Reuters — Global commodities trader Cargill on Tuesday reported that its fiscal year 2022 revenue jumped 23 per cent from a year earlier to a record US$165 billion.
The strong result was the latest for a global agricultural commodities trader after rivals ADM and Bunge reported solid earnings last month amid high farm products prices and robust global demand. Both rival companies also projected strong earnings through the remainder of 2022.
Privately-held Cargill halted public reporting of most of its quarterly and annual financial data in 2020 but reports its full-year sales in an annual report.
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Russia’s invasion of major corn and wheat exporter Ukraine has driven up demand for crops that supply-chain middlemen such as Cargill ship around the world. Shipments are restarting, but volumes so far have been minimal.
Demand for feed, food and biofuels has also surged as economies have ramped up after pandemic-related disruptions.
Cargill is one of the largest U.S. beef processors and last month closed a deal to buy No. 3 chicken producer Sanderson Farms with Continental Grain in a deal worth some US$4.53 billion.
— Reporting for Reuters by Karl Plume in Chicago.
