Credit Suisse analyst Robert Moskow believes Bunge (BG) CEO Soren Schroder and the company's board will engage with Glencore (GLNCY) regarding a possible tie-up. Combining with Glencore "sounds like a logical way" to address the glut of grain supplies and the persistent problem of slow farmer-selling, Moskow told investors earlier in a research note. The analyst points out that Schroder himself said in the past that the industry needs to consolidate in order to improve returns. Moskow thinks $90-$95 per share is the "right range" for a buyout of Bunge. The stock, after rallying yesterday on news of Glencore's approach, is down 33c to $81.37 in morning trading. Moskow has an Outperform rating on the shares with an $80 price target.

Bunge is down -6.6%, or -$7.20 to $102.42.