Cargill has blamed “external” effects – including problems with corn shipments to China – for a slump in earnings in its third quarter.

The US agribusiness giant booked a 28% drop in net earnings to US$314m for the three months to the end of February.

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Cargill had seen profits fall in the first half of its financial year but had witnessed an improvement in its second quarter. The drop in third-quarter earnings led to lower profits for the first nine months of the financial year.

David MacLennan, Cargill’s president and CEO, said the company’s earnings were hit by a trading loss related to an “unprecedented” price spike in US power markets in late January, part of which has been recovered and weather-related disruptions to railway service in North America. He also pointed to the “rejection” of some US corn shipments to China.

Among Cargill’s four business divisions, third-quarter earnings rose “considerably” from its animal nutrition and protein. The company saw improved volumes, an “effective sales mix”, increased efficiency and exports in US and Australian beef.

Cargill said profits from its food ingredients and applications were “solid” but “moderately below” last year’s third-quarter, which included gains from a “trade-related claim” and the sale of a cultures and enzymes business. Results were also tempered by “lacklustre” consumer demand and by costs from recent acquisitions and capex.

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Third-quarter revenues were $32bn, “essentially even” with a year earlier. Nine-month revenues totalled $98.7bn, compared to $101.2m.