We have tweaked our Q3, which goes to $2.36 ($2.35); Q4 moves slightly lower leaving our full-year unchanged ($9.40); our 2027 is also unchanged. There was much intra-quarter volatility, but the Q4 curve is now…

Despite softer-than-expected fats pricing (we believe management contemplated some deterioration in guidance) and sequentially weaker Foods results, we have projected earnings from Darling’s core business toward the high-end of guidance ($335M, guide $325-$340M) as robust…

The backdrop for ADM continues to be constructive, although underlying crush and Ag Services fundamentals seem to be tracking closer to the middle of the guidance range than the high-end. Still, we have raised our…

CALM’s Q1’27 results were weaker than we had projected, as Specialty costs and corporate expense came in higher than we had anticipated. Conventional and PF results were largely in line. Management continued to emphasize its…

Over the past year, there has been a sharp reversal in domestic and global animal protein S&Ds. For a variety of reasons, supply has loosened considerably. In fact, the USDA recently increased its estimate for…