Ray Young
Chief Financial Officer at Archer-Daniels-Midland
Great. Thanks, Juan. Slide 6, please. The Ag Services and royalties team continue their outstanding year with another quarter of substantial profit growth. In Ag Services, we're proud to tell the team executed in a challenging environment, including a swift return to operation after Hurricane Ida. Overall results were significantly lower versus the prior year quarter, driven by approximately $50 million in that timing effects that should reverse in coming quarters, as well as $54 million in insurance settlement recorded in the prior year period, and lower export volumes caused by Hurricane Ida. Global trade continues its strong performance. The Crushing team delivered substantially higher year-over-year results, executed well, delivering stronger margins in a dynamic environment that includes strong demand for vegetable oils to support our existing food customers as well as the increasing production of renewable diesel. Results were also driven by about $70 million in net positive timing effects in the quarter.
Refined Products and Other results were significantly higher than prior year period, driven by positive timing effects of approximately $80 million, our expected to reverse in future quarters. Strong execution in EMEA and North American biodiesel and strong refining premiums due to demand for renewable diesel and foodservice recovery in North America also contributed to the results. Equity earnings from Wilmar were lower year-over-year. Looking ahead, we expect to see continued fundamental demand strength for Ag Services and Oilseeds products including from China, as well as solid global soybean crush margin environment in the fourth quarter, partially offset by some higher manufacturing costs. In addition, RPO will be negatively impacted by timing reversals. All told, we expect results in the fourth quarter to be significantly higher than the third quarter of this year.
Slide 7 please. Carbohydrate Solutions results were lower year-over-year. The Startches and Sweetener sub segment including ethanol production from our wet mills showed their agility by managing through dynamic market conditions and optimizing mix between sweeteners and ethanol production through the quarter. Year-over-year results were significantly lower, primarily due to higher input costs. Vantage Corn Processors results were much higher versus the third quarter of 2020 supported by the resumption of production of at our two dry mills and improved fuel ethanol margins, particularly late in the quarter.
Looking ahead to the fourth quarter, we expect the solid fundamentals from the end of the third quarter to continue for Carbohydrate Solutions with good ethanol margins extending through the quarter due to industry supply-demand balance and solid demand for corn oil and starches offset by higher manufacturing costs, particularly in Europe as well as the absence of the pure dry mill. Also fourth quarter results for the segment should be similar to the previous year fourth quarter.
On Slide 8, the Nutrition business remains on its solid growth trajectory was 17% higher revenues and 15% on a constant currency basis and 20% higher profits year-over-year and continued strong EBITDA margins. The human nutrition team delivered revenue growth of 12% year-over-year on a constant currency basis, helping to drive 9% higher profit, higher volume improved pilot mix, particular strength in beverage drove strong flavor results in EMEA in North America, partially offset by lower results in APAC. Specialty Ingredients continued to benefit from strong demand for alternative proteins, offset by some higher costs. Health & Wellness results were higher on robust sales growth in bioactives and fiber. Aninal Nutrition profits were nearly double the year-ago period and sales were up 19% on a constant currency basis, driven primarily by the strength in the mineral assets as well as feed additives and ingredients, partially offset by higher costs in LATAM and slower demand recovery in APAC. Looking ahead, we expect nutrition to continue on its impressive growth path with strength across the Human and Animal Nutrition leading to strong year-over-year earnings expansion in the fourth quarter and a 20% full year growth versus 2020.
Slide 9 please. Let me finish up with few observations from the other segment as well as some of the corporate line items. Other business results were substantially lower than the prior year period, driven primarily by captive insurance underwriting losses, most of which were offset by corresponding recoveries in the other business segments. We expect fourth quarter to have some additional insurance underwriting losses, resulting in a breakeven other business for the fourth quarter.
As expected, net interest expense for the quarter decreased year-over-year on lower interest rates and the favorable liability management actions taken in the prior year. In the corporate lines, unallocated corporate costs of $230 million were driven primarily by higher IT offerings and project-related costs and transverse cost into the centralized centers of excellence in supply chain and operation. Looking at total corporate costs including net interest, corporate unallcoated and other corporate, we are still on track fourth calendar year to be overall similar to 2020. The effective tax rate for the third quarter of 2021 was approximately 18%. We anticipate our calendar year adjusted effective tax rate to be the upper end of our previously communicated range of 14% through 16% and potentially a bit higher depending upon the geographic mix in the fourth quarter. Our balance sheet remains solid with a net debt to total capital ratio of about 26% and available liquidity of about $11.5 billion.
With that, I will turn it back to Juan.
