The global recession has caught up with Cargill, dragging earnings at the agribusiness giant down 68%.

Cargill, the world's largest agricultural group, reported earnings of $326m for the December-to-February period, down from $1.03bn a year earlier.

The fall reflected in part the company's majority stake in Mosaic, the fertilizer group which last week reported an 89% fall in earnings for the same quarter.

However, Cargill's five core operating businesses also lost ground, for the second successive quarter.

"The decrease in third-quarter earnings touched all five of the company's business segments," the group said, adding that it had cut costs, capital spending and debt in response to the tougher trading conditions.

"Many businesses experienced weaker demand and lower sales volumes, as well as fewer trading opportunities as markets fluctuated within narrower ranges."

The group, which as a private company has fewer reporting obligations than a listed enterprise, did not publish any detailed figures.

Unwelcome visitor

Greg Page, Cargill's chairman and chief executive, blamed the earnings decline on the repercussions of the global financial crisis, which "arrived at our company's doorstep" during the quarter.

However, he added that he was "encouraged" by government efforts to revive economic growth.

"When conditions come into place for a recovery on the broader economic front... we'll be ready to build on those trends," Mr Page said.