In Brief
Reuters — United States commodities trader BungeLtd. raised its full-year adjusted profit outlook on July 28 after strong food and renewable fuel demand for its vegetable oils drove a 41 percent jump in quarterly income.
Shares jumped three percent after the company projected full-year 2021 adjusted income of at least US$8.50 per share, up from its previous estimate of $7.50.
Bunge’s results indicate how global grain traders are emerging from the COVID-19 pandemic that triggered massive shifts in demand as consumers avoided travel and moved to home cooking.
Increased demand for vegetable oils from U.S. food-service companies and the renewable diesel sector are lifting Bunge’s expectations for earnings, CEO Greg Heckman said. Renewable fuel demand, in particular, has triggered a “structural improvement” in oilseed markets.
