We have modestly raised our 1Q’26 estimate to $0.95 ($0.92) to account for a stronger-than-expected cash crush environment in North America (>$1/bu improvement from the time of the Q4 call). We believe BG came into…

Despite a much stronger-than-expected domestic cash crush margin environment and strong bean exports, all of which ADM’s footprint is positioned to benefit from, we have reduced our Q1 estimate to $0.50 ($0.77) to reflect a…

We have raised our Q1 and full-year 2026 estimates, as well as our 2027 projection. Q1 EBITDA goes to $375M ($359M), while 2026 and 2027 go to $1.615B and $1.73B, respectively ($1.46B and $1.615B). Our…

We have reduced our Q2 estimate ($0.82 from $0.87) to reflect a less robust outlook for the International segment as we were previously unaware the prior year included a sizable nonrecurring benefit. The beef margin…

Smithfield reported 4Q results that handily beat HJR/consensus estimates despite meaningfully higher-than-expected corporate/unallocated expenses. The beat, relative to HJR, was largely driven by outperformance in Hog Production (profit/head of $22, well ahead of our $10…