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The first one is on the 45Z outlook, which continues to move higher. Can you talk about kind of what's underpinning that?
How should we think about the durable growth rate of that subsegment?
I was hoping that maybe you could help us think about the kind of earnings cadence through the year
how are you thinking about capital allocation incrementally? Are there more CapEx projects on the radar
I wanted to go back to the guidance and, in particular, your assumptions on the higher end of the range. And appreciate some of the uncertainties around timing and magnitude related to RPO. But can...
I wanted to start by asking about your outlook for Ag Services. And the third quarter was stronger than we anticipated
I was hoping you could maybe a little bit more explicitly give us kind of the earnings split between 3Q and 4Q or at least a little bit more guide
Is there a specific RVO kind of number or range that you're assuming to get to those types of outcomes or how do you maybe think about that
I wanted to ask about your view on vegetable oil demand, soybean oil demand in particular. Now that we have the 45Z guidance kind of behind us
Can you elaborate on how the Viterra assets are benefiting Bunge in this environment
Do you think underlying fundamentals support the current margin structure, excluding the higher energy prices?
between Brazil and Argentina, kind of where do things stand today in terms of the curves?
how should we think relative to kind of what you guys outlined at the Investor Day, the pace of the share repurchase opportunity ramping from here
I'm just curious if you see similar opportunities to kind of transform the earnings power of the Viterra piece separate of the synergies through internal operations
can you share what you're assuming in '26 in the guidance for synergies on the cost and commercial side
is there anything from the back half of the year that we should keep in mind relative to your guidance for the back half of the year in terms of seasonality or abnormal type things as we start to b...
I was just hoping maybe you could provide some color on where that strong execution was.
if you're able to help us kind of think about what a clean Viterra earnings base for 2024 would have looked like
How are you thinking about the implications kind of on a more global basis with the U.S. potentially out of the global market for bean oil
Is there any way to frame kind of how much you think that, that is impacted relative to your $7.75 kind of outlook?
have you changed that approach at all? I'm just curious how that compares maybe to normal. Any color on that would be great?
Do you see 2025 as an earnings base maybe on a pro forma basis that you should grow from over the next several years or kind of like a troughish type of number
what's your degree of confidence, or how do you weigh the risk that maybe some of these uncertainties kind of linger beyond the first quarter?
are you thinking about innovation opportunities differently moving forward? And how are you thinking about the brand refresh, amplifying the impact of innovation
Where is that reinvestment going? What are you prioritizing in terms of the reinvestment
The other business segment had its best comp performance in a couple of years and built some momentum through the year.
you lowered the commodity inflation guidance from 4% to 5% down to 4%
should we assume that most of those are Olive Garden and LongHorn
Is that all the new units and with the updated new unit guide
Does that surprise you at all
How are you thinking about marketing over the next several years
I wanted to talk about total inflation for 2025 and perhaps if you could walk us through some of the drivers
where do you think there's the biggest risks to your assumptions and the biggest -- maybe where we might look back and say, hey, that turned out to be a little bit conservative
I guess as we look forward, what gives you confidence in the sustainability of that performance in
I think you made a, a comment in the prepared remarks about ’27 looking a lot like fiscal ’26
Do you mean that there's more room for earnings upside or can you just clarify exactly what you meant by that?
what do you think it reflects in terms of how far along you are on this internal improvement journey?
what you're seeing in terms of screwworm in Mexico and maybe some of the signposts or milestones to watch for the border to potentially reopen
when you look at where you are today, where are you versus where you want to be in terms of your operations broadly
How have you factored potential beef imports into the U.S. into your outlook
I was trying to kind of decipher exactly or more precisely what drove that. You talked about live ops, but you've been talking about that all year
I was hoping you could maybe give us an update there. And then maybe if we could think about the size or you could help us think about the size of some of the incremental efficiencies
Can you talk about your expectations for the magnitude of the herd recovery or maybe compare what your expectations are for this herd recovery versus prior cycles
is there anything that you're seeing that would lead you to believe your normalized or mid-cycle or what have you, beef profits are different in this cycle than in prior cycles
Have you seen any changes in export trade flows related to that or any impacts on your business so far, either pull forward on demand, shifts away from the U.S. to other countries
can you maybe compare or quantify the investments in chicken in the back half of the year versus the front half of the year and has that expectation changed at all over the last several months
can you just kind of walk through some of the factors that kept you from lifting the lower end of the range
I'm just kind of curious, if you could dig in a little bit more on the pieces or the levers to deliver the guidance
Are we getting closer maybe next year to a time when maybe you can start to loosen the purse strings a little bit on that front
I was just curious if you could quantify how much you think that can move the needle, similar to what you said in chicken