Senior Vice President and Chief Financial Officer at Archer-Daniels-Midland
Slide 6, please. The Ag Services & Oilseeds team delivered exceptional results in a dynamic market. Ag Services results more than doubled versus the year-ago quarter. Global Trade had an outstanding quarter. The destination marketing team's ability to meet customer demand around the globe helped drive strong volumes and margins. And good execution in global freight, as well as net timing gains of about $65 million for the quarter contributed to significantly higher year-over-year profits.
North America had a solid performance as export volumes remained strong in a good global demand environment, though year-over-year results were lower due to the prior year's insurance settlement and strong positioning gains. South America results were higher based on stronger origination volumes and better margins, driven by strong global grain demand.
Crushing delivered substantially higher results. Strong soy crush margins drove improved performance in all three regions, as meal and oil demand remained robust. Positive net timing effects of approximately $90 million for the quarter versus the $70 million of negative timing in the year-ago period helped drive year-over-year results.
Refined Products and Other results were similar to the prior year period, as strong demand for biofuels and food oils drove refining premiums and biodiesel margins, offset by approximately $150 million of negative timing effects versus negative $30 million in the prior year quarter.
Equity earnings from Wilmar were significantly higher versus the second quarter of 2021.
Looking ahead for AS&O. We expect Q3, the seasonal transition quarter from the South American to the North American harvest, to deliver results significantly higher than the prior year period, driven by continued strong global demand for grains and strong cash crush margins.
Slide 7, please. The Carbohydrate Solutions team delivered a second quarter of extremely strong results. The Starches and Sweeteners subsegment, including ethanol production from our wet mills, delivered much better results due to solid demand as food service volumes reached close to pre-pandemic levels. Corn co-products, including strong demand for corn oil, and effective risk management drove higher ethanol and sweetener margins. Biosolutions continued its strong growth, with $81 million in year-over-year revenue growth in Q2 and $136 million year-to-date.
Vantage Corn Processors results were slightly higher in an environment of good gasoline demand and strong ethanol blending economics. A $50 million recovery from the USDA Biofuel Producer Recovery Program helped offset the prior year's strong industrial alcohol results from the now-sold Peoria facility as well as valuation losses on ethanol inventory as prices fell late in the quarter.
Looking ahead to the third quarter, we expect results significantly higher versus the third quarter of 2021, driven by steady demand for our products at favorable ethanol blending economics.
On Slide 8. The Nutrition business continued on its strong growth trajectory with 19% year-over-year profit growth. Revenues increased by 20% on a constant currency basis and 13% like-for-like, and the team did a good job protecting margins.
Human Nutrition delivered higher year-over-year results. Flavors grew revenue in North America, EMEA and South America, though profits were lower due to negative currency effects in EMEA as well as weaker results in APAC. Healthy demand for alternative proteins resulted in strong soy protein volumes and margins, as contributions from the Sojaprotein acquisition as well as good demand for texturants drove higher results in Specialty Ingredients. Strength across probiotics, including in the recently acquired Deerland business, as well as robust demand for fibers, contributed to a stronger quarter in Health and Wellness. Across the Human Nutrition business, we continued to see low price elasticity and good demand for our diverse portfolio of ingredients and systems, as we continue to support our customers with new product and cost-out innovation and drive industry-leading win rates.
Animal Nutrition profits were up substantially year-over-year, driven by continued strong volumes and margins in amino acids. Looking ahead, we expect third quarter results for nutrition to be higher year-over-year, as the business remains on a trajectory to deliver 20% OP growth for the full year.
Slide 9, please. Other Business results increased from the prior year quarter, driven primarily by higher ADM Investor Services earnings due to higher short-term interest rates. In the Corporate lines, unallocated corporate costs of $267 million was slightly higher year-over-year due primarily to higher IT operating and project-related costs and higher costs in the company's centers of excellence.
Net interest expense for the quarter increased year-over-year on higher rates and higher short-term borrowings to support working capital needs, as well as higher expense for long-term debt.
The effective tax rate for the second quarter of 2022 was approximately 18%. This upon our current outlook, we expect full-year corporate costs to trend towards $3 billion versus our previous outlook of about $1.2 billion, largely due to higher year-over-year interest rates. We still expect our adjusted tax rate to be in the range of 16% to 19%.
Next slide, please. Year-to-date operating cash flows before working capital of $3.2 billion are up significantly versus $2.2 billion at the same time last year. Our balance sheet remains solid with a net debt to total capital ratio of about 30% and available liquidity of about $11.5 billion. Driven by our strong cash flows and robust earnings, we expect to accelerate our share repurchase program, adding to the $200 million we repurchased in the second quarter of the year with an additional $1 billion in the back half. And, of course, the strong cash flows and balance sheet also preserve our flexibility to continue reinvesting in the business and advancing upside growth opportunities.
Our capex outlook is unchanged at approximately $1.3 billion for the year.