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Cargill profit falls with food, fertilizer demandMINNEAPOLIS (AP)--Agribusiness conglomerate Cargill Inc. said Aug. 18 its fourth-quarter earnings fell 69 percent to $327 million as the global recession dampened demand for food and fertilizer. Earnings for the fiscal year that ended May 31 were $3.33 billion, down 16 percent from the record $3.95 billion in fiscal year 2008. Cargill is a privately held company with arms in virtually every aspect of agriculture, from commodities trading to crop exporting and fertilizer production. Cargill and other agribusiness firms were caught by a whipsaw year in the global food market. Crop prices were trading at historic highs just last summer, but prices fell last fall when demand collapsed during the global economic meltdown. Chairman and Chief Executive Greg Page said the fiscal year was "... a tale of two halves. In the second half, earnings slowed considerably as the world economy contracted for the first time in six decades. In the end, the net effect was the second-best year in our company's history.''
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