Bunge shares were 5% higher Thursday morning after the agribusiness and food company reported Q2 adjusted earnings of $0.79 per share, up from $0.51 per share in the prior year period and higher than the $0.39 per share Street estimate provided by Capital IQ.

Net sales were $10.54 billion, down from $10.78 billion reported for the same period last year and higher than the $10 billion Street estimate.

“Overall, we continue to expect to grow earnings in 2016. In Agribusiness, forward oilseed processing and grain handling margins in North America and the Black Sea are solid, reflecting big harvests and strong demand. The USDA is forecasting global soy meal and oil demand each to grow approximately 7% this year. However, in the near term, slow farmer selling in Brazil and Argentina, due to smaller-than-expected crops and lower prices, are negatively impacting margins. We also expect the mark-to-market gains we benefitted from in Q2 to largely reverse in Q3.