Cargill ploughs on as profit falls

CARGILL, the US farming group, said yesterday its pre-tax profit for the quarter had slumped by 65 per cent, as it was hit by plunging earnings at fertiliser maker Mosaic – where it is a majority shareholder.

Cargill, one of the world’s largest private corporations, said it earned $525m (£286m) for the first quarter, down from $1.49bn in the same period last year. Mosaic said last week that profit fell 91 percent in its first quarter.