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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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      "text": "In 2020, we purchased most of our grain requirements from two suppliers, Bunge Milling, Inc. (\"Bunge\") and Consolidated Grain and Barge Co. (\"CGB\"). Our current grain supply contracts with Bunge and CGB expire on December 31, 2021 and December 31, 2023, respectively.",
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      "text": "Spruce Point has a track record in agribusiness. Bunge was a large supplier to MGP Ingredients (MGPI) recently and that relationship may be under pressure because MGPI no longer references Bunge.",
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      "text": "MGPI Share Price chart showing decline from 2021 to 2026 with annotations for Spruce Point Warning, CEO Departs, Financial Warning, and Chairman Seaberg leaving.",
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      "text": "share price: -80%",
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      "text": "Spruce Point has a track record in agribusiness. Bunge was a large supplier to MGP Ingredients (MGPI) recently and that relationship may be under pressure because MGPI no longer references Bunge.",
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      "text": "In 2020, we purchased most of our grain requirements from two suppliers, Bunge Milling, Inc. (\"Bunge\") and Consolidated Grain and Barge Co. (\"CGB\"). Our current grain supply contracts with Bunge and CGB expire on December 31, 2021 and December 31, 2023, respectively. — MGPI Former Disclosure",
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      "text": "The recommendations shown above are not intended to be exhaustive or represent investment returns following Spruce Point's research campaigns. A full list of all recommendations made over the past twelve months can be found on our website. MGPI 2020 10-K. Source: Bloomberg",
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      "text": "Report Date: 10/12/2022; Enterprise Value: $2.4 billion; Company Promotion: Best of breed...; Our Criticism: MGP's transformation...; Successful Outcome: The CEO announced his retirement...",
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      "text": "Spruce Point Has A Track Record With A Bunge Client In Agribusiness Failing To Transform",
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