Cal-Maine Foods Inc (CALM)

Just three years ago, U.S. beef processors generated very robust margins that easily surpassed previous records. Now, the industry is beset by anemic cattle numbers, increased capacity and competitive threats on both the domestic and…

Our coverage universe never wants for drama, but the recent backdrop has been particularly tumultuous from supply backdrop to export prospects. YTD production has materially lagged expectations, but with the exception of turkey, the production…

Due to its size and escaping H5N1 relatively unscathed, Cal-Maine has been a key beneficiary of the acute domestic egg shortage. Although its earnings have soared, and are likely to remain buoyant for the foreseeable…

The current domestic H5N1 outbreak could have been termed a crisis last year given the number of birds affected (about 40M table-egg layers alone), but little attention was paid outside industry circles. Following special call-outs…

If Trump’s threat to impose sweeping 25% tariffs on imports from Canada and Mexico February 1 comes to fruition, it would potentially be hugely impactful to our coverage and a discussion is justified. It bears…

2024 animal protein production was heavily influenced by multiple factors including disease, hurricanes to new feed additives that drove strong weight gains in beef. Early 2025 production has proved far from normal, as well –…

Excluding a contingency adjustment related to the Fassio acquisition, CALM reported Q2 EPS of $4.58, well ahead of consensus, but below our $4.80 estimate. Conventional pricing was materially ahead of our projection, but lower-than-expected produced…

The imminent changeover in Administrations is of greater import for our coverage universe than many other sectors as it portends material changes on multiple fronts, including regulatory policy (food and biofuels) and tariffs. Many of…

Bird flu’s jump to dairy herds has been a game changer for the egg industry, resulting in a nearly year-round threat. There have been multiple large outbreaks over the past month (very early in the…

In an early September WSJ Op-Ed, Robert F. Kennedy Jr. (RFK) laid out prospective policy ideas that warrant examination given his nomination to lead the Department of Health and Human Services (HHS) – his nomination…