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…

JBS reported Q4 results nicely ahead of our expectations driven by outperformance in Australia and JBS Brasil. Within the latter, we believe lower-than-expected corporate expense was the primary driver versus our estimates, while Australia benefited…

Cal-Maine reported F3Q results that demonstrated the increasing efficacy of its transformation strategy against the backdrop of a sharp normalization in egg pricing from last year’s HPAI-driven peaks. Our estimates move higher, with F26/27 EPS…

After a long and angst/speculation-ridden wait, the EPA released its finalized RVOs last week. The rule was essentially in-line with expectations as details had been thoroughly leaked prior to publication. That said, the mandated D4…

Our coverage is greatly impacted by most global conflicts, given its intersection with global grain and energy markets. The Iran conflict’s impact on energy prices was immediate, but reverberations are expanding each day as critical…