World Grain - December 2007 - 10

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Bunge reports third-quarter
net income increase of 108%
WHITE PLAINS, NEW YORK, U.S. - Bunge
Limited announced on Oct. 25 that its net income
increased 108% over the same quarter last year to
$351 million.
Bunge's agribusiness sector saw improved performances in Europe
and South America that were driven by higher grain origination and
oilseed processing margins. North America benefited from strong
grain export volume. Distribution results improved due to strong
global demand and improved margins. Risk management strategies
worked well during the quarter.

Bunge's edible oil results were negatively impacted by higher operating expenses, which include investments to grow the business in Europe
and Asia, where volumes and margins have not yet
reached the critical mass level to support improved results. Margins in
Europe were negatively impacted by high raw material costs but were
partly offset by margin improvements in other parts of the world.
Better results in the company's milling sector in the quarter were
mainly due to increased volume and improved product mix in maize
(corn) milling.

Bunge to end soybean processing in Marks, Mississippi
ST. LOUIS, MISSOURI, U.S. - Bunge North America said it will
discontinue processing soybeans at its plant in Marks, Mississippi,
U.S., by the end of the year, but it will keep the facility open as a grain
elevator and will expand operations to include maize and wheat in ad-

dition to soybeans.
The Marks elevator will begin posting bids for wheat and maize in
the near future and will start receiving grain with the 2008 wheat harvest. The plant will continue receiving soybeans without interruption.

ADM's first-quarter earnings up
DECATUR, ILLINOIS, U.S. - Archer Daniels Midland (ADM)
announced on Nov. 6 that its net earnings for its first quarter ended
Sept. 30 were $441 million, up 9% from $403 million last year.
ADM said its Oilseeds Processing division's operating profit increased on improved margin conditions, due to strong global protein and oil demand. Its Corn Processing division's operating profit

declined due to lower ethanol sales prices and volumes, and higher
net corn costs. Last year's Bioproducts results reflect the positive
impact on ethanol volumes and prices of the phase out of MTBE.
The company's Agricultural Services division's operating profit increased due to improved global grain merchandising and handling
results.

E.U. approves biotech maize products for food, feed
BRUSSELS, BELGIUM - The European Union (E.U.) Commission on Oct. 24 announced that it has approved two biotech maize
products for food, feed, import and processing jointly developed by
DuPont and Dow AgroSciences LLC, a wholly owned subsidiary of
The Dow Chemical Company. Maize products containing the Herculex RW Rootworm Protection trait (also known as 59122 maize)
and the Herculex I insect protection trait, stacked with Roundup
Ready Corn 2 (also known as 1507xNK603 maize), are now per-

mitted for import into the E.U.
These products have been deemed safe by the E.U.'s own independent scientific authority, the European Food Safety Authority
(EFSA), and have already been approved in numerous other countries around the world. Both products are now authorized for import into the E.U. in accordance with E.U. regulations, including
the appropriate labeling and traceability of the products and their
derivatives.

Flour mills plan to challenge Argentine surcharges in court
SÃO PAULO, BRAZIL - The Brazilian Wheat Industry Association
(Abitrigo) will take up judicial action against the Argentine government in an attempt to reverse actions that raised surcharges on wheat
exports from 20% to 28% and maintains that on flour at 10%.
Abitrigo alleges that the measure undermines the competitiveness of
Brazilian flour mills, since they stimulate the importation of flour.
"By the principals of the Mercosur, the trade in products between
the countries of the bloc is exempt from tariffs, so the measure is ille10

gal," said Luiz Martins, president of the Abitrigo Deliberative Council and also of the Wheat Industries Syndicate of São Paulo State
(Sindustria).
The representatives of Abitrigo also asked the Brazilian government
to apply compensatory measures to bar the import of wheat flour from
that country. "The actions of the Argentine government distort the
wheat market. We want equality in competition," said Lawrence Pih,
president of Moinho Pacifico.
December 2007 / World Grain / www.World-Grain.com
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World Grain - December 2007

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