Commodity trading giant warns of tough year ahead
FMCG SUPPLIER NEWS
ProcurementLeaders.com - Feb 14th, 09:56
Bunge, a leading supplier of agricultural commodities including grains and soyabeans, has said that it expects market conditions to remain challenging over the year ahead.
The commodity trading giant reported that its operating profit in its agribusiness division dropped by 46% to $203m in the fourth quarter of 2011 because of the global economic conditions.
Speaking to the Financial Times, chief executive of Bunge, Alberto Weisser, said “We should be realistic that there’s an economic crisis out there in the world.
“This means things are volatile. You have issues; people get nervous. Farmers are a little bit more cautious. Customers are a little bit more cautious. Everybody pulls in their horns,” he added.
Bunge hasn’t been the only commodity trading house to be hit by the difficult trading conditions; Archer Daniels Midland, another agricultural commodity giant, announced an 89% drop in profit during the same quarter.
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