Our Research

The workshop is ongoing at present, but yesterday at noon ET, CARB published a slide deck to accompany the workshop hosted today (from noon to 7p ET). The rule is not yet definitive, but the…

As we noted in our industry notes published earlier today, we are not utilizing the typical rating system, but instead, are using a forced rank process. This note shows current ranking based upon Friday’s close.

Broadly speaking, the environment has been very favorable for global agribusiness companies in recent years, spurred by a combination of both supply and demand factors. Specifically, weather-related supply disruptions in key production regions have been…

The INGR shares have performed well over the past year propelled by both improved industry fundamentals and company-specific dynamics. Previously, the company had struggled with regularly missing guidance, but over the past 12-18 months, it…

For some time, Hormel’s earnings have been hamstrung by a number of issues ranging from the myriad COVID effects that reverberated through labor (Midwest meat packers were impacted unusually hard by labor shortages), logistics, packaging,…

If one believes that the general global direction will be toward greater decarbonization, not less, DAR is one of the best positioned companies to capitalize on that macro trend, particularly in light of what seems…

When Greg Heckman and John Neppl assumed the CEO and CFO roles, respectively, at BG in 2019, they inherited a strategically very attractive and well-positioned asset base, but also took on a mammoth fixer-upper from…

In our view, ADM boasts one of the most attractive footprints in the global agribusiness sector and we like that it has actively worked to shift product streams to higher growth and/or margin markets. This…

Cal-Maine is a relatively quiet, low profile company, but it is the largest table egg producer in the U.S. and one of the best managed – oftentimes, it is instructive to learn what industry stakeholders…

When we first began following Pilgrim’s Pride, it had been very poorly managed for some time and ill-timed feed hedges finally precipitated its tumble into bankruptcy. Since, much stronger management has greatly improved operations, from…

Under the leadership of CEO Becker, GPRE has been on an ambitious mission to transform the company from an ethanol company to a hybrid ethanol (conventional and low-carbon)/premium feed/sugar enterprise. And it has been successful…

We have followed the animal protein sector for many years and it is a given that it is typically more volatile than stable industries, such as packaged food and beverages. However, the level of volatility…

Tyson has long been known as a ‘chicken’ company, but over the past several years, Beef carried the day, as certain other key businesses struggled, reflecting both challenging industry fundamentals and company-specific issues. The task…