FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * SAINT CARLOS MARCELO BRAUN   2. Issuer Name and Ticker or Trading Symbol Bunge LTD [BG] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O BUNGE LTD., 50 MAIN STREET - 6TH FLOOR 3. Date of Earliest Transaction (Month/Day/Year) 03/31/2005 (Street) WHITE PLAINS, NY 10606 4. If Amendment, Date Original Filed(Month/Day/Year) 04/04/2005 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 05/09/2006   M   7,200 A $ 35.46 7,200 D   Common Stock 05/09/2006   S   7,200 D $ 60.2 0 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Underlying Securities (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$ 35.46	05/09/2006		M			7,200	(1)	05/27/2014	Common Stock	7,200	(2)	7,200	D
Phantom Stock Units	(3)	03/31/2005		A		1,176.471		(4)	(4)	Common Stock	352.6355	$ 16.15	9,790.69 (5)	D
Phantom Stock Units	(3)	06/30/2005		A		984.456		(4)	(4)	Common Stock	299.685	$ 19.3	10,775.146 (5)	D
Phantom Stock Units	(3)	09/30/2005		A		1,242.138		(4)	(4)	Common Stock	375.333	$ 15.9	12,017.284 (5)	D
Phantom Stock Units	(3)	12/30/2005		A		1,155.647		(4)	(4)	Common Stock	348.878	$ 17.09	13,172.931 (5)	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
SAINT CARLOS MARCELO BRAUN C/O BUNGE LTD. 50 MAIN STREET - 6TH FLOOR WHITE PLAINS, NY 10606	X

Signatures

/s/ Thomas F. Albert, Attorney-In-Fact		05/10/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	This option vested in full on January 1, 2005.
(2)	Does not apply.
(3)	Phantom stock units are issued under the Bunge Limited Deferred Compensation Plan for Non-Employee Directors (the "Directors Plan") and are settled in cash or shares of BG common stock, at the reporting person's election. The number of shares delivered upon settlement is calculated by multiplying the number of phantom stock units by the fair market value of a phantom stock unit on the date of settlement. Such amount is then divided by the closing price of a share of BG common stock on the settlement date. The conversion ratio is approximately 3.3 phantom stock units per share, but the exact ratio will vary as a relatively small portion of the value of each phantom stock unit corresponds to such unit's pro rata portion of cash held in the plan.
(4)	The settlement of phantom stock units will be in cash or shares of BG common stock, at the reporting person's election, upon earlier of (a) the reporting person's termination of service with BG and (b) a change in control of BG.
(5)	As a result of an administrative error, on April 4, 2005, July 1, 2005, October 4, 2005 and January 4, 2006, the reporting person mistakenly filed Form 4s reporting the acquisition of 1,073.0408, 945.9746, 1,226.415 and 1,126.3897 phantom stock units on March 31, 2005, June 30, 2005, September 30, 2005 and December 30, 2005, respectively. In fact, the reporting person acquired 1,176.471, 984.456, 1,242.138 and 1,155.647 phantom stock units on March 31, 2005, June 30, 2005, September 30, 2005 and December 30, 2005, respectively. The aggregate phantom stock units holdings of the reporting person as of the date of this report is 14,253.452.

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