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  "documentTitle": "Bunge Global SA (BG)",
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  "authorName": "Ben Axler",
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      "text": "We believe Bunge has struggled in China and does not give a fully transparent view as to what is happening.",
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      "text": "We believe Bunge has struggled in China and does not give a fully transparent view as to what is happening. However, we do know that in 2023 China's Ministry of Agriculture and Rural Affairs rolled out a 3-year plan to reduce soybean meal in animal feed. Bunge frequently references margin challenges in China but talked up its great relationships with Viterra. Curiously, Bunge started to provide more context in its 2025 quarterly filings, but then failed to say anything in aggregate in the 2025 10-K.",
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      "text": "Crush margins are the worst in China. We do expect those to improve. — Q1'21 Conference Call",
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      "text": "Source: Bunge conference calls and SEC filings. \"China rolls out 3-year action plan for soybean meal reduction\", Global Times, April 14, 2023.",
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