Bunge Limited (BG)

Bunge put up a materially stronger-than-expected Q1 due to lower-than-expected corporate expense and stronger Processing results. It maintained the full-year guide, but changed some components, including a material reduction in its full-year projected interest expense….

Extreme uncertainty continues to dominate the narrative into Q1 earnings, but the H2 bias has turned somewhat more positive. Consequently, we have updated our BG estimates – our 2025 goes to $7.75 ($7.69), while our…

Post the ongoing build in global crush capacity (U.S. most pronounced), biofuel policy and crush margins have become inextricably linked. Edible oil demand growth is relatively meager, while global livestock production expansion currently materially lags…

BG reported Q4 results that disappointed both relative to HJR/consensus and guidance; we believe it is the 1st time since Heckman assumed the CEO role that it has missed guidance and, in our view, is…

If Trump’s threat to impose sweeping 25% tariffs on imports from Canada and Mexico February 1 comes to fruition, it would potentially be hugely impactful to our coverage and a discussion is justified. It bears…

Our agribusiness coverage has been roiled by a combination of global biofuel policy shifts/uncertainty, growing global soy surplus/tighter corn supply, ongoing trade shifts, and the long anticipated fallout from aggressive capacity expansion. These have resulted…

The imminent changeover in Administrations is of greater import for our coverage universe than many other sectors as it portends material changes on multiple fronts, including regulatory policy (food and biofuels) and tariffs. Many of…

In an early September WSJ Op-Ed, Robert F. Kennedy Jr. (RFK) laid out prospective policy ideas that warrant examination given his nomination to lead the Department of Health and Human Services (HHS) – his nomination…

BG reported Q3 EPS upside driven, relative to HJR, largely by lower-than-expected corporate expense and a MTM tax true-up benefit. It tweaked guidance to ‘at least’ $9.25 from ~$9.25 despite lower-than-expected Q3 results and the…

Very elevated uncertainty is the overwhelming theme headed into Q3 earnings, whether that be related to biofuels policy (see our Ag Brief published yesterday), the Election or protein production. Below (cont’d pg 2) we offer…