On 10 January, global agribusiness giant Cargill reported an 80% jump in operating earnings to US$1.03bn in its fiscal 2017 second quarter ending 30 November.

Net earnings for the quarter were US$986M, down 29% from US$1.39bn a year ago, when Cargill realised large gains from business divestitures.

Revenues were US$26.9bn for the quarter and half, down 1% percent from last year.

Cargill said it had achieved good gains in sweeteners and edible oils in most regions.

Origination & processing earnings rose slightly against a strong comparative period, bolstered by performance in North America.

“This year’s record US corn and soyabean crops were met with robust demand stemming from domestic and international growth in livestock production and reduced South American competition for exports.

“With the supply focus on North America, Cargill increased volumes across its US and Canadian grain origination, oilseed crush and export facilities, with terminals on the US Gulf and in Vancouver, British Columbia, running at capacity.”