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Cargill profit falls 43%

Cargill reported net income of $3.81 billion for the year ended May 31.

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Rising costs, a declining meat business and lower agricultural commodity prices have nearly halved Cargill's annual profits in its latest fiscal year. 

According to a Bloomberg report, Cargill reported net income of $3.81 billion for the year ended May 31, down from a record $6.69 billion in the prior period.

Profit was affected by a decline in Cargill’s beef business, hurt by the tightest U.S. cattle supplies since 2014, and a chicken glut that eroded earnings. Even with the 43% profit drop, it was still the fourth-best year for the crop trader.

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