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  "documentTitle": "Bunge Global SA (BG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2026-03-25 00:00:00",
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  "notes": "The slide uses a narrative structure to connect geopolitical tensions with specific industry impacts on Bunge and U.S. agriculture.",
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      "kind": "callout",
      "text": "Bunge has a long-term presence in Latin America but as we highlighted earlier has offered progressively more excuses for its disappointing results in places like Argentina.",
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      "text": "For decades, U.S. soybeans fed China’s growing demand, binding the two economies together.\nThe share of U.S. soybeans going to China has at times been more than 60% by value.\nSince 2013, China has invested in more than 23 seaports in Latin America.\nSince 2018, U.S.-China trade has crumbled, with Brazil filling the gap.\nSince Jan 2025, tensions have flared, leading Beijing to shut doors to U.S. soybeans.",
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      "text": "Over the past decade, Asian agribusiness trading firms like Olam and Wilmar have grown significantly in scale. However, we think that COFCO (China Oil and Foodstuffs Corporation) the Chinese state-backed agri-giant is by far the biggest story in the industry.",
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      "text": "China is investing billions in Latin America, potentially sidelining US farmers for decades to come — InvestigateMidwest.org",
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      "text": "Source: “China is investing billions in Latin America, potentially sidelining US farmers for decades to come”, InvestigateMidwest.org, Dec 15, 2025.",
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      "text": "Elephant In The Room: China State-Backed COFCO Is Aggressively Moving Into Latin America",
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