Gerson Freitas Jr. and Tarso VelosoSignage outside the Archer-Daniels-Midland Co. grain facility in Mendota, Illinois, US. Photographer: Daniel Acker/Bloomberg --
Crop traders’ profits have been under pressure from ampler supplies of grains and lower price swings, reversing the windfalls from previous years after crop losses and trade disruptions sent grain prices to all-time highs. The profits they make from processing soybeans into meal and oil — a key earnings driver — have also eroded, partly due to increased competition from used cooking oil into the US.
The company’s troubled nutrition unit also saw profits plunge from a year earlier due to unplanned downtime at its Decatur East facility, higher costs and lower pricing for food ingredients such as emulsifiers. Meanwhile, profits rose at the unit engaged in corn milling, driven by higher margins for production of starches and sweeteners as well as by increased ethanol exports.
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