Post the ongoing build in global crush capacity (U.S. most pronounced), biofuel policy and crush margins have become inextricably linked. Edible oil demand growth is relatively meager, while global livestock production expansion currently materially lags…

Just three years ago, U.S. beef processors generated very robust margins that easily surpassed previous records. Now, the industry is beset by anemic cattle numbers, increased capacity and competitive threats on both the domestic and…

Our coverage universe never wants for drama, but the recent backdrop has been particularly tumultuous from supply backdrop to export prospects. YTD production has materially lagged expectations, but with the exception of turkey, the production…

Hormel reported Q1 results that fell short of both HJR and consensus estimates, although management noted it was in line with internal expectations. It did provide more detailed guidance for the out quarter (similar to…

Due to its size and escaping H5N1 relatively unscathed, Cal-Maine has been a key beneficiary of the acute domestic egg shortage. Although its earnings have soared, and are likely to remain buoyant for the foreseeable…