ADM adds to gains after announcing Mitsubishi partnership

Archer-Daniels-Midland's ADM.N up ~2% to $48.01 after it announced it signed a non-binding agreement with Japanese industrial giant Mitsubishi 8058.T to explore potential collaboration across the agriculture value chain

ADM is on track for three straight sessions of gains and on track for highest close since Mar 11. It is still down ~5% YTD with today's move

"The companies hope that these broad and deep capabilities will allow them to create value by identifying new opportunities to meet global needs ranging from a robust biofuel supply chain to a stronger, more resilient global food system," according to a statement on Thurs

Earlier this week, Reuters reported that ADM is making a fresh wave of job cuts this week at its largest unit, the grain trading and oilseed processing division, after announcing in Feb that it will cut 700 jobs and reduce costs by up to $750 mln