Biofuels PolicyThe ag cycle is at a trough, and biofuels policies remain uncertain, potentially keeping a lid on profitability and positioning downside risk.
Earnings OutlookThe outlook for ADM’s profitability has soured considerably with increased macro risks stemming from the US election results as well as the company’s own performance.
Nutrition SegmentNutrition continues to underperform expectations, and while it’s tough to gauge the segment’s normalized profitability, this figure increasingly looks far below the levels achieved in 2021-22.