Cargill, the world’s largest agricultural commodities trader, is cutting 5 per cent of its 164,000-strong workforce after missing profit targets.
The Minneapolis-based company aims to streamline operations under a 2030 strategy outlined by chief executive Brian Sikes.
The cuts follow a sharp drop in revenues to $160bn for the fiscal year ending May 2024, from $177bn in the previous year.
Along with its peers — Archer Daniels Midland, Bunge and Louis Dreyfus — Cargill had thrived during pandemic volatility and Russia’s invasion of Ukraine in 2022.
But it has faced declining crop prices and the smallest US cattle herd in seven decades, squeezing its beef margins.
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