UPDATE 1-ADM quarterly profit beats on strong growth in oilseeds unit

(Adds details from release, estimates, shares)

July 31 (Reuters) - Archer Daniels Midland Co's quarterly profit beat Wall Street estimates by a wide margin, driven by higher returns from its oilseeds processing business.

Profit in the business jumped 70 percent to $341 million in the second-quarter due to strong demand for soybean meal.

With roughly half of its $14.1 billion global oilseed crushing business based in North America, ADM has also been benefiting from strong processing margins at home.

Nutrition business profit rose about 21 percent to $114 million.

Net profit attributable to ADM rose to $566 million, or $1 per share, in the second quarter ended June 30, from $276 million, or 48 cents, a year earlier.

Excluding items, the company earned $1.02 per share, beating analysts' estimates of 77 cents per share, according to Thomson Reuters I/B/E/S.

Total revenue rose 14.2 percent to $17.07 billion.

The company's shares were up 2.4 percent in light premarket trading on Tuesday. (Reporting by John Benny in Bengaluru Editing by Saumyadeb Chakrabarty)