Global commodities trader Cargill Inc (CARG.UL) on Tuesday reported that its fiscal year 2022 revenue jumped 23% from a year earlier to a record $165 billion.
The strong result was the latest for a global agricultural commodities trader after rivals Archer-Daniels-Midland Co (ADM.N) and Bunge Ltd (BG.N) reported solid earnings last month amid high farm products prices and robust global demand. Both rival companies also projected strong earnings through the remainder of 2022.
Privately-held Cargill halted public reporting of most of its quarterly and annual financial data in 2020 but reports its full-year sales in an annual report.
Russia’s invasion of major corn and wheat exporter Ukraine has driven up demand for crops that supply-chain middlemen like Cargill ship around the world. Shipments are restarting, but volumes so far have been minimal.
Demand for feed, food and biofuels has also surged as economies have ramped up after pandemic-related disruptions.
Cargill is one of the largest U.S. beef processors and last month closed a deal to buy No. 3 chicken producer Sanderson Farms Inc with Continental Grain Co in a deal worth some $4.53 billion.