Cargill says its fiscal year 2023 revenue increased 7% from a year earlier to $177 billion, the highest ever for the 158-year-old company.

Cargill peers Archer-Daniels-Midland and Bunge both also reported solid earnings in their most recent quarters and raised their profit outlooks for 2023.

Robust demand for food, animal feed and biofuel, and global supply disruptions such as war in major crop exporter Ukraine, have elevated profits for grains merchants.