(Reuters) – Bunge (NYSE) Ltd Wednesday announced a larger quarterly adjusted profit as well as an increase in its full year earnings forecast. This was due to the fact that the global commodities merchant for farm commodities has benefited from the increased demand for critical crops after the Ukraine crisis.

The results mirrored the robust earnings reported by rival Archer-Daniels-Midland Co on Tuesday.

Bunge also revealed how global grain traders have weathered the soaring crop prices and disruptions in supply chains caused by Russia’s invasion of Ukraine. These two countries supply nearly one-third of world’s wheat exports. They also provide around 80% sunflower oil and a fifth globally traded corn.

Dry weather and droughts in South America, Canada, USA and South America preceded the Ukraine crisis. This had already led to lower harvests and food inflation that reached dizzying levels.

Bunge’s largest agribusiness unit reported a 7% decline in volume and 14.7% increase in net sales. This was due to strong oilseed crushing margins, reduced South American soybean crop production, and tightening world supplies of different vegetable oils.

The company claims that certain mark-to-market effects, described as temporary by the company, have caused its net income to drop to $4.48 per sen in the quarter ending March 31st, from $5.52 last year.

The quarterly earnings for the St. Louis-based company were $4.26 per share compared to $3.13 per year ago.

The full-year adjusted earnings for the company are now $11.50 per Share, an increase from $9.50/share in its prior forecast.