Soybeans were supported by strength in soybean meal on Wednesday, with contracts up 8 to 10 cents. The cmdtyView national average Cash Bean price was up 10 cents at $10.85 1/2. Soymeal futures are $4.40 to $7.60 in the front months, with. Soy Oil futures up 7 to 23 points in the nearbys. The forecast for Argentina is looking a little drier as they look to finish out their growing season, likely adding to some meal strength at midday. The EPA is expected to send it’s 2026 biofuel mandates to the White Hou ...

Core Insights - The company is focused on profitable growth in both Agribusiness and renewables, with significant investments planned for 2026 [2][14] - The fourth quarter of 2025 saw record earnings per share (EPS) and strong operational performance, particularly in the renewables segment [4][5] - The company anticipates improved financial results in Agribusiness for 2026, driven by better market conditions and strong demand for ethanol [14][15] Financial Performance - In Q4 2025, the company reported net income of $67 million or $1.97 per diluted share, an increase from $47 million or $1.36 per diluted share in Q4 2024 [5] - Gross profit for Q4 2025 was $231 million, an 8% increase year-over-year, primarily due to higher volumes and margins in renewables [5][6] - Full-year gross profit reached $714 million, a 3% increase, with adjusted EBITDA for Q4 at $137 million compared to $117 million in 2024 [6][7] Agribusiness Segment - Agribusiness reported Q4 pretax income of $46 million, down from $56 million in 2024, with challenges in merchandising due to well-supplied grain markets [10][11] - The segment's adjusted EBITDA for Q4 was $80 million, compared to $88 million in 2024, reflecting the impact of a large harvest and favorable grain acquisition [11][12] - The company expects basis appreciation in the Western footprint and continued sorghum exports into 2026 [15][16] Renewables Segment - The renewables segment generated Q4 pretax income of $54 million, significantly up from $17 million in 2024, driven by full ownership of ethanol plants [12][13] - Ethanol production reached record levels, with board crush margins increasing by $0.15 per gallon year-over-year [12] - Adjusted EBITDA for renewables in Q4 was $69 million, compared to $41 million in the same quarter of 2024 [12] Strategic Outlook - The company plans to complete several large capital projects in 2026, enhancing operational efficiency and product handling capabilities [17][19] - There is optimism regarding the domestic demand for ethanol and related products, supported by favorable biofuels policies [18][20] - The company is well-positioned to serve customers with crop inputs and expects to maintain a strong balance sheet to support future growth [20]

Core Insights - The company is focusing on strategic capital allocation towards high-return projects, including the expansion of the Clymers plant and upgrades to the Port of Houston's soybean meal export capacity [1] - The investment in Skyland Grain has shown improved performance, contributing nearly $20 million in EBITDA for the full year as it integrates into the broader Western asset footprint [1] Agribusiness Performance - Agribusiness results in the Eastern Grain Belt were bolstered by strong elevation margins for corn exports, while the Renewables segment faced challenges from higher natural gas costs and a firmer Eastern Corn basis [2] - The Western footprint benefited from a larger-than-expected fall harvest, allowing the company to accumulate corn and sorghum at favorable basis values despite limited merchandising opportunities [2] Financial Outlook - Record fourth quarter EPS was driven by the portfolio's versatility, particularly through full ownership of four ethanol plants and high grain volumes in the Western Grain Belt [3] - Management anticipates improved financial results in Agribusiness for 2026 due to increased certainty in global grain markets and sustained strong demand for ethanol [3] - The company projects 2026 45Z tax credits to be between $90 million and $100 million, benefiting from the removal of the indirect land use change penalty [3] - Guidance for 2026 exit run rate EPS has been raised above the previous target of $4.30, with a long-term goal of reaching $7.00 EPS by the end of 2028 [3] - Agricultural nutrient volumes are expected to benefit from higher-than-normal planted acres in 2026, although farmer decisions remain sensitive to current farm-gate economics [3] - Operational milestones for 2026 include the completion of the Port of Houston grain elevator upgrades in Q2 and soybean meal capacity in Q3 [3]

Market Overview - Soybeans are trading with gains of 10 to 11 cents in nearby contracts, with futures closing up 1 to 4 3/4 cents on Wednesday [1] - The average Cash Bean price increased by 2 cents to $10.58 1/4 [1] - Soymeal futures rose by $1.00 to $2.20, while Soy Oil futures decreased by 15 to 36 points [1] Crop Estimates - The Rosario Grains Exchange estimates Argentina's soybean crop at 48 million metric tons (MMT), an increase of 1 MMT from previous estimates [3] - Brazil's soybean crop is estimated at 177.98 MMT, reflecting a 1.86 MMT increase according to CONAB data [3] Export Sales Expectations - The USDA is expected to release Export Sales data, with traders anticipating old crop soybean sales between 0.3 to 1.1 MMT for the week of February 5 [2] - Soybean meal sales are estimated to be between 200,000 to 450,000 MT, while bean oil sales are projected to range from net reductions of 10,000 MT to sales of 16,000 MT [2]

Soybeans were in rally mode following a mid-morning update from President Trump, as contracts closed with front month gains of 25 to 27 ½ cents. Some new crop contracts were up 4 to 11 ¼ cents. The cmdtyView national average Cash Bean price was 26 1/4 cents higher at $10.27 3/4. Soymeal futures were $1.30 to $4.60 higher, with Soy Oil futures up 101 to 117 points in the nearbys. A phone call between President Trump and China’s President Xi took place this morning. Among the discussions, according to a po ...

Soybeans are showing higher trade on Thursday, up 7 to 9 cents in the front months. Futures got some strength on Wednesday from spillover in soybean meal, as contracts were 7 to 8 ½ cents higher. OI showed new buying interest, rising 12,031 contracts on the rally.  The cmdtyView national average Cash Bean price was 9 1/4 cents higher at $10.08 3/4. Soymeal futures are $3.40 to $3.70 higher, with Soy Oil futures 10 to 13 points lower. Meal garnered strength with Argentina’s weather forecasts on the drier ...

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]

Group 1 - Soybean prices increased by 1 to 4 cents across most contracts, with the national average cash bean price reported at $10.21 3/4, down 4 1/4 cents [1] - Private export sales included 136,000 MT of soybeans to China, 119,000 MT to unknown destinations, and 212,000 MT to unknown during the reporting period, along with 120,000 MT of soybean meal sold to Poland [1] - The September soybean crush totaled 204.93 million bushels, a 9.89% increase from the previous year, while October crush reached an all-time record of 237 million bushels, up 9.86% year-over-year [2] Group 2 - Bean oil stocks were reported at 1.781 billion lbs on October 31, reflecting an 11.89% increase from last year [2] - USDA is expected to release export sales data for the week ending November 13, with soybean sales anticipated between 0.6-1.4 MMT, soybean meal sales projected at 50,000 to 450,000 MT, and bean oil sales estimated at 5,000 to 25,000 MT [3] - Managed money net long positions increased by 15,760 contracts as of November 10, bringing the total to 194,443 contracts [3]

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].