Bunge Global on Wednesday reported a 2026 profit outlook below analysts’ expectations, as the commodity market volatility and tight margins that pressured earnings last year remained a headwind for the world’s largest oilseed processor.
The Missouri-based company reported both its weakest fourth quarter and lowest annual adjusted profit since 2019.
Bunge shares were down five per cent in premarket trading after soaring more than 30 per cent since the start of the year.
A global grains glut has weighed on crop prices, thinned processing and eroded profitability in the agribusiness sector, affecting Bunge and peers such as ADM and Cargill. Trade turmoil triggered by U.S. President Trump’s tariff wars and uncertainty over biofuels policies further dragged on earnings as customers became more cautious due to market uncertainty, reluctant to book deals beyond the near-term.
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Bunge reported adjusted earnings of $1.99 per share (C$2.72) for the quarter ended December 31, down from $2.13 a year earlier, but above the consensus analyst estimate of $1.81, according to data compiled by LSEG. Full-year 2025 adjusted profit fell to $7.57 a share (C$10.34), from $9.19 a year earlier.
The company forecast 2026 adjusted earnings per share between $7.50 and $8.00 (C$10.25 to $10.93), below Wall Street expectations of $8.71.
Disruptions, delays drag profits
Bunge’s expanded grain handling and processing capacity following its merger with Viterra in mid-2025 has boosted volumes and revenue, but trade disruptions and delays in finalizing biofuels policies have dragged on profitability, particularly in the United States.
Bunge CEO Greg Heckman said “forward visibility remains limited amid dynamic market conditions.”
The U.S. Treasury Department on Tuesday published proposed rules governing how biofuel makers can access larger tax credits for producing green fuels. The rules would incentivize use of feedstocks from North American oilseed crops like soy and canola and include tweaks to methodology for calculating the carbon intensity of feedstocks.
The market is still awaiting final rules on biofuel blending quotas, expected next month. They are expected to keep quotas close to an initial proposal boosting volumes while dropping a plan to penalize imports of renewable fuels and feedstocks.
Rival grain trader Archer-Daniels-Midland, whose operations are more concentrated in the U.S., forecast 2026 adjusted profit below analysts’ expectations on Tuesday due to the deferral of U.S. biofuel policy.
