Cargill today reported $192 million in earnings for the third quarter ended Feb. 28, up from $125 million for the same period a year ago. That brought earnings for the first nine months of the 1998-99 fiscal year to $779 million, which included the first-half gain from the sale of the company's international seed business.

"Despite continuing harsh economic conditions in much of the world, Cargill delivered a solid third quarter," said Robert Lumpkins, Cargill vice chairman and chief financial officer. "We've seen three successive years of big crops worldwide, coupled with a strong U.S. dollar and weakened demand from Asia, Russia, Brazil and other developing countries. That continuing mismatch of global supply and demand has pushed commodity prices to 20-year lows and made this a difficult year for all in agriculture."

Lumpkins credited much of the improved results to a recovery in the company's financial businesses, which had been hurt by the Russian debt default last August that took a huge toll on
world financial markets.

"Our financial businesses staged a strong comeback during the quarter, and we also managed
our Brazilian businesses successfully through the economic turmoil there," he said. "Some
agricultural businesses also are seeing some improvement although the recovery is uneven and
the industry as a whole remains depressed by the drop-off in demand triggered by the enduring
Asian troubles. We hope to see a gradual recovery, albeit slow, over the next year."

Cargill is an international marketer, processor and distributor of agricultural, food, financial and
industrial products with some 80,000 employees in more than 1,000 locations in 65 countries
and with business activities in 130 more.

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