Pilgrim’s reported Q3 results that bested our estimate, but trailed consensus. Relative to us, the upside was driven by stronger-than-expected results from its U.S. operations; Europe was essentially in line, while Mexico trailed. In the…

DAR reported Q3 results that were materially ahead of the prior year, both for core and DGD, but below HJR/consensus estimates. The core DAR business came in below management’s prior guidance reflecting some timing issues…

BG reported strong Q3 results as outperformance in Soft/Soy more than offset lower-than-expected Merchandising and Tropical results and higher-than-expected interest expense. EPS came in $0.20 ahead of our estimate, while EBIT bested us by $66M….

ADM reported robust Q3 earnings and bested HJR/consensus by $0.17. Approximately $0.07-$0.08 of the beat was from an insurance-related reversal, but the remainder was high-quality reflecting strong upside in Crush and Ethanol. Ag Services came…

We have adjusted our EPS estimates to account for the recently announced Brakebush acquisition (expected to close during Q1’27) and a more cautious view of volume growth/margins in the legacy business. We have estimated Brakebush…