Bunge Global SA

Bunge Global SA is a global agribusiness and food company that connects farmers to consumers by sourcing, processing, and distributing oilseeds, grains, and specialty ingredients across more than 50 countries, generating $70.3 billion in revenue in fiscal 2025. The company is one of the "ABCD" quartet — alongside Archer Daniels Midland, Cargill, and Louis Dreyfus — that has dominated global agricultural commodity flows for decades.

This is a story about a commodity processor that just completed the most transformative acquisition in its two-century history and is now attempting to prove that scale plus integration equals durable earnings power. The July 2025 merger with Viterra roughly doubled Bunge's origination footprint and processing capacity, creating the largest oilseed crusher on the planet. The question is whether the combined company can convert that footprint into returns that justify the debt taken on to fund it, against a backdrop of volatile crush margins, biofuel policy uncertainty, and an increasingly fragmented global trade system.

The file turns on a single question: does the Viterra deal mark the beginning of a structurally higher earnings baseline for Bunge, or was it a cyclically well-timed acquisition of assets whose best years already passed in 2022-23?