I will now turn the call over to Drew, who will take you through the quarter and our outlook.
Andrew J. Burke
Thank you, Alberto. Let's go to our earnings highlights on Page 3. We again achieved strong volume growth. Total volumes were 40.6 million tons, a 14% increase over the prior year. The volume increase was driven by Agribusiness, as volumes went from 29 million to 35 million tons. This increase resulted from increased grain merchandising business in Europe due to increased supplies in our new port in the Black Sea and in the North America as our Pacific Northwest port and related great origination facilities were in operation. Oilseed volumes also increased. The second quarter of 2011 volumes were negatively impacted by the 2010 drought in the Black Sea.
Our total EBIT for the quarter was $403 million. Included in this amount are gains of $85 million related to the sale of our minority interest in the Solae joint venture and $36 million related to our purchase of a controlling interest in a wheat milling joint venture in which we previously held a minority share. Excluding these gains, our total segment EBIT was $282 million. The comparable prior year number was $336 million.Our Agribusiness EBIT, excluding the gain on the sale of the minority interest in Solae, was $301 million. This was higher than the comparable prior year amount of $271 million, which excludes a gain on a sale of our share of a European oilseed joint venture.Read the rest of this transcript for free on seekingalpha.com
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