Cargill revenue up 23% to $165 billion in 2022

Cargill Inc reported on Tuesday that its revenue for fiscal year 2022 increased 23% from a year ago, to $165 billion.

The result was the latest for a global agricultural commodities trader after rivals Archer-Daniels Midland Co and Bunge Ltd reported solid earnings last month despite high farm products prices and robust global demand. Both companies projected strong earnings through the remainder of 2022, and they both projected strong earnings.

Cargill stopped public reporting of its quarterly and annual financial data in 2020, but reports its full-year sales in an annual report.

Russia's invasion of major corn and wheat exporter Ukraine has driven up demand for crops that supply-chain middlemen like Cargill ship around the world. Shipments are restarting, but volumes have been minimal so far.

Demand for feed, food, and biofuels has surged as economies have ramped up after the panemic-related disruptions.

Cargill is one of the largest U.S. beef processors, and last month closed a deal to buy No. The deal between 3 chicken producers Sanderson Farms Inc and Continental Grain Co is worth $4.53 billion.