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.

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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.