Bunge Stock Gains 14% On Collaboration With Corteva, Chevron

Shares of Bunge Limited (BG) are gaining over 14% on Tuesday morning after Corteva Inc. (CTVA), Bunge and Chevron Corporation (CVX) announced a commercial collaboration to introduce proprietary winter canola hybrids that produce plant-based oil with a lower carbon profile.

BG is currently trading at $104.40, up $13.01 or 14.24%, on the NYSE, on a volume of 5 million shares, above average volume of 1 million. The stock opened its trading at $100.73 after closing Monday's trading at $91.39. The stock has traded between $80.41 and $128.40 in the past 52-week period

The goal is to increase the availability of vegetable oil feedstocks primarily for the growing domestic renewable fuels market. The companies plan to introduce the winter canola crop into the southern United States with an intention to create a new revenue opportunity for farmers with a sustainable crop rotation.

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