Ingredion Incorporated (INGR)

We have reduced our estimates for INGR as we believe demand was softer than expected, Argo production issues likely persisted throughout the quarter, and tapioca costs have surged due to crop disease (up ~60% from…

China’s latest (15th) Five-Year Plan (2026-2030) approved this past March echoed the 14th FYP’s emphasis upon foodstuff security as a priority. The latest iteration calls out diversification and modernization of agricultural systems as key to…

INGR reported disappointing Q1 results and reduced its full-year guidance, which is highly unusual this early in the year. We had previously harbored concerns guidance could prove difficult to achieve, but believed any cut would…

We have reduced our Q1 and full-year 2026 estimates to $2.55 ($2.63) and $11.01 ($11.04), respectively; our 2027 projection is unchanged. Our estimate is in line with Q1 guidance for a mid-teens yr/yr decline in…

Our coverage is greatly impacted by most global conflicts, given its intersection with global grain and energy markets. The Iran conflict’s impact on energy prices was immediate, but reverberations are expanding each day as critical…

INGR’s Q4 results and 2026 guidance reflect a broadly challenged consumer and cost environment, offset somewhat by solid T&HS demand and improved FX. LATAM EBIT surprised to the upside, but US/CAN was pressured by both…

The landscape for our agribusiness coverage has been in near constant flux. Encouragingly, clarity in the most impactful area – biofuel policy – seems imminent and directionally bullish. Trade dynamics, however, have remained volatile and…

INGR posted disappointing Q3 results reflecting lingering issues at its Argo facility, as well as some demand challenges in the U.S. and LatAm. As expected, it narrowed its full-yr guidance while keeping the low end…

The global grains/oilseed complex is currently characterized by excess production and processing capacity. Trade tensions has exacerbated the imbalance for U.S. producers. A massive, sustained new demand driver is required – genetics and improved agronomic…

INGR recently hosted an analyst day in which it showcased product development capabilities that have helped shift product mix to higher-margin, more stable categories. It also updated its LT algorithms: specifically, consolidated top-line growth of…