Bunge Ltd at Citi Global Consumer Conference Transcript

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

Question: David Driscoll - Citigroup - Analyst : Your timing could not be better. I would just like to start off with one big picture question, especially since you run the North American operations and would have, I think, probably a remarkable, insightful view on what is exactly happening right now. So we started off the year understanding that the grain situation globally was very tight. We needed to get off to a good spring plant, but we have not. Can you give us an update on that situation? Rains, floods, droughts? Put it together for everyone in the room so that they can understand how serious the spring situation has been.

Question: David Driscoll - Citigroup - Analyst : Two follow-ups here on this. First off, there is concern that some time in perhaps August we literally run out of corn just given how tight the situation has been. Crop production last year was less than originally hoped for say at the beginning maybe in June of last year versus what it ended up being on corn yields, markedly below those initial expectations. Ethanol demand has been very, very high. The government just pretty much continually raises those numbers. Is it possible that we see incredibly tight conditions for corn in the United States?

Question: David Driscoll - Citigroup - Analyst : My final question on this topic does relate to the backwardation in the market. It is my maybe simplistic impression that from the first quarter of the year and the second quarter of the year through June it is -- and I'm going to get in trouble with this statement -- but it is normal for your business -- you guys understand it extremely well, because there is -- you don't deal with the backwardations like you are going to deal with it when you get into July, August and September and how steep the drop is in those commodity curves. That is a very unusual curve for the business. What does it mean for you in terms of being able to manage through it, and how much risk is there in terms of being able to continue to generate significant profitability like you have from third quarter and fourth quarter and first quarter. Agribusiness profits were exceptional in those three quarters.

Question: David Driscoll - Citigroup - Analyst : Anybody else? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 25, 2011 / 2:00PM, BG.N - Bunge Ltd at Citi Global Consumer Conference Unidentified Audience Member I would like to come back to the global grain situation again. The former Soviet Union had the FSU 12 really did not export significant quantities last year. It was a big disruption to the marketplace. The US government has the expectation that their exports will rise by 100% in the coming crop year, and this appears to be one of the absolute keys to being able to balance supply and demand at the current projections. Is it likely in your opinion that we see that, and how do you at Bunge deal with something like this when it feels like it is a political decision by the government in Russia and Ukraine as to whether or not they put these embargoes on for reasons that relate to their own internal economies and food prices there, and they don't seem to have regard for what happens in the rest of the world?