Consumer Foods & Agribusiness

Post the ongoing build in global crush capacity (U.S. most pronounced), biofuel policy and crush margins have become inextricably linked. Edible oil demand growth is relatively meager, while global livestock production expansion currently materially lags…

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…

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 –…

Our agribusiness coverage has been roiled by a combination of global biofuel policy shifts/uncertainty, growing global soy surplus/tighter corn supply, ongoing trade shifts, and the long anticipated fallout from aggressive capacity expansion. These have resulted…

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…

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…

Very elevated uncertainty is the overwhelming theme headed into Q3 earnings, whether that be related to biofuels policy (see our Ag Brief published yesterday), the Election or protein production. Below (cont’d pg 2) we offer…