UPDATE 4-Bunge earnings nearly double Wall Street view

(Adds analysts' comments, updates share prices, background)

By Lisa Shumaker

CHICAGO, April 24 (Reuters) - Fertilizer producer and oilseed processor Bunge Ltd (BG.N: Quote, Profile, Research) said it earned nearly twice as much in the first quarter as Wall Street had expected due to global demand for food and fertilizer, but its shares fell in a general decline in fertilizer stocks.

Bunge said on Thursday it was optimistic that strong market conditions would continue, and it raised its full-year earnings forecast to $7.10 to $7.40 per share, up from $6.01 to $6.30.

Corn, soybeans, rice and wheat prices have hit record highs as demand increased and supply in some crops decreased, prompting some farmers in the United States and South America to plant more acres. This helped Bunge post a record profit in its fertilizer business.

Bunge is the largest fertilizer producer and supplier in South America.

Fertilizer profit could climb even higher because price increases in March and April were not fully reflected in the first-quarter earnings, J.P. Morgan analyst Pablo Zuanic said in a research note on Thursday.

"We believe there may be much greater upside to guidance if fertilizer price conditions remain where they are and grain markets remain high, favoring economics for the agribusiness unit," Zuanic said.

Bunge, based in White Plains, New York, said earnings rose to $289 million, or $2.10 per share, compared with $14 million, or 5 cents per share, a year earlier when the company had trading losses. Analysts had expected Bunge to earn $1.06 per share, according to Reuters Estimates.