UPDATE 2-Credit crisis has had little direct impact - ADM

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CHICAGO, Oct 7 (Reuters) - The credit crisis in the global financial markets has had little direct impact on the agricultural and biofuels businesses of Archer Daniels Midland Co (ADM.N: Quote, Profile, Research), Chief Financial Officer Steven Mills said on Tuesday.

"Our exposures are within well-defined parameters. We are taking steps, where possible, to reduce any higher-risk exposures," Mills said during a tour of ADM's corn processing plant in Cedar Rapids, Iowa. The presentation was broadcast over the Internet.

"We also have very little exposure to the financial counterparties that have recently filed for bankruptcy," Mills said.

ADM, based in Decatur, Illinois, is one of the largest U.S. food processors and ethanol producers. Its stock has fallen by 60 percent so far this year to a four-year low of $16.55 from a record high of $48.95 in April.

Early Tuesday, ADM shares were up 0.7 percent at $18.50 on the New York Stock Exchange.

Investors have pulled money out of the stock and commodity markets amid fears that an economic downturn will reduce demand for everything from oil to grains to iron ore. Falling oil prices have also made investors nervous about the demand for alternative fuels such as ethanol, which is made from corn in the United States.

Other agricultural companies have also been hard-hit.

Bunge Ltd (BG.N: Quote, Profile, Research) has seen its stock fall by 57 percent this year to $48.44 on Tuesday from a record high of $135 in January. The world's largest tractor maker, Deere & Co (DE.N: Quote, Profile, Research), has seen its shares fall by 58 percent in 2008 to $36.97. Seed producer Monsanto Co (MON.N: Quote, Profile, Research) is down by 25 percent.