Bunge beats second-quarter profit estimates on strong processing margins

July 29 (Reuters) - Bunge ‌raised its ​full-year ​adjusted profit forecast on Wednesday after beating Wall Street estimates for second-quarter ‌earnings, helped by strong performances in its ⁠soybean and softseed processing businesses amid improving market ‌conditions.

U.S. corn and soybean ‌prices have climbed sharply since the start of the Iran war, prompting farmers to ​step up sales of grain they had held back from last year's harvest amid ⁠a prolonged period of weak prices.

The price rally has spurred ​sales across the Midwest, with farmers moving corn, soybeans and wheat from storage ​bins to ethanol producers ‌and major grain handlers such as Archer-Daniels-Midland and Bunge.

Prices of crops ⁠such as corn, which are used to make biofuels, also got a boost from a spike ⁠in crude oil prices due to the war.

Net sales ​from its soybean processing and refining were $12.07 billion, compared with $7.75 billion a year ago.

Softseed processing and refining segment ‌reported quarterly net sales of $4.09 billion, compared with $1.53 billion a year ‌ago.

The company now expects 2026 adjusted earnings ⁠of $9.25 to $9.75 per share, ‌up from its ​previous forecast of $9.00 to $9.50.

(Reporting by Katha Kalia in Bengaluru; Editing by Leroy ‌Leo)

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