Bunge closes Argentine soybean mill

The U.S. grains merchant Bunge will close a soybean mill at the port of Ramallo in the province of Buenos Aires, laying off 60 workers, Reuters reports.

Bunge, the leading global producer of soybean meal and soybean oil, has been trying to slim down to focus on core areas and improve profitability following a series of poor quarterly results.

The Workers’ Federation of the Industrial Oilseed Complex plans to protest the lay-offs with a strike.

Reference: Bunge reported USD 21 mln net loss in Q1 2018 vs USD 47 mln net income for the corresponding period of 2017.