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Cargill profits drop from last year’s record as Mosiac falls

Cargill’s first-quarter profits were down 65 percent, a drop the global food giant attributed to its investment in Mosaic Co. and last year’s record-high earnings.

Cargill‘s first-quarter profits were down 65 percent, a drop the global food giant attributed to its investment in Mosaic Co. and last year’s record-high earnings.

Mosiac Co., which makes fertilizer and is majority owned by Cargill, announced earlier this month that its first-quarter profits were down 91 percent from a year ago, because farmers who previously stocked up bought less fertilizer.

Cargill CEO Greg Page called it a “solid quarter,” given that it’s being compared with last year’s all-time record period. He said management is optimistic about Cargill’s ability to grow despite the economy.