The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Ken Zaslow - BMO Capital Markets - Analyst
: I'll kick it off. Can you compare and contrast, it sounds like an [SAT] question, but the US, Brazil, and Argentina crush margin outlook and just kind
of take us through how you see the evolution over the next call it 6 to 18 months?
Question: Ken Zaslow - BMO Capital Markets - Analyst
: That's right.
Question: Ken Zaslow - BMO Capital Markets - Analyst
: On the sugar and ethanol business, Brazil has historically been the world's largest exporter of ethanol and now has been an importer of ethanol
due to the crop issues. Could you tell us where that's going? Where does the government want that to go? Is Brazil just trying to be self-sufficient
or does it see itself as a major exporter again? And how long will it take to get back to that?
Question: Ken Zaslow - BMO Capital Markets - Analyst
: I'll continue on that line of questioning, what are the assumptions required to achieve the 21 million tons of capacity and $8 to $10 per ton EBIT
for sugar? Are you dependent on the environment, is it Bunge related, can you talk about what the sensitivity is to the environment as well as
Bunge processing?
Question: Ken Zaslow - BMO Capital Markets - Analyst
: In terms of the potential late plantings in the US, can you talk to how that will either create opportunities or risks and from that do you see any
regional dislocation opportunities emerging around the world as well?
Question: Ken Zaslow - BMO Capital Markets - Analyst
: Can you talk about some of the larger projects that you are doing -- that are coming online and can you talk about the return on invested capital
that you expect to be getting from some of these projects and also the timing to which you will actually generate the returns? So how do you
allocate? So, for example, the port, the Vietnam plant, all these things these projects that are coming online the larger ones, what are your return
characteristics that you are expecting, and what is the timing and efficiency to be able to realize those returns?
Question: Ken Zaslow - BMO Capital Markets - Analyst
: Take one more question then. In terms of the -- I guess the easy question is I think on your last conference call you said that two of your plants
could be up and running within two weeks. Can you at least confirm that they are actually up and running that everything is as planned?
Question: Ken Zaslow - BMO Capital Markets - Analyst
: And then my last question will be and I asked you some [in the call and didn't] know if you are able to kind of get a little bit more concrete nature
to this, but can you talk about the volume opportunities in terms of the merchandising, how much capacity expansion there is? And again I
understand that the merchandising margins may come down over the next 12 to 18 months, but the flip side it sounds like there is a lot of opportunity
on the volume side that you are expanding with the ports, can you -- I know the 4 million metric ton is coming from the port, but can you talk a
little bit bigger picture or give us a little granularity as well on that?
Question: Ken Zaslow - BMO Capital Markets - Analyst
: Yes. It was the easy question.
Question: Ken Zaslow - BMO Capital Markets - Analyst
: Great. Thank you very much.
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