"We want to be involved in as many product lines as we possibly can across as many geographies as we possibly can," Tim Gallagher, head of the company's North America operations told investors at Citi's "Ethanol on the Cob" biofuels conference on Tuesday.

Global demand for Bunge's core products -- soybean meal and vegetable oil -- has grown steadily since the early 1990s, averaging about 5 percent each year. But accelerated growth in biofuels like ethanol and biodiesel has been the "biggest shock our industry has seen in years," Gallagher said.

But while noting recent enthusiasm and support for biofuels, Bunge executives stressed product diversity and expansion as keys to future success.

Bunge conducts business across the Americas, Europe and Asia, and is heavily vested in Brazil, where there is a growing market for Bunge's fertilizer products. The company is focusing on the developing world, where per-capita income may be lower, but markets are growing at a much faster pace than in places like the U.S., Europe and Japan.

Bunge's agribusiness segment, which includes corn, represents 40 percent of its operating profit, as does its fertilizer business. Food products like oil, butter and mayonnaise, represent the remaining 20 percent.

The ethanol industry has garnered harsh criticism in recent months as it has expanded production capacity despite a supply glut because refiners have not stepped up capacity to blend the product with gasoline. As a result of basic supply and demand issues, corn prices have risen and ethanol prices have fallen.

Following that industry trend, Bunge and its partners are starting up two new ethanol facilites in Mississippi and Iowa, as well as three biodiesel facilities in Illinois, Louisiana and Kansas. However, Bunge remains cautious about putting all its eggs in the biofuels basket.

Todd Bastean, head of Bunge's North America biofuels business, said volatility in commodity prices and supply and demand issues have restrained the company's excitement about the relatively new market.

In order to make biofuels profitable, companies will "have to be very, very good at risk management," Bastean said. He added that government incentives and technological developments will be important to future success.

Shares fell $4.32, or 4 percent, to $103.99 in afternoon trading.