Bunge 2004 Annual Report
[partnering for the future][financial highlights][letter to shareholders][our global strategy][financial performance][worldwide locations][shareholder information]

Common Share Market and Dividends
Five-Year Summary of Selected Financial Data
Management's Discussion and Analysis of Financial Condition and Results of Operations
Consolidated Statements of Income
Consolidated Balance Sheets
Consolidated Statements of Cash Flows
Consolidated Statements of Shareholders' Equity
Notes to the Consolidated Financial Statements
Management's Report on Internal Control Over Financial Reporting
Reports of Independent Registered Public Accounting Firm
Financial Performance
notes to the consolidated
financial statements
4. inventories
Inventories consist of the following:

December 31,
(US$ in millions) 2004 2003
Agribusiness—Readily marketable  
   inventories at market value(1) $ 1,264 $ 1,846
Fertilizer   522   316
Edible oils   489   330
Milling   58   68
Other(2)   303   307
Total      $ 2,636      $ 2,867
(1) Readily marketable inventories are agricultural commodities inventories that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms.
(2) Agribusiness inventories carried at lower of cost or market.


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