A year removed from a losing bet that the U.S.-China trade war would be promptly...
CHICAGO - A year removed from a losing bet that the U.S.-China trade war would be promptly resolved, global grains trader Bunge Ltd is facing an even more uncertain business environment, with a new chief executive who is determined not to get burned again.
As the trade war enters its second year with no sign of a resolution, White Plains, New York-based Bunge and other grain traders are also navigating weather-reduced crops in the United States, a herd-culling hog disease in China that has slashed demand for soybeans and currency gyrations that have fueled uncertainty in top soymeal exporter Argentina and elsewhere.
Investors last year pointed to a culture at Bunge where traders took on more risk compared with rival trading houses as contributing to the loss. Grain merchants like Bunge and rivals Archer Daniels Midland Co , Cargill Inc and Louis Dreyfus Co, known as the ABCD quartet of global grain trading giants, have already been restructuring their businesses and cutting costs after a years-long crop supply glut that thinned margins and sapped profits.
Rising market uncertainty has stiffened near term earnings headwinds for Bunge since it reported better-than-expected second-quarter earnings last month, Heckman said. Bunge is looking to streamline the company’s operations and maximize profit as part of its ongoing portfolio optimization program. It unveiled a new global operating model in May and announced last week that its headquarters would move to St. Louis from White Plains, New York.
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