2Q26 | 6M26 RESULTS PRESENTATION André Guillaumon CEO Gustavo Lopez CFO & IRO Ana Paula Zerbinati IR and Capital Market Head 6M26 EARNINGS CALL PORTUGUÊS Essa videoconferência será em português, com tradução simultânea para o inglês. Alteração de Idioma: para acessar a tradução simultânea, clique no botão Interpretation, na parte inferior direita da tela, e escolha o idioma "Inglês". Para fazer perguntas: clique no ícone Q&A e escreva seu nome e empresa ou levante a mão para entrar na fila. Ao ser anunciado ...

The sort of buying President Trump outlined from China seems "unlikely on many fronts, but neither can the possibility be ignored,†analyst says. ...

Bunge Global (NYSE:BG) Q4 2025 Earnings call February 04, 2026 08:00 AM ET Company ParticipantsBen Theurer - Managing DirectorDerrick Whitfield - Managing DirectorGreg Heckman - CEOHeather Jones - FounderJohn Neppl - CFOManav Gupta - Executive DirectorMark Haden - Head of Investor RelationsMatthew Blair - Managing DirectorSteven Haynes - VP of Equity ResearchConference Call ParticipantsAndrew Strelzik - Senior AnalystPooran Sharma - Managing Director and Equity Research AnalystSalvatore Tiano - Equity Resea ...

Q4 2025 Earnings Results Review February 4, 2026 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. • 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 ...

·基本面催化逻辑：全球粮价已触底，2026年易涨难跌。 2023年以来全球粮食持续去库，玉米库存消费比创超10年新低，大豆库存消费比处于过去10年50%分位；供应端 受新冠疫情后低价拖累已边际趋紧，2026年玉米和大豆饲用、工业需求均向好，但仅靠自身供应基本面缺乏足够 上行催化，需外部因素拉动。 ·宏观面催化逻辑：美元降息周期带动大宗商品流动性宽松，推升价格预期，当前大宗商品进入牛市初期，市场对 农 ·基本面催化逻辑：全球粮价已触底，2026年易涨难跌。 2023年以来全球粮食持续去库，玉米库存消费比创超10年新低，大豆库存消费比处于过去10年50%分位；供应端 受新冠疫情后低价拖累已边际趋紧，2026年玉米和大豆饲用、工业需求均向好，但仅靠自身供应基本面缺乏足够 上行催化，需外部因素拉动。 ·宏观面催化逻辑：美元降息周期带动大宗商品流动性宽松，推升价格预期，当前大宗商品进入牛市初期，市场对 农产品价格预期逐步抬升。 油价与粮价相关性极强，可通过农业机械、农化等成本端传导，以及燃料乙醇转化需求拉动影响粮价；当前油价 已开启底部反弹，叠加局势波动、OPEC+增产退坡推升上行预期，为粮价上行提供强劲催化。 ·资金 ...

Core Insights - The U.S. farm economy is under significant financial pressure, with farmers facing low prices and high production costs, leading to calls for clearer long-term biofuel policies and trade strategies to enhance exports [1][4][7] Group 1: Financial Strain on Farmers - U.S. farmers are experiencing a prolonged period of low crop prices and high production costs, with crop prices for corn and soybeans estimated at $4.10 and $10.20 per bushel respectively, both down from 2023 levels [9] - The USDA forecasts a 3% increase in total production costs for corn and a 3.1% increase for soybeans in 2026, indicating ongoing financial challenges for farmers [8] - Bankruptcy filings under Chapter 12 have surged, with 293 farmers filing in the first nine months of 2025, a 36% increase compared to the total for 2024, highlighting the financial distress in the sector [12][13] Group 2: Impact on Agricultural Equipment Industry - Sales of agricultural equipment have declined significantly, with tractor sales down nearly 10% and combine sales plunging over 35% from the previous year, reflecting reduced investment by farmers [14] - Major equipment manufacturers like Deere & Co. have laid off over 2,000 employees since 2023, and other companies like AGCO and CNH Industrial have also reduced their workforce due to weak demand and high material costs [15][16] Group 3: Broader Economic Implications - The financial strain on farmers is expected to have ripple effects on rural economies, potentially leading to job losses in local schools, hospitals, and government agencies that support rural families [17] - The tightening of credit access is making it increasingly difficult for farmers to secure necessary short-term loans, compounding the financial challenges they face [8][11]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The export sales of US soybeans, soybean meal, and soybean oil are expected to increase in different ranges in the weeks ending January 1, 2026 [1]. - The average institutional expectation for US soybean inventory as of December 1, 2026, is 3.25 billion bushels, a 4.8% increase from the same period last year, reaching the highest level since 2019 [1]. - Brazil's soybean exports in 2026 are expected to reach a record - high of 112 million tons, with a forecast of 24 million tons of soybean meal exports. However, exports to China may decrease by 10 million tons compared to 2025 [1]. - Malaysia's palm oil production in December 2025 decreased by 4.64% month - on - month. The 2025/26 annual production is expected to increase, with end - of - period inventory decreasing [1]. - Indonesia's 2025/26 palm oil production forecast remains unchanged at 51.2 million tons [1]. 3. Summary by Related Catalogs Overnight Market Information - US soybean export sales in the week ending January 1, 2026, are expected to net increase by 7.5 - 16 million tons, with 7.5 - 13 million tons for the 2025 - 26 season and 0 - 3 million tons for the 2026 - 27 season. US soybean meal export sales are expected to net increase by 1 - 3.5 million tons, and US soybean oil export sales are expected to net increase by 0 - 0.3 million tons [1]. - The average institutional expectation for US soybean inventory as of December 1, 2026, is 3.25 billion bushels, a 4.8% increase from the same period last year, the highest since 2019. The USDA will release the quarterly grain inventory report on January 13, 2026 (Beijing time) [1]. - Brazil's soybean exports in 2026 are expected to reach a record - high of 112 million tons, with exports to China expected to be 77 million tons, a decrease of 10 million tons from 2025. Brazil is also expected to export 24 million tons of soybean meal in 2026 [1]. - Malaysia's palm oil production in December 2025 decreased by 4.64% month - on - month to 1.84 million tons. The 2025/26 annual production is expected to be 19.7 million tons, with total supply of 22.56 million tons, exports of about 16.2 million tons, and end - of - period inventory decreasing from 2.36 million tons to 2.16 million tons [1]. - A commodity survey shows that Malaysia's 2025/26 palm oil production is expected to be 19.6 million tons, a 2.1% increase from the previous forecast. Indonesia's 2025/26 palm oil production forecast remains unchanged at 51.2 million tons [1]. Spot Prices - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from December 30, 2025, to January 7, 2026, are presented in a table, showing price fluctuations during this period [5].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The US soybean export inspection and sales data show a mixed performance, with export inspection volume in line with expectations and sales showing different growth trends compared to previous periods [1] - The Brazilian soybean production forecast has been raised, and the 2025 export volume reached a record high, while the Malaysian palm - oil inventory is expected to reach a near - seven - year high due to strong production [1] 3. Summary by Related Content US Soybean Export Data - As of the week ending January 1, 2026, the US soybean export inspection volume was 980,518 tons, in line with the market forecast of 750,000 - 1,150,000 tons. The export inspection volume to the Chinese mainland was 397,069 tons, accounting for 40.5% of the total. The cumulative export inspection volume this crop year is 16,401,241 tons, compared with 29,967,442 tons in the same period of the previous year [1] - For the week ending December 25, 2025, the net increase in US current - market - year soybean export sales was 117.77 million tons, a 19% increase from the previous week and a 20% decrease from the four - week average. The net increase in next - year's export sales was 6.64 million tons. The export shipment was 122 million tons, a 43% increase from the previous week and a 47% increase from the four - week average [1] US Soybean Meal Export Data - For the week ending December 25, 2025, the net increase in US current - market - year soybean meal export sales was 11.06 million tons, a 63% decrease from the previous week and a 73% decrease from the four - week average. The net increase in next - year's export sales was 4.18 million tons. The export shipment was 26.08 million tons, a 34% decrease from the previous week and a 25% decrease from the four - week average [1] Brazilian Soybean Data - Brazilian consulting firm StoneX raised its forecast for Brazil's 2025/26 soybean production to 177.6 million tons, a 0.2% increase from its December forecast and a 5.2% increase from the previous year, due to higher yields in Mato Grosso and favorable December weather [1] - BiondAgro also predicted a record - high Brazilian crop yield of 176.85 million tons [1] - Cargonave data showed that Brazil's 2025 soybean export volume reached a record high of 108.68 million tons, an 11.7% increase from 2024, and the soybean meal export volume also reached a record high, exceeding 23.07 million tons [1] Malaysian Palm - oil Data - SGS data showed that Malaysia's palm - oil product export volume in December 2025 was 1,000,703 tons, a 28.40% increase from the previous month [1] - A survey showed that Malaysia's December 2025 palm - oil inventory is expected to reach a near - seven - year high of 2.97 million tons, a 4.7% increase from November, due to strong monthly production. The crude palm - oil production is expected to be 1.76 million tons, the highest since December 2018, although it decreased by 9% from the previous month. Palm - oil product exports are expected to increase by 2.8% to 1.25 million tons [1] Indonesian Palm - oil Data - Indonesia's statistics showed that from January to November 2025, the country exported 20.85 million tons of crude and refined palm - oil, a 4.32% increase from the previous year, with a total export value of 21.63 billion US dollars. In November, the export volume was 1.36 million tons, a nearly 29% decrease from the previous year [1] Spot Price Data - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm - oil in Guangzhou, and rapeseed oil in Jiangsu from December 26, 2025, to January 5, 2026, are provided, showing certain price fluctuations [1]

Report Overview - Report Title: ITG Guomao Futures Data Daily - Report Date: December 29, 2025 - Researcher: Huang Xianglan - Investment Consultation Number: Z0021658 - Qualification Number: F03110419 1. Core Viewpoints - The domestic rumor of customs control on soybean imports is beneficial for near - month contracts and positive spreads. Attention should be paid to customs policy dynamics [8]. - US soybean exports are weak, and there is no obvious hype driver in South American weather. Brazilian premiums are expected to face pressure later. The M05 contract is expected to be relatively weak, with an overall expectation of near - strong and far - weak [8]. - In the short term, livestock and poultry are expected to maintain high inventory, supporting feed demand. However, current breeding profits are in the red, and national policies tend to control pig inventory and weight, which may affect far - month supply [7][8]. - The cost - effectiveness of soybean meal has decreased, but recent downstream transactions are normal, and提货 performance is good [8]. 2. Industry Data Summaries 2.1 Basis Data - For 43% soybean meal spot basis on December 26, 2025: Dalian was 390 with a rise of 10; in different regions such as Rizhao (330, +10), Tianjin (350, +10), Zhangjiagang (340, - 500), Dongguan (290, - 10), Zhanjiang (310, - 30), and Fangcheng (310, - 10) [4]. - The rapeseed meal spot basis in Guangdong was 76, down 32 [4]. 2.2 Spread Data - The spot spread of soybean meal - rapeseed meal in the factory was 300, and the spot spread in the market was 399, down 9; the spread between soybean meal and rapeseed meal was 559, up 12 [5]. - The RM1 - 5 spread was 68, down 16; the M3 - M5 spread and M1 - RM1 spread data were also presented [4][5]. 2.3 Supply - related Data - According to CONAB, the predicted output of the 25/26 Brazilian new crop is 177.6 million tons. As of December 5, the Brazilian soybean sowing rate was 90.3% [7]. - According to BAGE, as of December 3, the Argentine soybean sowing progress was 4.7% [7]. - The domestic soybean and soybean meal inventories are at historically high levels for the same period, and the de - stocking of soybean meal is slow. The现货 supply pressure is still large, and it is expected to accelerate de - stocking from December to January [8]. 2.4 Demand - related Data - Livestock and poultry are expected to maintain high inventory in the short term, supporting feed demand, but current breeding profits are in the red [7][8]. - The cost - effectiveness of soybean meal has decreased, and recent downstream transactions are normal, with good提货 performance [8]. 2.5 Other Data - The US dollar to RMB exchange rate was 6.9815, with no change. The Brazilian soybean CNF premium was 150 cents per bushel, and the domestic import soybean spot crushing profit was 90 yuan per ton [5]. - The domestic soybean auction had a high premium, and attention should be paid to subsequent auction situations [7].

Report Summary 1. Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints The report provides a comprehensive overview of the overnight and spot market conditions for various commodities, including palm oil, crude oil, soybeans, and related products. It also presents important fundamental information such as weather conditions in major crop - producing regions, international and domestic supply - demand situations, and relevant economic and policy news. These factors collectively influence the market trends of the commodities [1][2][4]. 3. Summary by Directory 3.1 Overnight Market Conditions - **Commodity Futures**: The closing prices and daily/overnight percentage changes of various commodity futures are presented. For example, the closing price of BMD March palm oil is 4035.00, with a previous - day decline of 0.02%. Brent March crude oil on ICE closed at 61.84, down 0.13% from the previous day and 0.23% overnight [1]. - **Currency Exchange Rates**: The latest exchange rates and their percentage changes are given. The US dollar index is at 97.95, up 0.01%. The CNY/USD exchange rate is 7.0471, down 0.07% [1]. 3.2 Spot Market Conditions - **Futures - Spot Price Relationship**: The spot prices, basis, and basis changes of DCE palm oil 2605, DCE豆油 2605, and DCE豆粕 2605 in different regions are provided. For example, the spot price of DCE palm oil 2605 in North China is 8600, with a basis of 90 and a basis change of - 20 [2]. - **Imported Soybean Quotes**: The CNF premiums and quotes for imported soybeans from different regions are presented. The CNF premium for Brazilian soybeans is 150 cents per bushel, and the CNF quote is 446 dollars per ton [2]. 3.3 Important Fundamental Information - **Weather Conditions in Producing Areas** - **Brazil**: Weather conditions in most soybean - producing areas are generally favorable for crops, although some regions may face flood risks, and a lack of rainfall in certain areas is a concern [4]. - **Argentina**: Soil moisture in most soybean - producing areas is suitable for soybean growth, and upcoming fronts will bring precipitation [4]. - **International Supply - Demand** - **Palm Oil**: Malaysia's palm oil production from December 1 - 20 decreased by 7.44%. Indonesia's actions against illegal palm oil enterprises may disrupt production and increase global prices [6]. - **Soybeans**: Argentina's soybean sales data for the 2024/25 and 2025/26 seasons are reported, along with the procurement by local oil mills and the export industry [8]. - **Freight Index**: The Baltic Dry Index decreased slightly but had the largest annual increase since 2016. Different types of ships' freight indices and daily earnings changes are provided [9]. - **Domestic Supply - Demand** - **Oil and Meal**: On December 24, the total trading volume of soybean oil and palm oil decreased, while the trading volume of soybean meal increased. The national average oil - mill operating rate rose [11]. - **Agricultural Product Prices**: The "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket Product Wholesale Price Index" decreased. The average prices of pork and eggs also declined [11]. - **International Economic Data** - **Interest Rate Expectations**: The probability of the Fed cutting interest rates in January and March 2026 is presented [12]. - **Unemployment and Mortgage Rates**: The US initial jobless claims for the week ending December 20 were 21.4 million, lower than expected. The 30 - year fixed - mortgage rate decreased [12]. - **Data Release Delay**: Due to the US federal government holiday, the release of EIA's crude oil and natural gas inventory data was postponed [12]. - **Domestic News** - **Exchange Rate**: On December 24, the USD/CNY exchange rate decreased, indicating RMB appreciation [14]. - **Monetary Policy**: The central bank carried out 260 billion yuan of 7 - day reverse repurchase operations on December 24, resulting in a net withdrawal of 208 billion yuan. On December 25, it will conduct 4000 billion yuan of 1 - year MLF operations [14]. 3.4 Fund Flows On December 24, 2025, the futures market had a net inflow of 205.42 billion yuan. Commodity futures had a net inflow of 63.14 billion yuan, with different sub - sectors having different net inflow/outflow situations. Stock index futures had a net inflow of 141.68 billion yuan, and treasury bond futures had a net inflow of 0.86 billion yuan [17]. 3.5 Arbitrage Tracking There is no specific content provided in the report for this section.