Group 1: Report Core Views - The soybean export sales of the United States from November 13th are expected to increase, with the 2025 - 26 annual soybean export sales expected to net increase by 60 - 140 million tons, the 2025 - 26 annual soybean meal export sales expected to net increase by 5 - 45 million tons, and the 2025 - 26 annual soybean oil export sales expected to net increase by 0.5 - 2.5 million tons [1] - The soybean crushing volume in the United States in October 2025 was 7.11 million short tons, and the soybean oil production was 2.83 billion pounds, which increased by 18% compared to September 2025 and 11% compared to October 2024 [1] - Malaysia's palm - oil inventory at the end of November reached the highest level in more than six and a half years, with a 13% increase to 2.84 million tons due to increased production and weak export demand [1] - Australia's 2025/26 annual rapeseed production is expected to increase to 7.2 million tons, and Canada's 2025/26 annual rapeseed production is expected to increase to 21.8 million tons [1] Group 2: Key Data U.S. Data - The U.S. soybean crushing volume in October 2025 was 7.11 million short tons (237 million bushels), the September 2025 crushing volume was 6.15 million short tons (205 million bushels), and the October 2024 crushing volume was 6.47 million short tons (216 million bushels) [1] - The U.S. soybean oil production in October 2025 was 2.83 billion pounds, a 18% increase from September 2025 and an 11% increase from October 2024 [1] Malaysia Data - Malaysia's palm - oil inventory at the end of November increased by 13% to 2.84 million tons, the November production decreased by 5.3% to 1.94 million tons, and the export volume decreased by 28.13% to 1.21 million tons [1] - From December 1 - 10, Malaysia's palm - oil export volume decreased by 15% according to ITS and 10.31% according to AmSpec [1] Rapeseed Data - Australia's 2025/26 annual rapeseed production is expected to be 7.2 million tons, and Canada's 2025/26 annual rapeseed production is expected to be 21.8 million tons [1] Spot Price Data | Date | Bean Meal (Jiangsu) | Rapeseed Meal (Guangdong) | Soybean Oil (Jiangsu) | Palm Oil (Guangzhou) | Rapeseed Oil (Jiangsu) | | --- | --- | --- | --- | --- | --- | | 2025/12/04 | 3020 | 2520 | 8520 | 8620 | 9890 | | 2025/12/05 | 3020 | 2500 | 8540 | 8720 | 9870 | | 2025/12/08 | 3020 | 2500 | 8500 | 8660 | 9760 | | 2025/12/09 | 3000 | 2460 | 8450 | 8570 | 9630 | | 2025/12/10 | 3030 | 2490 | 8500 | 8510 | 9680 | [5]

Soybeans were 1 to 4 cents higher across most contracts on Wednesday.  The cmdtyView national average Cash Bean price was 4 1/4 cents lower at $10.21 3/4. Soymeal futures ere steady to $3.10 in the red, with Soy Oil futures 7 to 11 points higher. USDA reported private export sales of 136,000 MT of soybeans to China and 119,000 MT to unknown destinations, as well as 212,000 MT to unknown received in the reporting period. Another 120,000 MT of soybean meal was sold to Poland. More News from Barchart The ...

Summary of Key Points from the Conference Call Industry Overview - The agricultural markets are expected to be influenced by three main themes in 2026: robust supply, subdued demand, and ongoing geopolitical tensions [1][2][8] - The resolution of the US-China trade dispute is crucial for US-origin demand, particularly for soybeans, as a trade deal could significantly increase Chinese purchases [1][2] - The ongoing Ukraine war complicates the situation, especially with recent attacks on Russian oil facilities impacting grain exports [1][2] Market Dynamics - **Soy Oil**: The market for soybean oil is projected to be bullish due to strong demand and constrained supply, with prices expected to average 58 cents per pound in 2026, up from 51 cents currently [3][6][114] - **Wheat and Soymeal**: A bearish outlook is maintained for wheat and soymeal, with prices expected to hover around $5 per bushel in 2026 due to strong supply and flat import demand from major buyers [3][6][24][28] - **Corn**: Corn prices are expected to remain supported in the short term due to strong US exports and potential USDA downgrades to US yields, but a reversal towards $4 per bushel could occur in the second half of 2026 [3][6][63] Geopolitical and Weather Factors - The geopolitical landscape, particularly the US-China trade relations and the Ukraine conflict, continues to add uncertainty to agricultural markets [1][2][8] - Weather conditions in the Southern Hemisphere, particularly La Niña effects, are being closely monitored, with early signs of dryness in Argentina and Brazil [2][19] Price Forecasts - **Wheat**: Expected to finish strong with a 30 million ton increase year-over-year across the top seven export nations, but prices are projected to remain depressed [6][24] - **Corn**: Prices are expected to stabilize around $4.5 per bushel in the next six months, with a potential drop to $4 per bushel in the latter half of 2026 [6][63] - **Soybeans**: Prices are anticipated to trade within the $11-$11.5 per bushel range into Q1 2026, driven primarily by Chinese demand [6][91] Additional Insights - The sugar market is expected to recover, moving from a 4 million ton deficit in 2024/25 to a 1.9 million ton surplus in 2025/26, with prices stabilizing around $15-$15.5 cents per pound [6][120] - The soybean meal market appears oversupplied, with prices expected to average $280 per ton in 2026, down from current forward prices of $331 per ton [6][120] - The biofuel industry is anticipated to compete intensely for soybean oil, potentially diverting it from food use, which could lead to higher prices [114][119][120] Conclusion - The agricultural sector is facing a complex interplay of supply, demand, and geopolitical factors that will shape market dynamics in 2026. The bullish outlook for soybean oil contrasts with bearish trends in wheat and soymeal, while corn prices remain contingent on export performance and weather conditions.

Core Viewpoint - Sadot Group Inc. has announced the pricing of a public offering of 103,577 shares at $5.20 per share, aiming for gross proceeds of approximately $538,600.40, which will be used for general working capital and corporate purposes [1][2]. Group 1: Offering Details - The public offering is priced at $5.20 per share, with total gross proceeds expected to be $538,600.40 before fees and expenses [1]. - The offering is set to close on October 16, 2025, pending customary closing conditions [1]. - Dawson James Securities, Inc. is acting as the sole placement agent for this offering [2]. Group 2: Regulatory Information - The securities are being offered under a shelf registration statement on Form S-3, which was filed with the SEC on August 29, 2024, and declared effective on September 19, 2024 [3]. - A prospectus supplement detailing the terms of the offering will be filed with the SEC and available on their website [3]. Group 3: Company Overview - Sadot Group Inc. is an emerging player in the global food supply chain, focusing on innovative and sustainable supply chain solutions to address food security challenges [5]. - The company operates in key verticals including agri-commodity origination and trading for food/feed products, as well as farm operations in Southern Africa [5]. - Sadot Group is headquartered in Burleson, Texas [5].

Group 1 - The soybean futures markets have been impacted by Argentina's temporary grain export tax suspension, leading to around 40 cargoes of soybeans registered for export, primarily booked by China [1] - U.S.-China trade tensions have intensified, with new tariffs imposed by the U.S. and retaliatory measures from China, placing American soybean farmers in a challenging position [2] - U.S. soybean farmers are frustrated as they have made zero sales to China in the current crop marketing year due to a 20% retaliatory tariff from China, allowing competitors like Brazil and Argentina to capture market share [5] Group 2 - China typically purchases about 90% of Argentina's soybean exports, and while recent sales have increased, total exports remain within expected norms [6] - China's strong demand for soybeans suggests that while Argentina may meet short-term needs, global demand will continue to rise, indicating a bullish outlook for U.S. and global soybean markets in the long term [7]

Core Insights - The Andersons, Inc. reported its financial results for the second quarter ended June 30, 2025, and announced the acquisition of full ownership interest in The Andersons Marathon Holdings LLC (TAMH) [1][2][4]. Strategic Acquisition - The acquisition of TAMH, which operates four ethanol plants with a total annual production capacity of 500 million gallons, aligns with the company's strategy to grow earnings through investments in ethanol [2][4]. - This transaction doubles the company's financial ownership in the ethanol industry, a key growth area within its Renewables strategy, and is expected to provide immediate accretion in earnings per share [2][4][5]. Financial Performance - For Q2 2025, the company reported a pretax income of $24.8 million, down from $57.3 million in Q2 2024, with net income attributable to the company of $7.9 million compared to $36 million in the prior year [7][8]. - Adjusted EBITDA for Q2 2025 was $65 million, a decrease from $98.3 million in Q2 2024 [9][39]. - The company’s cash provided by operating activities was $299 million in Q2 2025, slightly down from $304 million in Q2 2024 [6]. Segment Overview - The Agribusiness segment recorded a pretax income of $19 million, down from $29 million in Q2 2024, while the Renewables segment reported a pretax income of $17 million, down from $39 million in the same period [10][13]. - The Renewables segment's adjusted EBITDA was $30 million in Q2 2025, compared to $52 million in Q2 2024 [17][39]. Cash and Debt Management - The company funded the acquisition of TAMH with cash on hand and existing credit facilities, maintaining a modest level of debt and remaining below its long-term debt to EBITDA target of less than 2.5 times [6][18]. - Cash and cash equivalents at the end of Q2 2025 were $350.97 million, down from $561.77 million at the end of 2024 [26][28]. Future Outlook - The company anticipates a large fall harvest and expects to benefit from increased support for renewable fuels, which may enhance its operational efficiency and profitability [3][12][16].