Cargill profits up, despite revenue dip
CHICAGO, Ill. (Reuters) — Global commodities trader Cargill Inc. reported a 20 percent jump in quarterly profit last week, supported by strong results from its grain and oilseed origination and processing unit.
The privately held company, based in Minnesota, reported net earnings of $512 million for the fiscal first quarter ending Aug. 31, compared with a profit of $425 million a year earlier.
Revenue declined 17 percent to $27.5 billion from $33.3 billion.
Europe
Dairy, pork markets see recovery
PARIS, France (Reuters) — Dairy and pork markets in the European Union are showing signs of stabilizing following a downturn fuelled by a Russian embargo, but a time lag in farm output and prices may mean a recovery is gradual, the EU’s executive said last week.
Read Also
European wheat production makes big recovery
EU crop prospects are vastly improved, which could mean fewer canola and durum imports from Canada.
Livestock farming has been struggling with falling prices and oversupply, partly linked to Russia’s ban on western foodstuffs, and the European Commission last month announced measures worth $730 million for farmers.
Russia was previously the top destination for EU pork, cheese and butter, although the EU has found some alternative markets.
“Dairy commodity prices have now stabilized but further milk price cuts can be expected in the short term,” the European Commission said in a report.
