CHICAGO – Strong global demand for beef and animal feed fattened grain trader Cargill Inc’s profits in fiscal year 2018, which were also boosted by trade tensions and South American weather woes, the company said on Thursday.
For the full year, adjusted operating earnings reached $3.2 billion, up 6 percent from fiscal 2017. Company officials said that was the highest ever, excluding earnings from Cargill’s investment in fertilizer producer the Mosaic Company, which it exited in fiscal 2011.
The impact of a drought in Argentina, and volatility in financial and commodity markets sparked by trade disputes between the United States and top commerce partners China and Mexico, helped Cargill’s grain trading unit to its strongest fourth-quarter showing in seven years.
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