Bunge Limited (BG)

2024 has borne a striking resemblance to 2014/2015 – sharp contraction in cattle herd (bottomed in 2014, down 9% from 2007 peak), dropping feed costs, bird flu and supply challenges within the broiler industry. This…

Bunge’s Q2 came in much lower than we had projected ($1.73 vs $2.61). We had expected results to benefit from both a strong recovery in U.S. and Argentine crush margins, but it seems reports of…

Global ag is experiencing a hangover from the boom years of 2021 – 2023. Global supply is much looser, processing capacity continues to expand and the impact of the Russia-Ukraine war has been largely blunted. …

As Q2 progressed, the global crush environment underwent a complete reversal from the extremely depressed conditions of April/early May, reflecting various factors (discussed in prior industry notes). The domestic veg oil market outlook also materially…

There have been notable shifts in the markets most relevant to our coverage over the past several weeks, and those markets have been particularly volatile reflecting, among other factors, the threat of a tighter global…

As expected, BG reported strong Q1 upside, but did not alter its full-year guide. That is prudent, in our view, given an industry backdrop that is both much more challenged than in recent years, as…

Earnings season for our coverage kicks off this week with Bunge and DAR. Excepting DAR and GPRE, we expect upside for the quarter, but more important is the outlook; for each company, there are challenges,…

Earnings season for our coverage kicks off tomorrow with Bunge and the fundamental backdrop for our agribusiness coverage seems to be more uncertain with many more crosscurrents than usual. Excepting DAR and GPRE, we expect…

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.