Cargill released a statement blaming diminished demand and low prices for it pulling out of European markets.

However, the largest privately held US company will maintain its oil, petrochemicals, steel, marine freight and North American gas and power businesses.

Cargill is not alone, with financial institutions including Bank of America and Deutsche Bank closing European energy-trading units in the past two years, as the economic downturn restricted use of coal and gas.

A Cargill spokesman said the closure of two Cargill trading desks would cause a limited amount of job losses.

The company is yet to release an exact figure of job cuts.