Dive Brief:
- Agribusiness powerhouse Bunge reported that sales fell 11 percent in the most recent quarter to $14.7 billion, that's well below the $16.9 billion expected by analysts.
- Bunge, one of the four largest grain traders on earth, put the blame on its Brazilian sugar unit -- a business it entered in 2009.
- The company's CEO announced Bunge would "explore all alternatives" for the sugar business, including a sale of the operation.
Dive Insight:
This has been an insane year for sugar prices. So it's no surprise that Bunge would get hurt. What is moderately surprising is that the company lost money when prices fell and then apparently lost more on hedges when prices bounced back.