NEW YORK, Nov 1 (Reuters) - Bunge Ltd has hedged about half of its sugar sales next year and about 75-80 percent this year, the agribusiness company’s chief financial officer told investors on Wednesday.
“(F)or this year, we have hedged about 75-80 percent of our sugar sales and looking into next year, we are getting to the 50-percent-range plus,” CFO Thomas Michael Boehlert said on a conference call to discuss third-quarter earnings.
The commodities merchant owns sugarcane mills in Brazil, the world’s top producer and exporter of the sweetener. Sugar prices have tumbled as industry players have raised their expectations for excess supplies in the current 2017/18 sugar season.
Benchmark futures are down about 25 percent year-to-date. (Reporting by Chris Prentice; Editing by David Gregorio)