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Oct 4 (Reuters) - Global commodities trader Cargill Inc reported a 66.4 percent rise in quarterly net profit on Tuesday, helped by lower beef prices due to increased cattle supplies and renewed demand.
The privately held company’s net income rose to $852 million in the first quarter ended Aug. 31 from $512 million a year earlier.
Excluding items, Minnesota-based Cargill’s operating profit rose to $827 million from $611 million. Revenue fell marginally to $27.1 billion from $27.5 billion.
Cargill is in the midst of a restructuring that has included the shedding of assets such as its U.S. pork business and its U.S. retail agriculture outlets and the expansion of investments in food ingredients and aquaculture.
Cargill’s profit was also helped by improved earnings from starches, sweeteners and edible oils.
Earnings rose moderately in the company’s origination and processing business - which buys, sells, stores and processes crops such as corn and soybeans - as soybean processing margins improved, the company said.
Rival agribusiness Louis Dreyfus reported a small rise in 2016 first-half net profit last week, but warned of further headwinds in commodities markets.
Bunge Ltd and Archer Daniels Midland Co will report results in about a month. (Reporting by Karl Plume in Chicago and Arathy S Nair in Bengaluru; Editing by Ted Kerr)