Dive Brief:
- Cargill reported net income of $424 million in the most recent quarter, a drop of 12% from a year earlier.
- The global trader and processor of commodity crops blamed multiple problems in the farm sector for the poor performance -- including drought conditions and a shortage of railcars to transport crops. A drop in Venezuela's currency also hurt the company.
- Cargill's meat business had a better quarter, as falling prices for corn lowered feed costs.
Dive Insight:
Cargill's disappointing results come just days after stunningly different results were announced by its primary competitors. ADM said its profit doubled during the most recent quarter, largely as a result of gains from crop trading. And Bunge said its profit also doubled.