Cargill, the global commodities giant saw its first quarter (ended 31 August) profits rise 66% to $852m. The performance was boosted by higher cattle volumes at its slaugher houses and improved demand for beef.

Results were also boosted by increased exports of grain in Brazil and North America and biodiesel in North America and Europe.

Revenues were in line with last year at $27.1bn for the quarter. Recent acquisitions have helped to optimise efficiencies, supply chains and cost structure, according to the company.

Profitability was led by the beef business, which benefited from the North American market’s ongoing transition to increased cattle supplies as well as renewed consumer demand for beef.

The poultry business, which includes US-based turkey processing and eggs, delivered increased profits over the prior year.

Improved earnings in starches and sweeteners, and edible oils lifted segment earnings in food ingredients and applications.

Profits in the business that buys, sells and stores crops including wheat, maize and soya rose “moderately,” partly because of better soyabean-processing margins.

Cargill has been busy refocusing its business over the past two years. It has sold $2.4bn in assets including its US pork business to JBS for $1.45bn. It is in the process of selling two cattle units in the Texas to Friona Industries. It is also selling its soyabean and rapeseed crushing, oil refining and related bulk storage assets in the Netherlands and France to Bunge.

This will help it deploy tens of millions to new areas and it has also been busy buying businesses. During the period, Cargill purchased Five Star Custom Foods, which sells cooked proteins to the foodservice and food manufacturing sectors. It also purchased Archer-Daniels-Midland (ADMs) chocolate business.