ADM’s Q1 came in materially better than we had anticipated. The MTM hit was, as expected, very large ($275M), but AS&O still outperformed, while Ethanol was the biggest driver of the upside relative to our…

Bunge put up a surprisingly strong 1Q despite very weak Merchandising/Milling results (down yr/yr even w/Viterra, largely reflecting bunker fuel dislocation), as Soy and Softseed blew past expectations. The U.S. crush curve started to rally…

Pilgrim’s 1Q results materially trailed our already tempered expectations with the biggest miss in the U.S.; Europe also came in lower than expected. We had expected plant conversions (at the plant level and in live)…

Tyson posted FQ2 results ahead of us ($0.87 vs $0.82), with upside led by Chicken. Management emphasized mix and continued strength in its Cobb genetics business and stated results included no contribution from the Koch…

Smithfield reported a strong Q1, but management struck a more cautious tone on the outlook, particularly Q2, reflecting a more onerous and uncertain cost environment than just six weeks ago. Hog Production and Fresh Pork…