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Martin Moylan
St. Paul, Minn.

Cargill 2Q profits down 59 percent

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Profits for Wayzata-based Cargill plunged 59 percent in the three months ending in November.

The agribusiness giant's quarterly performance was dragged down by a huge drop in earnings at fertilizer maker Mosaic Company. Cargill is the majority shareholder in Mosaic.

Cargill, one of the world's largest private corporations, earned $489 million in its second quarter. In the same quarter a year ago, Cargill made $1.2 billion.

During the second quarter, Cargill opened its sixth animal nutrition facility in Vietnam, which serves aquaculture producers in the Mekong Delta. Cargill operates in dozens of countries. It provides food, agricultural, financial and industrial products and services. The privately-held company employs 159,000 people worldwide.