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Bunge Reports Q1 Profit

NEW YORK - Apr 29/10 - SNS -- Bunge Limited reported net income of U.S, $63 million on sales of $10,345 million for the first quarter ending March 31, compared to a net loss of $195 million on sales of $9,198 million during the same three month period last year.

Alberto Weisser, Bunge's Chairman and Chief Executive Officer, stated, "Bunge's first quarter improved significantly from where we were this time last year. Agribusiness performed well, especially considering tight soybean supplies in Brazil that limited our origination activity in that country. In fertilizer, results were weaker than expected due to lower volumes and margins. However, our average inventory costs are now below market prices."

The company said better results in agribusiness were primarily due to solid performance in oilseed processing, which benefited from higher margins in most geographies.

Grain origination results were lower largely due to the tight soybean situation in Brazil and slow farmer selling during the early stages of the harvest. Distribution benefited from strong soybean demand from China.

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