Cargill, the US-based commodities giant, has reported a 57% increase in half-year profits, close to $1.9bn, leaving the business with a solid profit margin of 3.4% in the financial year to date. Turnover for the first half of the year was relatively steady (-1%) at $54bn.

After a difficult year in 2016, Cargill is rebounding strongly following significant restructuring, including a number of business divestments. The agribusiness giant was helped by strong demand for turkey meat at Thanksgiving. A more normalised cattle supply also saw Cargill’s extensive beef division record an improved financial performance.

On the grain-trading side of the business, Cargill said the record corn and soya bean crops in the US were met with robust demand, stemming from domestic and international growth in livestock production and reduced South American competition for exports.