World Grain - May 2013 - 17

newsreview
Drought impact drops
Cargill’s earnings 42%
MINNEAPOLIS, MINNESOTA, U.S. —
Cargill reported on April 9 net earnings of
$445 million in the ﬁscal 2013 third quarter
ended Feb. 28, down 42% from $766 million
in the same period a year ago.
Nine-month earnings totaled $1.83 billion, up 66% from $1.1 billion in the prior
year. Third-quarter revenues edged up 1%
to $32.2 billion, which brought nine-month
revenues to $101.2 billion.
“Cargill’s earnings were below last year’s
record third quarter,” said Greg Page, Cargill
chairman and chief executive ofﬁcer. “The
current quarter demonstrated the balance
that comes from Cargill’s diversiﬁed portfolio. In North America, our meat processing
businesses were pressured by the droughtrelated high cost of feed ingredients. Even
though many of our global food ingredients
businesses experienced higher input costs,
they nearly matched their strong performance in last year’s third quarter.”
Among Cargill’s ﬁve business segments,
earnings in agriculture services were down
largely due to the prolonged impact of last
year’s drought-reduced crops in North America. Animal nutrition results were affected by
Venezuela’s currency devaluation in February
and by difﬁcult economic conditions in meat
and dairy production in several regions.

Egypt mulls wheat
imports from Kazakhstan
CAIRO, EGYPT — Egypt is considering
resuming wheat imports from Kazakhstan
after a two-year hiatus, Egyptian state news
agency MENA reported on April 10.
Supply Minister Bassem Kamal is meeting a delegation from Kazakhstan on the
matter, adviser Reda Agag told MENA.
Egypt, the world’s number one wheat importer, had halted imports of Kazakh wheat
due to the rising cost of transport from the
landlocked country.
Imports from Kazakhstan were carried by
rail and air to Russian and Ukrainian ports,
raising the price to uncompetitive levels,
Agag said, adding that the Kazakh authorities may look into providing ﬁnancial assistance to Egypt.
Egypt needs around 9 million tonnes of
wheat per year for its subsidized bread program and imports around 10 million tonnes
a year. MEAN reported that Egypt’s wheat
reserves fell to 2 million tonnes as of April
3, enough to last 81 days.

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World Grain - May 2013

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