Global agribusiness giant Bunge has achieved 80% traceability of soyabeans in its indirect supply chain in the Cerrado region of Brazil, the company announced.
Part of Bunge’s Sustainable Partnership Program, which was launched in 2021, the initiative tracks indirect purchases in the region to help grain re-sellers assess suppliers’ social-environmental performance.
As part of the programme, Bunge shares its experience, methodologies and tools with grain re-sellers to enable them to market commodities of proven sustainable origin.
The programme offers access to verification systems, such as satellite and farm-scale images to improve the traceability and monitoring of farms.
“The programme… remains an important instrument in helping the company achieve its goal of deforestation-free chains in 2025,” Pamela Moreira, Bunge’s sustainability senior manager for South America, said on 7 February.
“Since 2018, Bunge has been able to fully trace back to third-party elevators, so the next step was to expand our focus to soyabeans acquired through our indirect supply chain in the Brazilian Cerrado.”
The company said it was also enhancing its partnership with agtech company Vega Monitoramento, which uses the LYRA platform for remote sensing, artificial intelligence and structured data to diagnose the socio-environmental of agricultural properties.
Meanwhile, Bunge said it expected challenges ahead in its three main business units, including its core agribusiness segment, World Grain reported.
The company’s outlook was presented against a backdrop of full-year financial results, the 9 February report said.
Although sales in 2022 increased by 14%, the company said it expected its core agribusiness segment to be held back by the unit’s merchandising business, World Grain wrote.
However, if strong demand and tight global commodity supplies continued throughout the year, this could boost the outlook, Bunge said on 8 February.
Full year results for 2022 were an adjusted net income of US$1.6bn, which was down compared to US$2.078bn the previous year.