Grain merchant and processor Archer Daniels Midland reported a jump in fourth-quarter profits, helped by US tax reform.
However, the one-off boost from the tax changes served to mask weaker operating earnings amid lower grain prices.
Overall earnings in the quarter rose to $788m compared with $424m a year earlier, however total operating profit fell 9% to $733m.
Among the areas of weakness was oilseeds processing, with crushing and origination results declining due to weak margins, despite strong crush volumes and continued growth in demand. Origination results in South America were especially impacted by weak margins.
Nevertheless, corn processing results improved versus the prior-year fourth quarter.