Cargill Inc said that its quarterly earnings fell 28 percent, making it one of the largest companies yet to demonstrate how big commodity market disruptions this year have hurt its bottom line.
Minneapolis-based Cargill, a top global commodities trader, was hit by a triple-whammy of unexpected events, including a surge in energy prices in January, rail backlogs, and the rejection of U.S. corn shipments by China.
The problems are likely to have also hit Cargill peers such as Archer Daniels Midland Co (ADM.N) and Bunge Ltd (BG.N), which are due to report financial results in the coming weeks.