Grains and soybeans steadied ahead of a crucial US report that will provide a snapshot on the outlook for global supply — key data that’s been delayed since September by the government shutdown https://t.co/TQ9UnkXSFp ...

Summary of J.P. Morgan Commodity Market Positioning & Flows Industry Overview - The report focuses on the global commodity market, specifically analyzing open interest values and investor positioning across various sectors including energy, precious metals, base metals, and agricultural commodities [3][7][10]. Key Points and Arguments Global Commodity Market Trends - The estimated value of global commodity market open interest declined by **1.0% week-over-week (WOW)**, decreasing by **$14 billion** to **$1.47 trillion**, falling below the 10-year seasonal high [3][7]. - The net investor position across global commodity futures markets decreased by **3.3% WOW**, amounting to **$124 billion** as of August 12 [3][14]. Sector-Specific Insights - **Energy Markets**: - Open interest value in energy markets decreased by **$6 billion WOW**, marking the third consecutive weekly decline, primarily due to price weakness amid ongoing geopolitical tensions [3][20]. - Global oil demand growth is tracking at **0.92 million barrels per day (mbd)**, slightly below the estimated **0.94 mbd** for the year-to-date [3]. - **Precious Metals**: - Open interest in precious metals markets fell by **5.9% WOW** to **$245 billion**, driven by significant outflows from gold markets totaling **$9.7 billion** [3][25]. - The People's Bank of China (PBoC) continued its gold buying streak, adding **2 tonnes** to its reserves in July, with year-to-date purchases reaching **21 tonnes** [4]. - **Base Metals**: - Open interest in base metals increased by **2.3% WOW** to **$175 billion**, with net inflows concentrated in copper and nickel [6][24]. - **Agricultural Commodities**: - Open interest value in agricultural markets rose by **1.4% WOW** to **$330 billion**, driven by rising prices in grains and oilseeds [6][27]. - The USDA reported record high US corn and soybean yields, with corn at **188.8 bushels per acre** and soybeans at **53.3 bushels per acre** [6]. Price Momentum and Market Signals - Price momentum across commodities was mixed, with declines in most metals and energy markets, while agricultural commodities showed increased momentum [6][47]. - Positive price momentum signals were observed for **CBOT Soybeans** and **ICE Coffee**, while short-term sell signals emerged for **ICE EUA's**, **COMEX Gold**, and **LME Lead** [6][47]. Investor Positioning - Managed Money net length in COMEX Gold futures decreased by **5.7k contracts** to approximately **148k contracts net long**, indicating a cautious investor sentiment [3][15]. - The net long position of Investment Funds in European Union Allowances (EUA's) increased by **39% WOW** to **28,856 lots** as of August 8 [6][23]. Additional Important Insights - The report highlights the importance of monitoring Federal Reserve Chair Powell's comments at Jackson Hole, particularly regarding gold markets, as sticky inflation suggests limited easing from the Fed [3]. - The report also cautions about potential short covering risks across grain, cotton, and sugar markets due to weak investor positioning [6]. This comprehensive analysis provides a detailed overview of the current state of the global commodity market, highlighting key trends, sector-specific insights, and investor behaviors that could influence future market movements.

Forward-Looking Statements • Today's presentation includes forward-looking statements that reflect Bunge's current views with respect to future events, financial performance and industry conditions. Q2 2025 Earnings Results Review July 30, 2025 2 2 • These forward-looking statements are subject to various risks and uncertainties. Bunge has provided additional information in its reports on file with the Securities and Exchange Commission concerning factors that could cause actual results to differ materially ...

Core Insights - The consolidated revenue of AB Akola Group for the first nine months of the 2024/2025 financial year exceeded EUR 1,165 million, a 3.59% increase year-over-year [1] - EBITDA for the same period reached EUR 71 million, marking a significant 34.83% increase compared to the previous year [1] - Net profit more than doubled to EUR 31.8 million, reflecting strong operational performance [1] Revenue and Profitability - The Group sold 2,417 thousand tons of products, a 2.81% increase from the previous year [2] - Gross profit for the nine-month period increased by 17.18% to EUR 130.33 million [3] - Operating profit rose by 46.80% to EUR 47.1 million [3] - The third quarter revenue amounted to EUR 404.2 million, a 3.96% increase from EUR 388.8 million in the same period last year [3] Segment Performance - The "Partnership with Farmers" segment generated revenue of EUR 851.7 million, accounting for 68.1% of total revenue, with a gross profit of EUR 65.4 million [5] - The "Food Production" segment, which represents 28.2% of total revenue, saw a significant increase in performance, with operating profit growing to EUR 24.985 million and gross profit increasing by 42% to EUR 57.5 million [8][9] - The poultry segment's gross profit surged by 92.9% to EUR 44.46 million, driven by favorable market conditions [10] - The "Farming" segment generated EUR 38.8 million in revenue, a 5% increase, with dairy farming performance improving significantly by 163% [13][14] Market Conditions - The agricultural machinery market has faced stagnation due to high loan interest rates and delayed support payments, but expectations of a good harvest are leading to increased activity in sales [7] - The Group's factories produced significantly more porridge and noodle packages, with total product sales volumes increasing by 23% year-on-year [12]

Financial Performance - Bunge's adjusted EPS for Q1 2025 was $1.81, compared to $3.04 in Q1 2024[12] - Adjusted Segment EBIT was $406 million in Q1 2025, a decrease from $719 million in Q1 2024[12] - Agribusiness' Adjusted Segment EBIT was $268 million in Q1 2025, down from $487 million in Q1 2024[12] - Refined and Specialty Oils' Adjusted Segment EBIT was $123 million in Q1 2025, compared to $204 million in Q1 2024[12] - Milling's Adjusted Segment EBIT was $15 million in Q1 2025, a decrease from $28 million in Q1 2024[12] - Adjusted Total EBIT for Q1 2025 was $362 million, compared to $676 million in Q1 2024[12] Financial Position - At the end of Q1 2025, Readily Marketable Inventory (RMI) exceeded Net Debt by $3 billion[24] - The Adjusted Leverage Ratio was 0.6x at the end of Q1 2025[24] - The company had a cash balance of approximately $3.2 billion at quarter-end[30] Outlook - Bunge continues to forecast a full-year 2025 adjusted EPS of approximately $7.75[11, 39] - The company expects net interest expense to be in the range of $220 million to $250 million and capex in the range of $1.5 billion to $1.7 billion[39]

Core Insights - OÜ EG Biofond signed an investment agreement to acquire a 96.6% shareholding in OÜ Estonia Farmid, with a 3.4% shareholding retained by its subsidiary Osaühing Estonia, pending approval from the Competition Authority [1] - Estonia Farmid OÜ manages three agricultural companies and operates 9,400 hectares of arable land, employing nearly 150 people [1] - The dairy farms under Estonia Farmid OÜ have a total of 2,640 dairy cows, with an average milk production of 13,300 kilograms per cow annually, and the company also produces 27,000 tons of grains and rapeseed per year [1] Company Overview - Infortar is a prominent group in Estonia, operating in seven countries with activities in maritime transport, energy, real estate, and agriculture, among others [6] - Infortar holds a 68.47% stake in Tallink Grupp and a 100% stake in Elenger Grupp, with a real estate portfolio of approximately 141,000 m² [6] - The group consists of 110 companies, employing 6,228 people, and has expanded its presence across agriculture, industry, and services [3][6] Industry Context - The agricultural sector, particularly dairy production, is highlighted as a competitive area for Estonia, with fertile farmland contributing to high-quality milk production [2] - The dairy industry is considered a key pillar of Estonia's economy, alongside timber and minerals [2]