Cargill selling its petroleum business

Cargill Inc., with facilities in Cedar Rapids, on Thursday said Sydney, Australia-based bank Macquarie Group Ltd. will buy its petroleum trading business.

The transaction, for an undisclosed price, is expected to close later this year.

The global commodities trader headquartered in Minnetonka, Minn., will continue to operate in the energy industry.

Cargill has spent the past year streamlining its business amid a nearly three-year slump in global commodity prices.

In January, sources said that Cargill sold its U.S. gas and power business to commodities trader and investor TrailStone Group.