April 24 (Reuters) - Agricultural commodities trader Bunge Global (BG.N) New Tab, opens new tab reported better-than-expected first-quarter profit on Wednesday as strong oilseed processing results in Europe and Asia offset weaker grain trading margins.

The world's largest oilseed processor reaffirmed its 2024 outlook for annual adjusted earnings of $9 per share, down from $13.66 last year due to tighter processing margins in most regions.

Bunge and its agribusiness rivals including Archer-Daniels-Midland (ADM.N) New Tab, opens new tab and Cargill (CARG.UL) have seen profits slump from recent historic highs as global crop supplies have swelled and prices slumped.

The companies make money by processing, trading and shipping crops around the world, often benefiting when crises such as droughts or war trigger shortages.

Bunge's earnings beat on Wednesday comes as the company is working to close a deal to acquire grain handler Viterra, a merger that would create an agribusiness powerhouse closer in size to Cargill and ADM but which has raised antitrust concerns.

Canada's Competition Bureau on Tuesday said it found major competition concerns around the proposed acquisition. The non-binding report was sent to Canada's transport ministry, which has until June 2 to review the deal.

Bunge is aiming to close the deal by mid-2024.

Bunge's agribusiness segment, its largest in terms of revenue and volumes, posted lower adjusted earnings in the first quarter.

Good crop export volumes were more than offset by weak trading margins, while lower North and South American processing results dented favorable processing earnings in Asia and Europe.

Refined and specialty oils segment profit slipped on weak results in North America and Asia, while milling unit earnings jumped.

The company posted an adjusted profit of $3.04 per share for the three months ended March 31, compared with analysts' estimates of $2.53 per share, according to LSEG data.

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https://www.reuters.com/markets/commodities/bunge-beats-quarterly-profit-estimates-processing-recovery-2024-04-24/