Bunge Q3 Profit Tops Estimates on Strong Soybean Crush Margins; Net Sales Rise 5.4%

Bunge beat Wall Street estimates for third-quarter adjusted profit on Thursday, posting $2.56 per share for the three months ended September 30 against an average analyst estimate of $2.44 per share, according to LSEG data. Quarterly net sales from soybean processing and refining rose 5.4% year-on-year to $11.4 billion. The softseed processing and refining segment reported net sales of $4.3 billion, up from $3.6 billion a year ago, while grain merchandising and milling net sales climbed 5.2% to $6.76 billion. The Missouri-based grain trader benefited from robust oilseed processing margins. U.S. corn and soybean prices have surged since the start of the Iran conflict, prompting farmers to accelerate sales from last year's harvest and triggering a wave of selling across the Midwest to ethanol makers and grain handlers including Archer-Daniels-Midland and Bunge. Oil prices also spiked due to the war, raising prices for crops used to make biofuels. Peer ADM reports results on November 3.