September 13, 2024
HJR Protein Roundup: Production Outlook
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…
July 31, 2024
HJR Ag Brief
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. …
June 5, 2024
HJR Ag Brief: Crush Update
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…
May 31, 2024
HJR Protein Roundup: The Haves & Have-Nots
With the exception of beef processors, the protein industry is enjoying strong, even robust, profitability. Supply has been the key factor, but demand seems to have positively inflected, as well. In our view, this should…
April 24, 2024
RD, Feedstocks and Feed Grains Discussion
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,…
April 23, 2024
HJR Ag Brief: Many Crosscurrents; Crush Discussion
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…
April 22, 2024
HJR Protein Roundup: Updated Supply Outlook; Demand Broadly ‘OK’, but Potential Challenges
With the exception of beef packers (est losses in the $200-ish/head range), the protein complex has enjoyed robust margins. We estimate that the average BB broiler producer is generating profits approaching $0.30/lb, while small- and…
April 10, 2024
LCFS Workshop Takeaways
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…
April 8, 2024
Coverage Overview
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.
April 8, 2024
HJR Agribusiness Overview
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…