Bunge North America, the North American operating arm of Bunge Limited, announced that AGRI Industries, an Iowa farmer-owned cooperative, and Bunge have agreed in principle to form a joint venture to market grain and operate Mississippi river terminals.

Bunge North America, the North American operating arm of Bunge Limited, announced that AGRI Industries, an Iowa farmer-owned cooperative, and Bunge have agreed in principle to form a joint venture to market grain and operate Mississippi river terminals. Bunge and AGRI Industries are negotiating an agreement to create the new venture to be called AGRI-Bunge LLC. The proposed deal would combine operations of Bunge's Albany, Ill., grain elevator and AGRI Industries' grain elevators in Burlington and McGregor, Iowa, and Fulton, Ill. Bunge and AGRI Industries expect to have the new venture in place on March 1, when AGRI's current arrangement with Cargill expires.