As detailed in prior notes (see our industry note published September 29 for our most up-to-date thoughts), the setup for U.S. broiler producers has greatly disappointed this year. H1 supply greatly exceeded expectations (up nearly…

We have adjusted our estimates for JBS reflecting a more cautious outlook for Pilgrim’s Pride (see our note published today), US Pork and JBS Brasil offset somewhat by a more constructive outlook for JBS Australia…

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…