Cargill reports 41 percent drop in quarterly earnings

Reuters

CHICAGO, Oct 9 (Reuters) - Giant U.S. agribusiness concernCargill Inc on Wednesday reported a 41 percent drop inquarterly profits as the lingering effects of the 2012 severedrought in the United States reduced grain-handlingopportunities.

Minneapolis-based Cargill, one of the world's largestprivately held corporations and a top commodities trader,reported $571 million in net earnings for the first quarterended Aug. 31, down from last year's record quarter of $975million.

First-quarter revenues of $33.8 billion matched the year-agoperiod.

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