JBS reported strong Q3 results with the upside, relative to us (nearly $95M upside on the EBITDA line, or ~6%), driven by its U.S. red meat operations. We believe favorable movements in its derivative positions…

Tyson’s Q4 results handily exceeded our estimate, which was materially higher than consensus. The upside was driven by Chicken, which generated EBIT nearly $100M higher than early-August guidance. Much better-than-expected late quarter growing conditions likely…

Last week, ADM posted mixed 3Q results, as stronger Ag Services performance and a recovery in ethanol were overshadowed by a mystifyingly poor quarter in Crush. It reduced guidance to $3.25-$3.50, which captured our $3.40…

Bunge’s Q3 results displayed the power of execution. Its EBIT was bolstered by the inclusion of Viterra assets (impact not specifically quantified), but management’s commentary seemed to imply that much of the yr/yr increase (>50%,…

INGR posted disappointing Q3 results reflecting lingering issues at its Argo facility, as well as some demand challenges in the U.S. and LatAm. As expected, it narrowed its full-yr guidance while keeping the low end…