Commodities trade Bunge has formed a joint venture with BP plc to produce ethanol in Brazil. That reduces Bunge’s exposure to the sugar business, which has been in decline with its Brazilian exports down 54.3% year over year in the 12 months to May 31. The firm also faces threats to its other Brazilian export operations. Shipments of cereals and metals ores have already been in decline. Shipments of soybeans did well over the past 12 months, with an 18.3% year over year expansion, but have declined more recently. Worsening Brazilian soybean protein levels and a pause in the U.S.-China tr...