Pilgrims Pride Corp (PPC)

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 –…

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…

Pilgrim’s reported impressive Q3 results that bested us by 7%; much stronger-than-expected results from Europe and Mexico more than offset a slight (2%) miss in the U.S. Continued favorable S/D backdrops in the U.S. and…

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…

In the U.S. chicken business, Q3 and early Q4 have played out in a very unusual way. Demand accelerated as the pivot within retail and foodservice away from beef grew more pronounced. Further, production has…

Given the ferocity of Hurricane Helene’s winds and its drenching rains, damage to the broiler industry that is concentrated in the Southeast is to be expected. The industry is no stranger to hurricane damage as…

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…