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…

We are initiating coverage of JBS, the largest animal protein producer in the world with operations that span much of the globe (55%-65% EBITDA derived from U.S. operations) and include most species, including cattle, chicken,…

Hormel once more revised its guidance lower ($0.08-$0.09), citing higher-than-expected raw material costs, a plant fire, recall and HPAI; we estimate that ~5% of its annualized turkey supply has been hit by bird flu in…