In the three months to August 31, Cargill’s net income rose +5% on the previous year to US$1.02 billion, driven by strong international demand for beef and “solid” oilseed processing results. Revenue increased +5% in the period to US$28.7 billion, year-on-year.

Adjusted operating earnings for the Animal Nutrition & Protein segment were just below last year’s strong opening quarter, “lifted by another good performance in North American protein”. Domestic and international demand for beef is said to have remained strong. “Earnings in animal nutrition lagged the prior year due to varying combinations of higher input costs, lower sales volumes and pricing pressures in different countries. This was partially offset by gains in Latin America for micronutrients, premixes and feed additives”, said Cargill.

The Company does not provide a breakdown of results for each business line, but segments that also recorded lower earnings include ‘Food Ingredients & Applications’ and ‘Industrial & Financial Services’. Only the ‘Origination & Processing’, which includes commodities trading, recorded earnings “up appreciably from a weak comparative period”.