dollar was trading almost flat against a basket of currencies, while U.S. Treasuries were higher. U.S. stocks rose, with the S&P 500 index on track to snap its eight-day losing streak.

The unemployment rate fell one-tenth of a percentage point to 4.9 percent last month, in part as people dropped out of the labor force. A broad measure of unemployment that includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment fell two-tenths of a percentage point to an 8-1/2 year low of 9.5 percent.

The Fed on Wednesday left interest rates unchanged but said its monetary policy-setting committee "judges that the case for an increase in the federal funds rate has continued to strengthen." It lifted its benchmark overnight interest rate last December for the first time in nearly a decade.

TREND HAS SLOWED

The trend in employment growth has slowed as the labor market nears full employment and the economy's recovery from the 2007-09 recession shows signs of aging.

Employment growth so far this year has averaged 181,000 jobs per month, down from an average gain of 229,000 per month in 2015. Still, the monthly job gains are more than enough to absorb new entrants into the labor market.

Fed Chair Janet Yellen has said the economy needs to create just under 100,000 jobs a month to keep up with growth in the work-age population.

October's rise in average hourly earnings added to September's 0.3 percent gain. The year-on-year increase was the biggest advance since June 2009 and followed a 2.7 percent rise in September.

"This is good news for the average worker who's probably seeing a little more in their paychecks, spending a little more freely, or maybe even starting to save a little for retirement," said Scott Anderson, chief economist at Bank of the West in San Francisco.

The Fed on Wednesday struck a fairly upbeat note on inflation, saying price pressures had "increased somewhat since earlier this year."

Still, wage growth remains moderate and economists blame this on a low labor force participation rate.

The participation rate, or the share of working-age Americans who are employed or at least looking for a job, fell 0.1 percentage point to 62.8 percent last month, not too far from multi-decade lows, in part reflecting demographic changes.

The solid payrolls gain accompanied by the surge in wages could support consumer spending heading into the holiday season, and in turn keep the economy on a relatively higher growth path.

While the household survey showed a large increase in the number of people saying they could not get to work because of bad weather, the department said it was difficult to assess the impact of Hurricane Matthew on job growth last month.

The storm lashed the east coast of the country last month, causing extensive flooding. The average workweek held steady at 34.4 hours.

Construction payrolls increased 11,000, rising for a second straight month. But manufacturing employment fell 9,000 last month, falling for a third straight month.

Retail sector employment surprisingly fell 1,100 jobs, despite anecdotal evidence retailers had embarked on early hiring for the holiday season.

Professional and business services payrolls rose 43,000. Healthcare and social assistance employment increased 39,100 last month. Temporary-help jobs, a harbinger for future hiring, increased 6,400. Government employment rose by 19,000 jobs. Thanks.

GLOBAL MARKETS-Stocks jittery after election-linked selling; oil prices weak

Dear Viewers,

NEW YORK Global equity markets were jittery on Friday, even as Wall Street clung to modest gains as investors looked past worries about the outcome of the U.S. presidential election to snap an eight-day losing streak.

Oil prices remained weak on skepticism about whether OPEC members will adhere to planned production limits, boosting concerns about low inflation and sending U.S. Treasury prices higher.

A dismal outing for Asian and European share indexes weighed on MSCI's 47-country "All World" index .MIWD00000PUS, which was down 0.31 percent, but the index was supported by Wall Street.

U.S. stocks found favor with investors after eight straight days of losses, the longest losing streak since 2008, which sent the S&P 500 index down 2.9 percent.

"Investors are buying anything that looks like a dip and that is because the fundamentals continue to be pretty good even though I think there is a lot of anxiety about next week’s election," said Kate Warne, investment strategist with Edward Jones in St. Louis.

"With the pullback, I think investors are seeing some bargains out there."

An upbeat jobs report helped soothe nerves. U.S. employers maintained a strong pace of hiring in October and boosted wages, which could effectively seal the case for a December interest rate increase from the U.S. Federal Reserve. [nLNN4MEC7Q]

"This was a very good report. With the hourly wage number beginning to accelerate, the Fed will have all the cover it needs to raise rates in December," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.

Economists also said the upbeat employment report could provide a boost to Democratic candidate Hillary Clinton against her Republican rival Donald Trump as the race to the White House tightens and becomes increasingly bitter and divisive.

Investors have been unnerved by signs the race is tightening; Clinton had until recently been thought to have a clear lead.

The Dow Jones industrial average .DJI fell 8.15 points, or 0.05 percent, to 17,922.52, the S&P 500 .SPX gained 1.76 points, or 0.08 percent, to 2,090.42 and the Nasdaq Composite .IXIC added 0.68 point, or 0.01 percent, to 5,059.09.

European shares slumped, weighed down by weaker drugmakers after two U.S. lawmakers called on federal antitrust regulators to open an investigation into possible price fixing.

Europe's broad FTSEurofirst 300 index .FTEU3 closed down 0.79 percent at 1,296.32.

Oil futures were on course for their biggest weekly percentage declines since January of just under 10 percent as signs of tensions resurfaced between Saudi Arabia and Iran that could scupper a key supply cut pact.

Riyadh told a meeting of OPEC experts last week that it could raise oil output steeply to bring prices down if Tehran refuses to limit its supply, OPEC sources say.

Brent crude LCOc1 settled down 77 cents, or 1.66 percent, at $45.58 a barrel, and U.S. crude CLc1 settled down 59 cents, or 1.32 percent, at $44.07.

The weakness in oil prices raised concerns about low inflation and boosted U.S. Treasury prices. Uncertainty about the election also enhanced the appeal of the lower-risk assets.

Benchmark 10-year notes US10YT=RR were up 8/32 in price to yield 1.78 percent, after rising as high as 1.83 percent on the employment data.

While the solid U.S. jobs report supported expectations for a December Federal Reserve interest rate hike, it failed to stem losses for the U.S. dollar.

Nervousness ahead of next week's election has hit the greenback in recent days and the dollar index .DXY, which measures the greenback against a basket of six major currencies, was down 0.1 pct, near a three-week low.

Gold steadied, heading for its biggest weekly rise since mid-September as jitters over the election offset the solid payrolls report.

Spot gold prices XAU= were little changed at $1,302.89 an ounce. Thanks.

GLOBAL MARKETS-Stocks slip on U.S. election nerves; pound up on Brexit ruling

Dear Viewers,

NEW YORK Global equity prices drifted lower on Thursday as worries about the U.S. presidential election continued to weigh on investor sentiment, while sterling rose after a UK court ruled that the British government needed Parliament's approval to trigger Brexit.

Longer-dated U.S. Treasury prices slipped after the Bank of England indicated that inflation is likely to rise further, and oil prices remained weak on skepticism about OPEC's planned production limit.

MSCI's 47-country "All World" index .MIWD00000PUS fell 0.37 percent, dragged down by weakness on Wall Street.

The S&P 500 .SPX fell for an eighth straight session, its longest losing streak since the 2008 financial crisis, as Facebook shares weighed and investors grappled with uncertainty over next week's U.S. election.

Facebook (FB.O) shares fell as much as 6 percent, a day after the social media giant warned that revenue growth would slow this quarter.

"The polls have tightened and now the concern is more about what might a Trump presidency look like and the market hasn't quite priced that in," said Ernie Cecilia, chief investment officer of Bryn Mawr Trust in Bryn Mawr, Pennsylvania.

"Given the fact that the election is five days away, that's what's driving near-term behavior right now."

Investors have been unnerved in recent days by signs that the U.S. presidential race between Democrat Hillary Clinton and Republican Donald Trump was tightening just days before Tuesday's vote.

The CBOE Volatility Index .VIX, a gauge of near-term investor anxiety, rose 14 percent to its highest level since late June.

The Dow Jones industrial average .DJI fell 28.97 points, or 0.16 percent, to close at 17,930.67, the S&P 500 .SPX lost 9.28 points, or 0.44 percent, to finish at 2,088.66 and the Nasdaq Composite .IXIC dropped 47.16 points, or 0.92 percent, to end at 5,058.41.

The pan-European STOXX 600 ended flat, giving up early gains as a strengthened pound weighed on the shares of internationally exposed companies, including Diageo (DGE.L).

Sterling surged to a four-week high after the UK court ruling soothed concerns about Brexit and the Bank of England scrapped plans to cut interest rates. It climbed as much as 1.5 percent to hit $1.2494 GBP=D4, its strongest since Oct. 7.

Meanwhile, the U.S. dollar hovered near multi-week lows against a basket of major currencies, ending a morning reprieve in which the greenback stabilized, on uncertainty surrounding the outcome of the U.S. presidential election. The dollar index .DXY was down 0.25 percent to 97.156.

"We're now seeing markets price in a higher risk of a Trump presidency," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. "Most polls are still showing that it’s far too close to call, and that's ultimately what is keeping investors nervous."

In bond markets, longer-dated U.S. Treasury prices fell after the Bank of England indicated that inflation is likely to rise further, while uncertainty over the U.S. election propped up shorter-dated debt.

The BoE ramped up its forecasts for growth and predicted that inflation would jump to 2.7 percent this time next year, nearly triple its current level. [nL8N1D45PY]

Benchmark 10-year notes US10YT=RR ended down 5/32 in price to yield 1.82 percent, up from 1.80 percent late on Wednesday.

Oil prices extended their recent slide as investors reacted to a record weekly surge in U.S. crude inventories and remained skeptical about whether the Organization of the Petroleum Exporting Countries can actually implement its planned output cap.

Brent crude LCOc1 settled down 51 cents, or 1.09 percent, at $46.35 a barrel, and U.S. crude CLc1 settled down 68 cents, or 1.50 percent, at $44.66.

Gold edged higher in response to the lower dollar and uncertainty about the outcome of the U.S. presidential race.

Spot gold prices XAU= were up 0.49 percent to $1,303.26.  Thanks.

UPDATE 1-CBS revenue, profit beat estimates as affiliate fees rise

Dear Viewers,

CBS Corp (CBS.N), owner of the most-watched U.S. TV network, reported a better-than-expected quarterly profit and revenue, helped by an increase in fees from CBS-affiliated stations as well as growth from digital distribution platforms.

CBS, home to popular shows such as "Homeland" and "The Big Bang Theory", said revenue rose 4.3 percent to $3.396 billion in the third quarter.

Analysts had expected revenue of $3.34 billion, according to Thomson Reuters I/B/E/S.

Revenue from CBS's affiliate and subscription fees division rose 13.4 percent to $753 million in the quarter. Revenue from its content licensing and distribution business, one of its fastest growing, rose 6 percent to $1.11 billion.

The company said ad revenue, which accounts for more than 40 percent of total revenue, fell slightly to $1.47 billion.

CBS said net income from continuing operations rose to $514 million, or $1.15 per share, in the three months ended Sept. 30, from $426 million, or 88 cents per share.

Excluding items, CBS earned $1.05 per share, beating the average analyst estimate of 98 cents per share.

CBS has been trying to beef up its online streaming services to attract young viewers, who are ditching the traditional television services.

Alphabet Inc's (GOOGL.O) Google reached an agreement with CBS to carry the network on its planned web TV service, Reuters reported last month.

Apart from its main stay cable business, CBS is also home to publishing house Simon & Schuster.

The company's shares were up just under 1 percent after the bell. Thanks.

FOREX-Dollar slumps against euro, jumps against peso on potential Trump win

Dear Viewers,

NEW YORK The U.S. dollar hit its lowest level in more than three weeks against the euro, yen, Swiss franc and sterling on Wednesday on nervousness about a potential victory for U.S. Republican presidential candidate Donald Trump next week.

Investors are rethinking long-held bets on a Nov. 8 victory for Democrat Hillary Clinton. Clinton held a 5 percentage point lead over Trump, according to a Reuters/Ipsos opinion poll released on Monday, but some other polls showed her Republican rival ahead by 1 to 2 percentage points.

The dollar index .DXY, which measures the greenback against a basket of six major currencies, was last down 0.3 percent at 97.403, after falling 0.6 percent to 97.178, its lowest level since Oct. 11.

The Mexican peso tumbled to a more than one-month low against the greenback, at 19.4667 pesos MXN= per dollar, on fears of how a Trump victory could hurt the Mexican economy.

Clinton is viewed as the candidate of the status quo, while there is greater uncertainty over what a Trump victory might mean for U.S. foreign policy, international trade and the domestic economy.

"There is a huge amount of unknown unknowns around Trump," said Richard Franulovich, a senior currency strategist at Westpac Banking Corp in New York.

The euro EUR= was last up 0.3 percent at $1.1088 after rising 0.6 percent in afternoon trading to $1.1123, its highest level since Oct. 11. Against the yen the dollar was down 0.7 percent, at 103.40 yen, after falling 1 percent earlier to 103.03 yen, its lowest level Oct. 10.

The dollar was last down 0.2 percent against the Swiss franc CHF=, at 0.9733 franc, after earlier falling about 0.6 percent to 0.9695, its lowest level in roughly a month.

The dollar pared losses after the Federal Reserve kept interest rates unchanged in its last policy decision before the U.S. election, but signaled it could hike rates in December as the economy gathers momentum and inflation picks up.

The move in the dollar was mild, analysts said, because U.S. political uncertainty largely overshadowed the central bank's statement.

The Mexican peso suffered MXN= a roughly 1.4 percent drop against the dollar. A possible Trump victory has been viewed as a key risk for the Mexican currency given the candidate's promises to clamp down on immigration and rethink trade relations.

"The peso weakening is a reflection of the increase in momentum from the polls favoring Trump," said Mazen Issa, senior currency strategist at TD Securities in New York. Thanks.

UPDATE 2-Bank of Canada's Poloz says satisfied with messaging

Dear Viewers,

VANCOUVER Nov 1 Bank of Canada Governor Stephen Poloz said on Tuesday he was satisfied with the way the central bank communicated its last policy decision, despite the volatile reaction of markets, because it conveyed that the downside risks it warned about had solidified.

Poloz acknowledged the rocky reaction to the bank's Oct. 19 rate decision and subsequent news conference, during which Poloz surprised markets with the news that policymakers had actively considered cutting rates but ultimately held them steady.

"I'm satisfied that in a relatively tricky situation with a lot of moving parts that both in our press release and in the subsequent remarks we were able to offer clarity on how we think about those things," Poloz told reporters following a speech in Vancouver.

"Both the press release and the remarks indicated clearly that the risks that we highlighted in September had in fact crystallized... In the end, the market takes the information and runs with it and it is what it is."

The Canadian dollar initially firmed after the Oct. 19 rate decision. But Poloz's subsequent revelation that the central bank had "actively discussed" adding stimulus then sent the currency tumbling, drawing criticism from some market players.

Scott Smith, senior market analyst at Cambridge Global Payments, said on Tuesday that Poloz has little room to object to how markets respond to his communication.

"He can't be viewed by market participants as being reactionary or necessarily caught off guard in terms of how the market responds to his actions or his thoughts," Smith said.

In his speech to a Vancouver business group, Poloz said the bank had seriously considered raising its inflation target to give it more flexibility to cut rates, but decided unconventional measures provide more room to maneuver than previously believed.

Arguing in favor of the renewal of the inflation target at the midpoint of a 1-to-3 percent range, Poloz said pushing inflation up to 3 percent "might be quite difficult to do, and might require some significant economic fluctuations, given how well inflation expectations appear to be anchored at 2 percent."

He also reiterated that the government is better suited to address threats like a hot housing market or high household debt than the "very blunt tool" of moving interest rates. Thanks.

UPDATE 3-ADM profit jumps on higher U.S. grain exports; shares rise

Dear Viewers,

CHICAGO U.S. agricultural products trader Archer Daniels Midland Co (ADM.N) on Tuesday reported a far better-than-expected third-quarter profit on Tuesday as higher U.S. exports of corn and soybeans boosted volumes and margins.

U.S. farmers have nearly completed what is expected to be the largest corn and soybean harvests on record, which should benefit ADM again in the current quarter.

"With improving market conditions and a large U.S. harvest, combined with the team's solid execution capabilities, we feel good about the remainder of the year and a stronger 2017," Chief Executive Officer Juan Luciano said in a statement.

ADM shares were up nearly 4 percent at $45.25 in premarket trading.

Chicago-based ADM makes money buying, selling, storing, transporting and processing grains and oilseeds around the world. Margins are typically thin, but volumes are massive when crop supplies are abundant and prices are low, as they are now.

Export sales of corn and soybeans from the United States were well ahead of the normal pace in the third quarter due to crop shortages in South America.

Net earnings attributable to the company rose to $341 million, or 58 cents per share, in the quarter, from $252 million, or 41 cents, a year earlier.

Revenue fell 4.4 percent to $15.83 billion.

Excluding items, ADM earned 59 cents per share, beating the average analyst estimate of 46 cents a share, according to Thomson Reuters I/B/E/S.

ADM's agricultural services unit, its largest in terms of revenue, gained from the shift in export demand to North America, with earnings totaling a net $195 million, up 31 percent from a year earlier.

Although ethanol earnings trailed a year ago, lower corn prices boosted results in corn processing. Adjusted profit in the segment jumped 30 percent to $214 million in the quarter.

ADM said it is expecting final proposals for a deal for its ethanol-producing corn dry mills by the end of 2016. The company is looking to sell or find a partner for the assets amid frustration over a persistent oversupply in the market that has thinned margins for making the biofuel.

Results in the oilseeds processing business were dragged down by weak soy processing margins, reduced South American crop supplies and a steep quarterly loss at Wilmar International Ltd (WLIL.SI). ADM owns about 23 percent of the Singapore-based vegetable oils processor. Thanks