World Grain - February 2014 - 12

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Cargill earnings up 36% in second quarter
MINNEAPOLIS, MINNESOTA, U.S. - Cargill reported on Jan. 9
net earnings of $556 million in the fiscal 2014 second quarter ended
Nov. 30, up 36% from $409 million in the year-ago period.
First-half earnings were $1.13 billion, down 19% from $1.38 billion a year ago. Second-quarter revenues decreased 7% to $32.9 billion, which brought first-half revenues to $66.7 billion.
"Cargill posted a solid second quarter, with earnings improved in
three of our four segments," said David MacLennan, Cargill's president and chief executive officer. "We also oversaw the opening of
several new investments that support customers' growth and success."
The company's results were supported in part by 2013's improved
crop production. The impact on supply and demand caused prices
for agricultural commodities to come down from last year's highs,
providing relief to Cargill's animal nutrition and protein segment.
The Food Ingredients & Applications segment was up slightly
from the year-ago period; it also was the largest contributor to second-quarter results. Demand in some product lines improved appreciably. For example, markets for cocoa powder saw firmer demand
and sales volume, while increased U.S. corn supplies lifted domestic
and export demand for ethanol. Still, many segment businesses ex-

perienced softer demand and sales volumes due to the sluggishness
remaining in parts of the global economy.
Agricultural Supply Chain results decreased from the year-ago
period, due in part to an industrywide buildup in oilseed crush capacity that reduced crush volumes in certain markets, including South
America. In North America, profits increased due to higher grain
handling and export volumes, along with renewed demand for grain
marketing products.
Earnings in Animal Nutrition & Protein rose significantly. Improved profitability among the animal nutrition units was linked to
lower input costs, good price risk management and a well-managed
mix of bulk, specialty and customized animal feeds. The animal protein businesses also realized the effects of new-crop supplies, which
eased last year's high feeding costs. Larger export volumes and increased operating efficiencies also contributed to stronger results,
especially in beef processing.
Earnings in Industrial & Financial Services increased slightly.
Although energy results were weak, the segment benefited from increased demand for ocean transport of coal and iron ore, and from
favorable trends in U.S. steel manufacturing and processing.

Bunge Brazil president, CEO to retire
WHITE PLAINS, NEW YORK, U.S. - Bunge Limited announced
on Jan. 20 that Pedro Parente, president and chief executive officer
(CEO) of its Brazilian operating company, will retire effective June
30. Parente, 60, has led Bunge's Brazilian operations since joining
the company in January 2010.
"Pedro has made a tremendous, positive impact on Bunge Brazil," said Soren Schroder, CEO, Bunge Limited. "He conducted a
comprehensive restructuring of our local operations, built a high-performance leadership team and increased, every year, the combined
results of our core agribusiness and food and ingredients businesses.

He oversaw the integration of the Moema sugarcane mills into Bunge
and the divestiture of our Brazilian fertilizer businesses. Pedro leaves
us a strong, streamlined Bunge Brazil, and we wish him all the best."
Bunge expects to name a successor to Parente in the coming months.
"It has been an honor to lead Bunge Brazil during a period of
significant change," said Parente. "The past four years have been a
great culmination to a long career in the public and corporate sectors. I'm proud of what we accomplished and confident that Bunge
will continue to contribute to and share in Brazil's growth, as it has
for over 100 years."

Bunge names vice-president of grain operations
ST. LOUIS, MISSOURI, U.S. - Bunge North America, the North
American operating arm of Bunge Limited, announced on Jan. 7
that Matt Gibson joined Bunge North America as vice-president
and general manager of its grain operations.
The company also promoted George Allard to vice-president
and chief financial officer. Allard replaces Todd Bastean who was
promoted to chief executive officer (CEO) for
Bunge North America effective June 1, 2013.
Gibson joined Bunge from Gavilon where
he most recently served as regional vicepresident of its northern grain group. He has
more than 18 years of experience in the industry, having been responsible for trading
and operational management. Gibson began
his career as a merchandiser trainee for ContiGibson
nental Grain in 1995 and also worked for the
12

ConAgra Trade Group, which became a part
of Gavilon.
Allard joined Bunge in 2004 as treasurer of
Bunge North America. He then served as chief financial officer for the company's Canadian operations and for Bunge Latin America before returning
to Bunge North America where he served as head
of North America's milling operations before moving to his most recent role as vice president and
Allard
general manager of North America's oils business.
"George's experience leading key business units along with his
financial background provide the right skills for this position and we
look forward to his continued leadership," said Bastean. "We are also
pleased to have Matt join our team. He is a well-respected leader in
the industry who brings to Bunge a successful track record in facility
and trading management."
February 2014 / World Grain / www.World-Grain.com

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World Grain - February 2014

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