Glencore International Plc and Bunge Ltd. expect lower prices for agricultural commodities in the coming season after the most severe drought in the U.S. since the 1930s drove corn and soybeans to records last year.
Erai Scheffer, the world’s largest soybean farmer, bought 200 trucks for this crop to counter the worst transportation breakdown in Brazil’s history. In China, undelivered cargoes mean buyers may turn to Argentina as Brazil falters on its ability to become the top global supplier.
Bunge Ltd., the world’s second- largest publicly traded sugar processor, said Chief Executive Officer Alberto Weisser will retire and be replaced by Soren Schroder, the head of its North American unit.
Bunge Ltd. , the world’s second- largest sugar trader, is planting more cane in Brazil as it recovers from a drought and plans to run its mills full capacity next year, Chief Executive Officer Alberto Weisser said.
Bunge Ltd., the world’s second- largest sugar trader, said it plans to spend $2.5 billion to boost sugar and ethanol production in Brazil over the next five years and may sell bonds to help finance the investments.
Supplies of grain are likely to be tight until well into 2011, according to Alberto Weisser , the chief executive officer of Bunge Ltd. , a U.S. company that trades in agricultural products, the Financial Times reported.