We have raised our Q2 estimate to $1.92 ($1.57) and our full-year 2026 and 2027 estimates go to $5.35 ($4.79 and $5.23, respectively). The primary driver of our Q2 revision is our view that both…

We have raised our Q2 estimate to $2.20 ($2.03) reflecting a better-than-expected crush environment, particularly in North America, offset somewhat by a more challenged Merchandising/Milling climate. Our full-year stays at $9.60 as a more bullish…

The U.S. chicken market continued to deteriorate throughout Q2 primarily reflecting heavier supply, but also demand deterioration. The market in Mexico did not fare much better either, again due to a combination of stronger supply…

We updated our Q3/full-year estimates for Tyson in mid-June, but based upon industry trends, we believe late-quarter profitability likely came in materially weaker than our projections anticipated. Consequently, we have once more reduced our Q3…

Q2 markets were characterized by continued margin deterioration. QTD broiler margins improved sequentially but currently lag the Q1 average. Both fresh pork and hog production margins contracted yr/yr and beef margins deteriorated further. Unsurprisingly, the…