(Reuters) -Archer-Daniels-Midland Co ( ADM ) on Tuesday lowered its full-year 2025 earnings forecast, citing weaker crush margins and a delay in U.S. biofuel policy, sending the grain trader's shares down 8.5% in premarket trading.

ADM now expects adjusted earnings of $3.25 to $3.50 per share for 2025, down from its earlier forecast of around $4.00. However, the company said it sees policy clarity and improving global trade flows supporting growth in 2026.

The company posted an adjusted profit of 92 cents per share for the three months ended September 30, beating average estimate of 85 cents, according to data compiled by LSEG.

ADM's outlook underscores how the world's biggest agricultural processors are being squeezed by volatile biofuel policies and soft global trade flows, even as steady ethanol demand and cost discipline help cushion profits.