Bunge Global SA saw profits shrink less than expected in the first quarter as the company weathered the impact of tariff uncertainty on demand.

Earnings excluding some items were $1.81 a share in the three months ended in March, down 40% from a year earlier, the St. Louis-based trader said in a statement. That beat the $1.35 average of analyst estimates compiled by Bloomberg.

Uncertainty over US tariff and biofuel policies have disrupted grain trading and processing, eroding profits across the industry. Results have also been impacted by ample crop supplies, giving buyers confidence to operate with lower inventories and reducing traders’ negotiating power.

“We benefited in the first quarter from tariff-related timing shifts in demand and farmer activity and remain confident in our ability to continue to execute despite the current market environment,” Chief Executive Officer Greg Heckman said in the statement.

Bunge reaffirmed its outlook for full-year earnings at $7.75 a share.

The company said it’s in the final stage of regulatory approval for its proposed acquisition of Glencore Plc-backed Viterra and “prepared to close quickly once received.”