Shares of high fructose syrup producer ADM fall after Trump says Coca-Cola agrees to use real cane sugar

• Shares of Archer-Daniels-Midland pulled back Thursday following President Donald Trump's announcement that Coca-Cola has agreed to use real cane sugar in its drinks in the U.S.
• Coca-Cola did not confirm the decision but said in a statement that more details about its new offerings “will be shared soon.”

Shares of high fructose syrup producer Archer-Daniels-Midland fell on Thursday after President Donald Trumpannounced that he had persuaded Coca-Cola to use real cane sugar in its drinks in the U.S.

“I have been speaking to Coca-Cola about using REAL Cane Sugar in Coke in the United States, and they have agreed to do so. I'd like to thank all of those in authority at Coca-Cola,” the president wrote in a Truth Social post published Wednesday.

“This will be a very good move by them — You'll see. It's just better!” Trump also wrote.

In morning trading, ADM shares were last down nearly 2%. But the stock tumbled as much as 6% in the premarket on the comments. Global ingredients provider Ingredion shares were recently more than 1% lower, but that stock also fell as much as 7% before the market's open.

The move comes as ADM's stock has seen gains over the past few months, having risen more than 11% over the last three. It's up more than 5% in 2025.

When asked about Trump's announcement, Coca-Cola did not explicitly agree to the change.

“We appreciate President Trump's enthusiasm for our iconic Coca-Cola brand,” the company said in a statement. “More details on new innovative offerings within our Coca-Cola product range will be shared soon.”

Coca-Cola shares rose around 1% Thursday. That put its year-to-date climb at more than 12%, outperforming the broader market.

Meanwhile, Corn Refiners Association, an industry trade group, issued a statement warning about the potential job losses that could follow such a switch.

“Replacing high fructose corn syrup with cane sugar doesn't make sense,” John Bode, the group's president and CEO said. “President Trump stands for American manufacturing jobs, American farmers, and reducing the trade deficit. Replacing high fructose corn syrup with cane sugar would cost thousands of American food manufacturing jobs, depress farm income, and boost imports of foreign sugar, all with no nutritional benefit.”

The Trump administration has previously called on food companies to reformulate products. Earlier this year, Health and Human Services Secretary Robert F. Kennedy Jr. told executives that he wants “the worst ingredients” out of food.

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