Exhibit 21.1

SUBSIDIARIES OF BUNGE LIMITED*
(As of March 15, 2004)

Country of Incorporation/Company Name
   
ARGENTINA    
Terminal Bahia Blanca S.A.    
Bunge Argentina S.A.    
Terminal 6 S.A.    
Terminal 6 Industrial S.A.    
Guide S.A.    
Fertimport S.A.    
La Plata Cereal S.A.    
AUSTRALIA    
Bunge Global Markets Australia Pty. Ltd.    
AUSTRIA    
Novaol Austria    
Cereol Beteiligungs G.m.b.H.    
Bunge Austria G.m.m.H.    
BARBADOS    
Bunge Export Sales (Barbados) Corporation    
BELGIUM    
Afrique Initiatives    
BERMUDA    
Ceval Holdings Ltd.    
Brunello Ltd.    
Greenleaf Ltd.    
Bunge Finance Ltd.    
Serrana Holdings Ltd.    
Bunge Global Markets Ltd.    
Bunge First Capital Ltd.    
Fertimport International Ltd.    
     

BRAZIL    
Fosbrasil S.A.    
Serrana Logística Ltda.    
Amoniasul Servicos de Refrigeraçao Industrial Ltda.    
Bunge Fertilizantes S.A.    
Fertilizantes Ouro Verde S.A.    
Fertilizantes Fosfatados S.A.—Fosfertil    
Ultrafertil S.A.    
Fertifos Administracao e Participacao S.A.    
Macra Administração e Servicos Ltda.    
Agrisat Soluço1/2s Integrada Ltda.    
IFC Industria de Fertilizantes de Cubatão S.A.    
Cajati Participacoes Ltda.    
Bunge Alimentos S.A.    
Bunge Armazens Gerais Ltda.    
Ceval Centro Oeste S.A.    
Terminal de Graneis do Guaruja S.A.    
Terminal Maritimo do Guaruja S.A.—TERMAG    
IFC—Indústria de Fosfatados Catarinense Ltda.    
CONNAN—Companhia Nacional de Nutrição Animal    
Bunge Investimentos & Consultoria Ltda.    
Bunge Brasil S.A.    
Cereol Do Brasil    
MBB Comercio e Servicos Ltda.    
Serra do Lopo Empreendimentos e Participacoes S.A.    
Fertimport S.A.    
BULGARIA    
Cereol Bulgaria EOOD    
Kaliakra A.D.    
MK Olivia A.D.    
     

2


CANADA    
Bunge of Canada Ltd.    
Central Soya of Canada Ltd.    
CF Edible Oils Inc.    
CanAmera Foods    
CF Oils Investments Inc.    
Leblanc & Lafrance Inc.    
Neptune Bulk Terminals (Canada) Ltd.    
CAYMAN ISLANDS    
Bunge Fertilizantes Internat. Ltd.    
Santista International Ltd.    
Santista Export Limited    
Ceval Export Securitization Ltd.    
Ceval International Ltd.    
Bunge Trade Limited    
CHINA    
Bunge International Trading (Shanghai) Co., Ltd.    
DOMINICAN REPUBLIC    
Bunge Caribe, S.A.    
FRANCE    
Bunge France S.A.S.    
Bunge Participations S.A.S.    
Bunge Holdings France S.A.S.    
Bunge Investments France S.A.S.    
Bunge S.A.S.    
Novaol France S.A.S.    
Cereplus    
Saipol    
GERMANY    
Bunge Deutschland G.m.b.H.    
Bunge Handelsgesellshaft G.m.b.H.    
Natur Energie West G.m.b.H.    
HUNGARY    
Bunge RT    
Cereol Befektetesi Kft.    
Bunge Hungary    
     

3


INDIA    
Geepee Ceval Proteins & Inv. Ltd.    
Bunge Agribusiness India Private Limited    
IRELAND    
Eribins Ltd.    
ITALY    
Bunge Global Markets S.p.A.    
Cereol Italia S.p.A.    
Confini S.R.L.    
Escercizio Raccordi Ferroviari S.p.A.    
Novaol S.R.L.    
LATVIA    
Dan Store    
LUXEMBOURG    
Bunge Europe S.A.    
MAURITIUS    
Bunge Mauritius Ltd.    
International Produce Ltd.    
MEXICO    
Controladora Bunge, S.A. de C.V.    
Agroproductos Bunge, S.A. de C.V.    
Bunge Foods de Mexico, S.A. de C.V.    
Harinera La Espiga, S.A. de C.V.    
Inmobiliaria A. Gil, S.A.    
Inmobiliaria Gilsa, S.A.    
Servicios Bunge, S.A. de C.V.    
Molinos Bunge, S.A. de C.V.    
Bunge Comercial, S.A. de C.V.    
     

4


THE NETHERLANDS    
Koninklijke Bunge B.V.    
Bunge Cooperatief U.A.    
Bunge Trade Services B.V.    
Bunge Brasil Holdings B.V.    
Bunge BIC Holdings B.V.    
Bunge Finance Europe B.V.    
Bunge Holdings (Holland) B.V.    
Central Soya Investments B.V.    
Cereol Holding B.V.    
Polska Oil Investments B.V.    
POLAND    
Z. T. Kruszwica S.p.    
EWICO S.z.o.o.    
PORTUGAL    
Bunge Iberica Portugal, S.A.    
ROMANIA    
SC Unirea S.A.    
Cereol Romania S.R.L.    
Muntenia S.A.    
Interoil S.A.    
RUSSIA    
LLC Bunge CIS    
SOUTHEAST ASIA    
Bunge Agribusiness Singapore Pte. Ltd.    
PT Bunge Agribusiness Indonesia    
Bunge Agribusiness (M) Sdn. Bhd.    
Bunge (Thailand) Ltd.    
Bunge Agribusiness Philippines Inc.    
Grains and Industrial Products Trading Pte. Ltd.    
SPAIN    
Bunge Iberica S.A.    
Moyresa Molturacion Y Refino S.A.    
Esdecasa    
Incomisa    
Ergansa    
Bunge Investment Iberica S.L.    
Moyresa Girasol S.L.    
     

5


SWITZERLAND    
Bunge S.A.    
Oleina Holding S.A.    
Cereol International Suisse S.A.    
Oleina S.A.    
Cereol Softseeds S.A.    
BU.AR Holding S.A.    
TURKEY    
Bunge Gida Ticaret A.S.    
UKRAINE    
Suntrade S.E.    
Fisaki Silo    
DOEP    
CJS Dolynsky Elevator    
Oleina Distributors    
UNITED KINGDOM    
Bunge Corporation Ltd.    
Bunge UK Limited    
UNITED STATES OF AMERICA    
AGRI—Bunge, LLC    
Bunge North America (East), L.L.C.    
Bunge North America Foundation    
Sabina Bunge, L.L.C.    
Bunge Proteins, L.L.C.    
Bunge North America, Inc.    
Bunge Milling, Inc.    
Nutrition Unlimited, Inc.    
The Crete Mills, Inc.    
Lauhoff Finance Corporation    
Bunge Foods Corporation    
Richardson & Holland Corporation    
Basic Foods, Inc.    
Bunge North America (OPD West), Inc.    
Bunge Mexico Holdings, Inc.    
Bunge Foods Corporation (California)    
Bunge Foods Processing, L.L.C.    
Bunge Foods Mix, L.L.C.    
Bunge North America Capital, Inc.    
     

6


Bunge Mextrade, L.L.C.    
Delphos Terminal Company, Inc.    
CSY Holdings, Inc.    
CSY Agri-Finance, Inc.    
Universal Financial Services, L.P.    
Batavia Leasing Co.    
Produce Grain, Inc.    
International Produce, Inc.    
Bunge N.A. Holdings, Inc.    
Bunge Global Markets, Inc.    
Bunge Finance North America, Inc.    
Bunge Management Services Inc.    
Bunge Funding, Inc.    
Bunge Asset Funding Corp.    
Bunge Limited Finance Corp.    
Solae Holdings LLC    
URUGUAY    
Bunge Uruguay S.A.    
Dinelsur Corporation S.A.    

*
The preceding list may omit the names of certain subsidiaries that, as of December 31, 2003, would not be deemed "significant subsidiaries" as defined in Rule 1-02(w) of Regulation S-X.

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