Cargill today reported $587 million in earnings for the first half ended Nov. 30, made up of a onetime, after-tax gain from the sale of the company's international seed business to Monsanto and a net operating loss largely from financial trading losses in Russia and emerging markets.

"Several of our commodity trading and food processing businesses performed well in the first
six months of fiscal 1999,'' said Cargill Vice Chairman Robert Lumpkins. ``Some, however,
were hurt by the prolonged economic slowdown in Asia and other emerging markets that
weakened demand for agricultural products just as back-to-back big harvests boosted
supplies.''

Cargill's financial business was hard hit by the Russian debt default last August, which negatively
affected world financial markets. The company has reduced the size and scope of its financial
operations to align them better with current opportunities.

Lumpkins said Cargill's balance sheet and cash flow remain strong, and the company is moving
ahead with several initiatives such as the agreement announced in November to acquire the
global grain business of Continental Grain Co. ``Grain markets and, in fact, the global food
system are being reshaped by population growth, urbanization, trade and technology,'' he said.
"Cargill is committed to offering a wider range of products and services to farm and food
customers in that dynamic marketplace. That's what our agreement with Continental Grain is all
about.''

Cargill is an international marketer, processor and distributor of agricultural, food, financial and
industrial products with some 80,600 employees in more than 1,000 locations in 65 countries
and with business activities in 130 more.

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