Global commodities trader Cargill Inc [CARG.UL] reported a 41% drop in adjusted ...
CHICAGO - Global commodities trader Cargill Inc [CARG.UL] reported a 41% drop in adjusted quarterly profit on Thursday, citing supply disruptions stemming from the U.S.-China trade war and also flooding in the central United States that hit marketing and transportation of grains and livestock.
Trade tensions between Washington and Beijing have battered the U.S. agricultural sector as tit-for-tat tariffs have reduced commodities exports from the United States and redrawn global trade flows. Severe spring flooding across the U.S. farm belt added to the struggles. Minnesota-based Cargill is the first of the major grain traders to report earnings since U.S.-China trade talks broke down and persistent rains led to the slowest U.S. spring planting season on record.
Reduced hog feed demand in China, where a deadly hog disease called African swine fever has decimated the industry, further dampened results.
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