                                                                       Exhibit 1

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           Bunge Revises Guidance for Third Quarter and Full Year 2003

WHITE PLAINS, NY - September 16, 2003 - Bunge Limited (NYSE: BG) today announced
that it is reducing its projected net income for the quarter ending September
30, 2003, to $75 to $80 million, or $0.75 to $0.80 per share, and for the full
year to $360 to $370 million, or $3.61 to $3.71 per share, based on 99.7 million
shares outstanding. Bunge's prior guidance was $90 to $95 million, or $0.90 to
$0.95 per share, for the third quarter, and $380 to $390 million, or $3.81 to
$3.91 per share, for the full year 2003. Both the previous and the updated
guidance include a $111 million gain on the sale of Bunge's ingredients business
to The Solae Company.

The primary factor contributing to Bunge's decision to revise its guidance was
the U.S. Department of Agriculture's (USDA) sharply reduced U.S. soybean crop
forecast in its World Agricultural Supply and Demand Estimates released on
September 11, 2003. In the report, the USDA projected that U.S. soybean
production for 2003-2004 will total 2.643 billion bushels, a shortfall of 219
million bushels compared to the USDA's August estimate and the lowest crop yield
since 1996-1997. Hot and dry conditions during the month of August, a critical
period for soybean pod formation, caused the revision. U.S. soybean production
totaled 2.730 billion bushels in 2002-2003.

Bill Wells, Chief Financial Officer, stated: "After initial market expectations
of a record North American crop, the USDA forecasted that soybeans will be in
short supply. This will create corresponding pressure on soy crush margins in
North America and Europe. Although the impact of this supply shortage is likely
to be mitigated by improved margins in South America, where soybean supplies
remain ample, we believe it is prudent to revise our guidance at this time for
the third quarter and full year 2003."

About Bunge Limited

Bunge Limited (www.bunge.com) is an integrated, global agribusiness and food
company operating in the farm-to-consumer food chain with worldwide distribution
capabilities and primary operations in North America, South America and Europe.
Founded in 1818 and headquartered in White Plains, New York, Bunge has 24,000
employees and locations in 29 countries. Bunge is the world's leading oilseed
processing company, the largest producer and supplier of fertilizers to farmers
in South America and the world's leading seller of bottled vegetable oils to
consumers.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains both historical and forward-looking statements. All
statements, other than statements of historical fact, are, or may be deemed to
be, forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements are not based on
historical facts, but rather reflect our current expectations and projections
about our future results, performance, prospects and opportunities. We have
tried to identify these forward-


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looking statements by using words including "may," "will," "expect,"
"anticipate," "believe," "intend," "estimate" and "continue" and similar
expressions. These forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause our actual results,
performance, prospects or opportunities to differ materially from those
expressed in, or implied by, these forward-looking statements. The following
important factors, among others, could affect our business and financial
performance: our ability to complete, integrate and benefit from acquisitions,
divestitures, joint ventures and alliances; estimated demand for commodities and
other products that we sell and use in our business; industry conditions,
including the cyclicality of the agribusiness industry; economic and political
conditions in the primary markets where we operate; and other economic,
business, competitive and/or regulatory factors affecting our business
generally. The forward-looking statements included in this release are made only
as of the date of this release, and except as otherwise required by federal
securities law, we do not have any obligation to publicly update or revise any
forward-looking statements to reflect subsequent events or circumstances.



