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

Shares of high fructose syrup producer Archer-Daniels-Midland fell on Thursday after President Donald Trump announced 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 almost 2%. But the stock tumbled as much as 6% in the premarket on the comments. Global ingredients provider Ingredion shares were recently around 4% 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 around 11% over the last three. It’s jumped 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 nearly 1% Thursday. That put its year-to-date climb at about 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.

“Food and beverage is super important, and it’s normal that governments pay attention to what people eat and drink,” PepsiCo CEO Ramon Laguarta said on CNBC’s “Squawk on the Street” Thursday. He noted 60% of the company’s U.S. beverages don’t have corn syrup and instead either have sugar or no sugar.

The Coca-Cola rival plans to remove artificial ingredients from its Lays and Tostitos brands by the end of the year, Laguarta said.

“Sugar is more expensive in the U.S. than in many parts of the world, so I think there is a conversation with the government probably on how do we make sugar more affordable in the U.S., how do we have a farming strategy probably that reduces the cost of sugar and that will facilitate a lot of the transition for us [and] for the whole industry,” the CEO continued. “We have choices for the consumer, which, at the end, that’s what we as a responsible company need to do in the marketplace.”

Raw sugar futures were up close to 1% on the heels of Trump’s announcement.