July 29 (Reuters) – Bunge raised its full-year adjusted profit forecast on Wednesday after beating Wall Street estimates for second-quarter earnings, helped by strong performances in its soybean and softseed processing businesses amid improving market conditions.
U.S. corn and soybean prices have climbed sharply since the start of the Iran war, prompting farmers to step up sales of grain they had held back from last year’s harvest amid a prolonged period of weak prices.
The price rally has spurred sales across the Midwest, with farmers moving corn, soybeans and wheat from storage bins to ethanol producers and major grain handlers such as Archer-Daniels-Midland and Bunge.
Prices of crops such as corn, which are used to make biofuels, also got a boost from a spike in crude oil prices due to the war.
Net sales from its soybean processing and refining were $12.07 billion, compared with $7.75 billion a year ago.
Softseed processing and refining segment reported quarterly net sales of $4.09 billion, compared with $1.53 billion a year ago.
The company now expects 2026 adjusted earnings of $9.25 to $9.75 per share, up from its previous forecast of $9.00 to $9.50.
(Reporting by Katha Kalia in Bengaluru; Editing by Leroy Leo)
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