Commodities
Bunge Boosts Outlook on Brazil’s Record Soybean Crop
- Bunge beat second-quarter earnings by more than $1 per share
- CFO says there could be even more upside to earnings in 2023
Combine harvesters gather soybeans in Campo Novo do Parecis, Brazil.
Photographer: Yasuyoshi Chiba/AFP/Getty ImagesThis article is for subscribers only.
A record soybean crop in top producer Brazil prompted one of the world’s largest agricultural commodities traders to boost its outlook for the year.
Bunge Ltd. raised its 2023 earnings guidance to at least $11.75 per share, up from a previous forecast of as much as $11, the company said in an earnings statement on Wednesday. Chief Financial Officer John Neppl also told analysts there could be even more upside. Shares rose as much as 6% in the New York, the most since the end of May.