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.
