Bunge Ltd Q2 2022 Earnings Call Summary

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

Question: Thomas Hinsdale Palmer - JPMorgan Chase & Co, Research Division - Analyst : I wanted to start off maybe just by discussing the Agribusiness results this quarter and how we might think about the setup for the balance of the year. Presentation notes an increased 2022 forecast for the segment versus the prior outlook to reflect strong second quarter performance. At the same time, there were some maybe added headwinds that we saw in that segment just given the 20% dip in merchandising volume, processing profitability especially on a unit basis dipping a bit versus what we've seen in the last few quarters. So as we think about the second half outlook, should we be looking for a rebound in some of this merchandising volume? Is there anything specific in the quarter that drove that? And then, industry crush seems very strong. Might we look for a rebound in processing, at least sequentially?

Question: Thomas Hinsdale Palmer - JPMorgan Chase & Co, Research Division - Analyst : As a follow-up, maybe just on a different topic. On the capital allocation side, you did reduce CapEx outlook. At this point, I don't know if guidance includes share repo, things like that. So I guess, just given that longer-term outlook, when do we start to see more of a ramp-up in terms of the expenditure side, be it for repo, M&A or CapEx in general?