Bunge Limited at Citi Food Manufacturing Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: David Driscoll - Citi Investment Research - Analyst : Thank you. Wanted to start off with the sugar segment. I believe back in the third quarter you had indicated that going into the big period of the harvest for sugar cane, the seasonally higher period, you had taken the position to hedge much of your production out, so it is a big rally in sugar prices was not something that we had seen actually flow through the P&L. So when we look at #11 sugar at $0.28 a pound, Bunge is not receiving anywhere close to those figures. I think basically at the time it was something like $0.16 or $0.17, although you have not exactly commented on it. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 01, 2010 / 5:45PM, BG.N - Bunge Limited at Citi Food Manufacturing Conference The real question I have is, when do you get back to the spot market conditions where you potentially can benefit? These sugar prices have stayed higher than I would have imagined, much longer than you guys probably thought it would. Can you talk to us about it? It feels like it this is a big factor in what will change the earnings outlook. Not for this year, but really maybe more for 2011?

Question: David Driscoll - Citi Investment Research - Analyst : And then just one follow-up, at the Analyst Day you made a comment, well, I don't know if it was you, it might have been one of the other members, but one of the members of the management team made the comment that dry conditions within the harvest in Brazil was causing some concern about yields. Can you give us an update on that, in terms of what has been happening since the Analyst Day, and the comment on that concern? It sounded like it was a negative risk, if in fact the dryness conditions persisted, and we did not see the expected yields coming out of the sugar cane that you were harvesting. I would think this has happened, so can you talk about it a little bit?

Question: David Driscoll - Citi Investment Research - Analyst : Thank you. Unidentified Participant Related to this question, I understand the impact on sugar, but how about your other crops? Soybeans, I presume the weather would have an impact on all crops?

Question: David Driscoll - Citi Investment Research - Analyst : With respect to your RMIs, did you say they were fully hedged, one, and two, how are they financed?

Question: David Driscoll - Citi Investment Research - Analyst : Right.

Question: David Driscoll - Citi Investment Research - Analyst : One more question on, you made a comment in the outlook that the North American processing markets were under some pressure. You didn't comment on margins in other markets, and kind of how you see this evolving? Whenever I see a crushing margin pressure line, that is a red flag, so can you talk to us a little bit how you see the market evolving. Because you did not go on to make a comment that demand is strong. There is a little bit of an incongruity there, could you put it together for us, and talk to us about what the margin outlook is for crushing?

Question: David Driscoll - Citi Investment Research - Analyst : I think we are about out of time.