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Cargill's profits in Brazil rise to $385 mln in 2020

SAO PAULO, April 28 (Reuters) - The net income of commodities trader Cargill Inc in Brazil reached 2.1 billion reais ($385.2 million) in 2020, the company said on Wednesday, an increase over 2019 results, boosted in large part by the devaluation of the local currency.

The volume of Brazil soy exports rose by 9% in 2020, Cargill said.

Cargill’s president in Brazil, Paulo Sousa, told Reuters in an interview that the outlook for 2021 “tends” to positive, thanks to the foreign exchange rate and strong demand abroad for food products.

“In general terms, when the agricultural producer is happy to sell because prices are good, and when buyers are happy and want to buy independently of the price being historically high, that tends to be good for us because the market is valuing our service,” Sousa said. ($1 = 5.4522 reais) (Reporting by Roberto Samora, Editing by Rosalba O’Brien)

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