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what are the things in your business that are giving you pause
it sounds like you raised the amount that you think will -- the 45Z will benefit earnings somewhat for the full year
I've followed you guys for over a decade, and just have been sort of puzzled by ADM's performance during '25. I particularly Q2, Q3, and Q4. Y'all's performance relative to public comps has been th...
in the U.S., real basis was pretty strong throughout Q3 and has been stronger than expected in early Q4. And just based on our data and anecdotal reports
just as we extrapolate forward, I know the hope is that we get a finalized RVO before the end of the year, but I think prudence would say it's probably coming in Q1
I had a 2-part question on crush. And the first part was just a clarification. Wondering when you say if the replacement curve doesn't move up from here
I know there was a -- I think it was a $34 million year-on-year positive timing benefit. But even adjusted for that, given how weak the environment was
I wanted to ask I -- good morning. Just wanted to first of all clarify that your guidance doesn't include any expected impact from tariffs
is that on both oil and meal? Because I would think with the RVO visibility that on the oil side, they would be.
just wondering if you could give us your view of what is primarily driving that?
did you just take the curves and then make adjustments for what you're seeing as far as basis, etcetera, or just want to clarify that.
Do you envision a scenario where crush margins, both soft and soy, could replicate what we saw on the 2022-2023 time frame?
how are you all thinking about what the margin structure would look like relative to what we witnessed in '22, '23?
do you have like a really rough breakout of how much was just better execution by the team relative to a year ago? And how much was a better industry backdrop for those operations for what we saw i...
do you think this is going to set up a situation in which refining margins could potentially go to 0 in the U.S.?
how do you think about the normalized range for soy and soft crush margins given that crude oil demand is going to surge
how are you thinking about how that impacts Brazilian crush – Brazilian crush margins and could that potentially – if those dynamics don't shift quickly, could that potentially affect
the 5.25 billion gallon D4 headline number that's been in media reports, et cetera, that it may not be that high, that it may be more in the mid-4s
given the fact that you expect South America to be better this year as far as on take-or-pay and Argentina, just wondering what is the offset
broadly, how are you thinking about that acquisition now versus, you know, maybe a year ago?
I first wanted to ask about the Turkey network manufacturing changes you made.
If you could give us a sense of how much of the volume decline in retail was related to this snack nuts exit
the opportunity to return to the margin levels we saw in the past? Are there any structural changes that are going to limit that ability?
I was just wondering if you could give us a little more detail as far as, like, how you're thinking about the year-on-year decline in raw materials, particularly given how much bellies and trim hav...
just if you could give us a sense of how much the consumer environment factored into your outlook?
a couple of your competitors have shuttered facilities. So I was wondering if you all are also seeing any share gains as yet? Or are those anticipated on the come?
do you believe we're close to a stabilization point and going to grow from here? Or how are you all thinking about that business or just pure volumes?
are you assuming any benefit from the more positive commentary that we're hearing on whole bird pricing
that's a pretty substantial growth number, you know, for any packaged food company. So just would be curious to hear your thoughts
just was curious as to your thoughts about taking steps on that side to do similarly to what you've done on the pork side
it sounds like as part of the T&M initiative there could be further SKU rationalization
Is there a scenario where it would be reasonable to think we could have year-on-year growth in Q4
is it fair to think that Tyson is best positioned from a cost perspective?
I was wondering, would it be an issue if y'all forward bought more of your cattle or forward sold
how much of your confidence in the full year is related to either thinking that supply and demand is gonna be more balanced for the full year
it sounds like based on your comments that you all's guidance assumes more than normal seasonal improvement in pricing
given the volatility that we've -- I mean, pretty extreme volatility that we've seen in the cattle futures recently, I was wondering if we should think about the seasonality of Q1 any differently t...
given the tariffs that's been imposed on Brazilian beef and those flows slowed in anticipation of this, I've been a little surprised that we haven't seen more of a reaction in pricing
I have noticed a pretty sizable step-up in the amount of cattle that you have hedged. Wondering if -- I assume that was because your guidance was better than I was expecting given the backdrop
if I remember correctly, I don't think your initial guidance included an impact from tariffs and it now does. So is it fair to assume that if those are resolved relatively quickly, there's potentia...
given your move to feeder plants and just the inherent advantage that gives you relative to your peers, are you also planning on investing more in the pricing side to protect and gain share
if you could just outline the things that you're wanting investors to most take away from the call today
if you could just flush that out of how you're thinking about the net impact on Tyson
How much of that is, things that [TyChic] [ph] in control as far as cost savings, more productivity, and how much is it you're assuming as far as the overall market dynamics
is there a possibility that retailers start promoting beef more at the expense of chicken in 2025