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…

We have reduced our Q1 and full-year 2026 estimates to $2.55 ($2.63) and $11.01 ($11.04), respectively; our 2027 projection is unchanged. Our estimate is in line with Q1 guidance for a mid-teens yr/yr decline in…

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…