ADM guided FY26 EPS to $3.60–$4.25, materially lower than our $4.00-$5.00 expectation. Regarding segments, management provided some directional color, but no specific targets. Relative to us, the lighter-than-expected full-year view largely reflected more muted Nutrition…

Bunge Q4 results were essentially in-line with expectations, but the F’26 guide ($7.50–$8.00) was lighter than we had anticipated. The shortfall was driven by a more subdued outlook for Australia and higher-than-expected guidance for interest…

INGR’s Q4 results and 2026 guidance reflect a broadly challenged consumer and cost environment, offset somewhat by solid T&HS demand and improved FX. LATAM EBIT surprised to the upside, but US/CAN was pressured by both…

TSN reported Q1 results modestly below our expectations, with the miss almost entirely attributable to Beef; other segments exceeded expectations. TSN implemented a change to its segment-level accounting (moved corp expense/amortization out of segments and…

S&D dynamics should remain favorable for much of our coverage in 2026, but we continue to believe full-year conditions will be looser than last year in both the U.S. and ROW. Given disease and weather,…