For the first quarter of fiscal 2014, Cargill reported net earnings of US$571 million, a 41% decline from last year's record quarter of US$975 million, while its first-quarter revenues of US$33.8 billion remains steady on-year.

"Cargill did an excellent job managing the remaining effects of last year's severe drought and smaller crops," said Greg Page, Cargill's chairman and chief executive officer. "Our agricultural supply chain and food ingredient businesses were focused on helping customers and the company to successfully manage their raw material purchases and inventories during the market uncertainty that precedes the transition to new crops in the northern hemisphere."

Page stated that Cargill's performance was balanced, with nearly three-fourths of its business units recording profits.

Cargill's earnings rose slightly in the Animal Nutrition & Protein segment in the first quarter. Global animal nutrition results exceeded last year's profits, due in part to margin improvements. US beef processing operations benefited from increased slaughter plant efficiencies, according to the company.

Although results were down from last year, the Origination & Processing segment was the largest contributor to Cargill's first-quarter results. Supported by strong global analytics, sourcing, logistics and risk management, the segment successfully navigated the uncertainty surrounding crop production in the northern hemisphere, including weather gyrations in North America.

The segment's South American-based supply chains performed well, utilising the region's big crops to serve strong export demand. Conversely, in North American farm services, the remaining impact of last year's severe drought in the US Midwest reduced grain handling opportunities in the first quarter.

Food Ingredients & Applications earnings decreased moderately from last year's record first quarter. Segment businesses closely managed the purchase and delivery of raw materials to processing facilities, which decreased the supply chain risks presented by choppy markets and provided for assured supplies to customers. The segment was the second largest contributor to company earnings.

Lastly, it acquired a shrimp feed manufacturer in Thailand.