Pilgrims Pride Corp (PPC)

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…

Pilgrim’s 1Q results materially trailed our already tempered expectations with the biggest miss in the U.S.; Europe also came in lower than expected. We had expected plant conversions (at the plant level and in live)…

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…

Q1 is not yet finished, but based upon QTD trends, we have revised our estimates lower. Our Q1 goes to $0.67 from $1.05 and our full-year estimate now equals $3.19 ($3.76). Our 2027 goes to…

PPC delivered a materially stronger -than-expected Q4 on U.S. and Europe outperformance. The former was related to much higher-than-expected production and better pricing, while the robust European showing reflected extremely strong volumes (we estimate a…

S&D dynamics should remain favorable for much of our coverage in 2026, but we continue to believe full-year conditions will be looser than last year in both the U.S. and ROW. Given disease and weather,…

Pilgrim’s posted Q3 results ahead of both our and consensus estimates. Relative to us, the beat was driven by a much improved cost performance in the U.S. operations as both Mexico and Europe put up…

Despite a late quarter swoon in the U.S. white meat markets and weaker-than-expected pricing in Mexico (softer demand trends likely related to lower remittances/FX and some impact from strong imports from Brazil), we have raised…

Total domestic meat supply conditions have begun to ease in recent weeks despite tighter beef conditions. That largely reflects expanded chicken production, but is compounded by continued yr/yr deterioration in total net exports (exports less…

New World Screwworm (NWS) has garnered significant media attention over the past weeks, particularly following the second closure of US-Mexico livestock crossings in early July. The lack of live cattle entering the US has exacerbated…