(Bloomberg) -- Shares of crop handler Andersons Inc. slumped to the lowest level in more than two years as uncertainty around tariffs and US port fees upended trade, pressuring first-quarter results.

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Importers put off purchases of US grain and oilseeds as President Donald Trump threatened tariffs as well as levies on any Chinese vessels docking at American ports. While tariffs have been paused on some nations and most bulk agricultural cargoes will be exempt from the port fees, the developments still hit the Ohio-based company.

The trade uncertainty “disrupted typical grain flows and negatively impacted commodity values,” Andersons Chief Executive Officer Bill Krueger said Wednesday on a call with investors. “This resulted in limited merchandising activity beyond immediate customer needs.”

Andersons’ shares fell as much as 11% in early trading, to the lowest level since October 2022. The company late Tuesday reported lower-than-expected revenue for the first quarter.

A near-halt in exports of US sorghum and fewer shipments of wheat weighed on Andersons’ results, especially on its newly acquired farm cooperative Skyland Grain LLC. China, the top buyer of sorghum and many of the world’s crops, has stopped purchases from the US with each of the countries installing triple-digit tariffs on imports.

Andersons has limited exposure to export markets, only shipping out of facilities in Houston and Toledo, Ohio, but the lack of overseas shipments means supplies have backed up in domestic US markets.

“You had a lot more grain fighting for demand in the western Corn Belt,” Krueger said, adding that the conditions were deemed temporary and unusual.

The agribusiness segment, which includes crop trading, had a pretax loss of $10 million in the first quarter, the company said it a statement. That was partly offset by gains in the renewable segment, which reported income of $25 million, up from $24 million a year earlier. Krueger said the company is still evaluating potential acquisitions of ethanol plants.

He said the company is pushing for increased blending targets for renewable fuels, with the industry awaiting guidelines from the Trump administration. “The more renewable-diesel demand we have, the more demand we’ll have for corn oil,” Krueger said in an interview.

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(Adds CEO quote in last paragraph. A previous version corrected renewable segment income to $25 million in the eighth paragraph.)

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