Global commodities trader Cargill has reported a 3% increase in adjusted quarterly profit, driven by strong consumer demand for meat and eggs in North America and growth in its animal nutrition businesses.
The company said its adjusted operating earnings rose almost 3% to $908m in the first quarter. It said that despite pressure from African Swine Fever, results improved in global compound feeds, as the business combined an advantageous product mix with effective cost management. Results declined for the company’s origination and processing businesses in most countries due to trade and weather-related disruptions. During the quarter, Cargill partnered with InnovaFeed, a producer of protein for feed from insects.