Bunge Takes Soybeans Loss After Wrong-Way Bet on Trade War
- CEO Soren Schroder says he still expects “strong second half”
- Sugar trading also posts loss; full-year Ebit forecast cut
A logo sits on the side of a grain storage silo, operated by Bunge Ltd.
Photographer: Vincent MundyThis article is for subscribers only.
Bunge Ltd., one of the largest agricultural traders and processors, posted a surprise loss for the second quarter after it was wrong-footed by price moves in the soybean market due to the U.S. trade war with China and a drought in Latin America.
The loss will increase the pressure on Chief Executive Officer Soren Schroder to turn the company’s performance around. Bunge has been the subject of takeover speculation for more than a year, with rivals Archer-Daniels-Midland Co. and the agriculture unit of Glencore Plc making approaches.