Agricultural Products & Services

Archer Daniels Midland Company's Ag Services business stands to gain from continued Chinese purchases of U.S. soybeans, which would support grain merchandising, origination and transportation volumes. ADM's second-quarter 2026 Ag Services operating profit surged 159% year over year, helped by strong commercial execution and the return of its Barcarena, Brazil, export terminal to full operations. Management said China is well underway in fulfilling its commitment to purchase 25 million tons of U.S. soybeans in 2026 and has been buying roughly 1 million tons per week, a contributor to the company's 2026 outlook. ADM expects Ag Services results in the third quarter to be slightly lower than the second quarter, with fourth-quarter performance depending partly on the pace of U.S. exports and whether additional corn and sorghum programs develop alongside soybean shipments. The Zacks Consensus Estimate for ADM's 2026 and 2027 earnings per share indicates year-over-year growth of 59.2% and 3.9%, respectively, and the stock carries a Zacks Rank #1 (Strong Buy).

CJ CheilJedang and ADM have agreed to form a new joint venture to secure a reliable, long-term source of feed-grade amino acids critical to the livestock industry, strengthening U.S. production, global supply chain resilience and U.S. food security. The joint venture will develop, manufacture and market fermentation-derived amino acids by combining CJ's fermentation production facilities in Fort Dodge, Iowa, and Piracicaba, Brazil, ADM's Decatur, Illinois, feed-grade amino acid plant, and CJ's Mexico, Brazil and U.S. sales offices, along with a license to CJ's intellectual property related to feed-grade amino acids for use by the joint venture within North and South America. CJ and ADM will give the JV exclusive rights to manufacture and sell feed-grade amino acids in the Americas, and CJ will be the majority owner. CJ will retain ownership of its intellectual property and its global fermentation businesses outside the scope of the joint venture, while ADM's other Decatur operations and its other global fermentation assets are not included in the transaction. The launch date for the proposed joint venture is subject to customary closing activities as well as regulatory approvals.

Ingredion Incorporated's Texture & Healthful Solutions segment extended its growth streak, with net sales rising 5% year over year to $627 million and net sales volumes up 7% in the second quarter of 2026, marking the ninth consecutive quarter of volume growth. Segment operating income increased 5% to $117 million, the second-highest quarterly operating income in T&HS history, while operating margin improved to 18.7% from 18.5% a year ago. The company said the volume strength was not driven by customer restocking or demand pulled forward ahead of pricing actions, and that solutions continued to grow faster than the rest of the business. For 2026, Ingredion expects T&HS net sales to rise in the mid-single digits and operating income to increase in the mid-to-high single digits, though higher tapioca costs and an unfavorable price mix could limit margin improvement. Separately, International Flavors & Fragrances reported Taste sales growth of 4% to $688 million and Health & Biosciences growth of 5% to $601 million in the second quarter of 2026, with EBITDA up 6% in both segments, while Archer-Daniels-Midland reported Nutrition operating profit of $172 million, up 51%, and Human Nutrition operating profit up 51% to $139 million.

S-Pure, a premium meat and food product line under Betagro Public Company Limited, or BTG, has become the first and only brand in Thailand to receive certification for chicken egg production under the Suphannahong chicken egg certification mark, issued by the Department of Livestock Development under the Ministry of Agriculture and Cooperatives. The certification confirms the freshness, safety, and Salmonella-free status of S-Pure fresh chilled chicken eggs, and also certifies standards from the parent stock stage onward. Mr. Trirat Thongplod, Chief Operating Officer of the Livestock Business at BTG, said the certification mark will offer consumers a safe food option, and the products can be traced back to their source. S-Pure fresh chilled chicken eggs have also received the Superior Taste Award with 3 stars, the highest score at the international level, and are rated AA for freshness under the grading criteria of the United States Department of Agriculture, or USDA, within a cold chain system at temperatures of 4 to 10 degrees Celsius. Meanwhile, S-Pure laying hens are raised using a 100% natural approach, supplemented with prebiotic and probiotic microbial feed, with no antibiotics, hormones, or growth promoters used throughout the rearing process.

Tianrun Dairy held a performance briefing on September 28, disclosing that in the first half of 2026 it achieved operating revenue of 1.45 billion yuan, up 3.93% year-on-year, with net profit attributable to the parent company of 54.25 million yuan, turning from loss to profit compared with a loss of 21.8564 million yuan in the same period last year. Non-recurring net profit was 18.75 million yuan, down 67.56% year-on-year. The company said the profit growth was mainly due to the normalization of culling dairy cows and a year-on-year reduction in culling losses, while also reducing the spray-drying of surplus raw milk and sales of bulk milk powder. The decline in non-recurring net profit was due to year-on-year increases in corporate income tax expenses and depreciation expenses for the annual 200,000-ton dairy processing project, while selling expenses rose 20.35% year-on-year to 107 million yuan. The general manager said at the meeting that in 2026 the company plans to achieve dairy product sales of 320,000 tons and operating revenue of 3 billion yuan. In the first half of the year it had already completed revenue of 1.45 billion yuan. In the second half it will continue to pursue a dual-engine strategy within and outside Xinjiang, expanding cooperation outside Xinjiang with chain channels such as Hema, Bestore, and Metro, as well as B-end commercial channels, while improving the operational efficiency of the annual 200,000-ton smart factory, optimizing the herd structure, and accelerating new product development. The company said its cooperation with these national chain systems mainly adopts a customized product plus systematic deep cooperation model, and it has already customized exclusive products such as organic pure milk and A2 milk beer for Hema. The new channels are currently in an expansion period, and their contribution to revenue is growing steadily. The chairman cited data from the Ministry of Agriculture and Rural Affairs at the meeting, saying that the average price of raw milk in major producing provinces ended 53 consecutive months of decline in July and turned positive year-on-year, and continued to recover moderately in September.

Archer Daniels Midland's Oilseeds Processing business more than doubled its operating profit in the second quarter of 2026, with operating profit rising 129% from the year-ago period. Global oilseed processing volumes increased nearly 5%, supported by stronger processing margins, better business execution, favorable market conditions and strong soybean meal demand from the pork and poultry industries. ADM raised its full-year 2026 adjusted EPS outlook to $5.15-$5.60 from the previous range of $4.15-$4.70. The company expects favorable crushing and ethanol margins to continue supporting results in the second half of 2026, though North American crushing was about 90% locked for the third quarter but only around 30% for the fourth quarter, leaving greater exposure to future margin movements. Management also expects China's soybean purchases from North America to support Ag Services.

Sun Sweet Public Company Limited, or SUN, is continuing to deliver products as normal, supported by the flood situation in the country and the vegetarian festival running from October 10 to 18. Mr. Weera Noppawatanakorn, Director of Accounting and Finance, disclosed that the floods caused a one-day disruption at a 7-Eleven distribution center in the Suvarnabhumi area and led to temporary stock shortages in some areas, but warehouses and distribution centers in other areas are still delivering as normal. Meanwhile, overseas markets in Japan, South Korea, and Taiwan continue to operate normally. The Middle East market has seen an increase in orders, with customers in Saudi Arabia accelerating imports in advance due to geopolitical uncertainty. Although freight rates have risen, the company is not directly affected because customers bear most of the shipping costs. For the second-half outlook, the company expects the third quarter of 2026 to improve on the back of good sweet corn output after problems with sweet potato and striped bean raw materials returned to normal, and it is maintaining its total revenue target for 2026 at approximately 4,000-4,500 million baht, with first-half accumulated revenue of approximately 1,700 million baht. It is also preparing to begin commercial production of its boxed sweet corn product, Sun Pack, at the end of October, before a full-scale market launch in the first quarter of 2027.

Petchsrivichai Enterprise Public Company Limited, or PCE, expects its third-quarter 2026 operating results to continue growing from an improved second quarter, supported by rising orders for B100 biodiesel, which is likely to help lift the business's profit margin. PCE executive Pornpipat Prasitsupaphol said the company currently has sufficient raw materials to feed into its biodiesel production process to meet customer demand. However, the company did not disclose order volumes or its third-quarter 2026 profit forecast in this information. Meanwhile, New Biodiesel Company Limited, or NBD, a PCE subsidiary engaged in biodiesel production, received three Green Industry Award 2026 honors at Level 5 in the Green Network category, reflecting the environmental performance of its plant and related network.

Phet Srichai Enterprise, or PCE, is pressing ahead as the only fully integrated palm oil business in the industry, with B100 biodiesel orders flowing in continuously, lifting the outlook for its third-quarter 2026 margins after the company turned in a standout performance in the second quarter of 2026. Its affiliate New Biodiesel Co., or NBD, a major domestic biodiesel producer, picked up three Green Network awards at the Green Industry Award 2026, the top-level certification for green factories. Executive Pornpipat Prasitsupphon said raw materials are currently sufficient to feed the biodiesel production process and can comfortably meet demand.

Petch Srichai Enterprise Public Company Limited, or PCE, an integrated palm oil industry operator, is likely to post continued earnings growth in the third quarter of 2026 compared with the previous quarter, after its biodiesel business received more orders, which is expected to support both revenue and profit margins. This is especially true for its B100 biodiesel product, which has seen a steady stream of orders in line with domestic biodiesel demand. The company has sufficient raw materials to feed its production process, allowing it to meet customer orders and demand as planned. PCE executive Pornpipat Prasitsuppapol said the company currently has enough raw materials for biodiesel production, which will help it handle incoming order volumes and support the earnings growth trend in the third quarter. Meanwhile, New Biodiesel Company Limited, or NBD, an affiliate that produces biodiesel, received three Level 5 Green Industry awards in the Green Network category at the Green Industry Award 2026, reflecting operations that emphasize production processes, environmental management, and sustainable business network development. The high level of biodiesel orders, together with raw material readiness, is a key supporting factor for PCE's performance in the third quarter of 2026, after the company posted strong results in the second quarter of 2026 and has the opportunity to maintain its growth momentum through the second half of the year.

PCE, or Phetch Srichai Enterprise, the only company in the industry operating a fully integrated palm oil business, expects its third-quarter 2026 results to continue growing strongly from the second quarter of 2026, driven by a steady stream of B100 biodiesel orders that are helping lift gross margins. Meanwhile, its affiliate New Biodiesel Co., Ltd., or NBD, a major domestic biodiesel producer, received three Green Industry Award 2026 honors at the Green Network level, the fifth and highest green industry tier. On the management side, Pornpipat Prasitsuppaphol said raw materials are currently sufficient to feed biodiesel production and comfortably meet demand.

Mr. Suresphon Chuengrungrueangkit, Chairman of Agri Pure Holding Public Company Limited, or APURE, disclosed that the operating performance trend for 2026 is likely to grow and perform better than in 2025, driven by strong orders, especially in the third quarter of 2026 from the Japanese market, which remains the main export market, while the European and South Korean markets are continuing to expand. The company is in the process of expanding its customer base in Europe, shifting from competing with domestic manufacturers to competing directly with European manufacturers. As for sales in the fourth quarter of 2026, the company sees an opportunity to maintain a level close to the third quarter and not decline seasonally as in the past, even though it is the low season. Currently, APURE's factory is operating at about 60-70% of capacity, so it can still accommodate new orders continuously. Meanwhile, the weakening of the baht is a positive factor, since the company derives as much as 97-98% of total revenue from exports, with domestic sales accounting for only about 2-3%. For 2027, the company expects to maintain continued growth from the European and South Korean markets.

Ingredion declared a quarterly dividend of $0.83 per share, a 1.2% increase from its prior dividend of $0.82. The dividend carries a forward yield of 3.35% and is payable October 20 to shareholders of record as of October 1, which is also the ex-dividend date.

Sunsweet Public Company Limited, or SUN, is preparing to begin testing the systems and machinery of its Sun Pack project, a project to install machinery for packaging sweet corn in paper box packaging, in October 2026. The machinery has already been moved into the factory area and is currently being installed. Production is expected to begin in November 2026, before entering the process of obtaining various standards certifications. As Weera Noppawatanakorn, Director of the Accounting and Finance Department, told Than Hoon, the company expects to begin commercial sales and deliver products to customers at the earliest by the end of 2026, or at the latest in early 2027, and will begin recognizing revenue from the project from early next year onward. Some orders have already begun to come in, and the company has started ordering production of boxes according to the specified design. If the market responds well, it may consider investing in a second set of machinery in the future. The installation of the new machinery does not significantly affect the overall capacity utilization rate. Currently, SUN has total production capacity of approximately 300,000 tons per year and a capacity utilization rate of approximately 50%. Meanwhile, in mid-October, which coincides with the vegetarian festival, the company expects demand for its products to increase from normal levels, since its main products are plant-based products that appeal to vegetarian food consumers. At the same time, the company is maintaining its revenue growth target for 2026 at approximately 10-15%, supported by the weakening of the baht, which helps increase its export competitiveness.

Phetchsrivichai Enterprise Public Company Limited, or PCE, reported second-quarter 2026 net profit up 59.5%, driven by higher revenue recognition from value-added products, especially biodiesel (B100) and refined bleached deodorized palm oil (RBDPO), along with strong cost control. Executive Pornpipat Prasitsupaphol said that in the second half of 2026 the company will push into the production and sale of biodiesel (B100) to serve domestic consumption under government policy, and will expand its edible palm oil production plant, expected to be completed in the fourth quarter of 2026, to capture high growth opportunities in the food industry. Meanwhile, T.A.C. Consumer Public Company Limited, or TACC, is pressing ahead in the beverage market with two new "pang yen" menu items, matcha green tea pang yen and Thai tea pang yen, to be sold at All Cafe outlets in 7-Eleven stores nationwide from August 13, 2026. Executive Chatchavee Wattanasuk expressed confidence that the new products will be well received and will help drive 2026 revenue growth of more than 10% in line with the target. Thai Reinsurance Public Company Limited, or THREL, reported second-quarter 2026 net profit surging 239% to 32 million baht, with reinsurance premiums received up 6% to 1,112 million baht and insurance operating profit jumping 69% to 59 million baht, pushing its combined ratio down to 88.8%. Chief Executive Wipol Vorasahut said he is confident 2026 results will swing back to profit as targeted. Infraset Public Company Limited, or INSET, reported second-quarter 2026 earnings of 63.66 million baht, up 652.33% from the same period a year earlier, reflecting continued growth in its data center and cloud businesses. Its board approved an interim cash dividend of 0.05 baht per share, with payment set for September 9, 2026. Managing Director Sakbovorn Pukkanasut said the outlook for the second half is bright and that the company will bid for more than 5 billion baht in new work. Euroasia Total Logistics Public Company Limited, or ETL, reported first-half 2026 service revenue of 1,083 million baht, an increase of 227.4 million baht, or 27%, from the same period a year earlier, with gross profit tripling on continued growth in trip volumes, supported by imports of electronics and data center goods and the relocation of manufacturing bases within ASEAN, according to executive Thanet Mekhintarangkoon.

Centene Corp. and Archer-Daniels-Midland Co. each raised their 2026 guidance while trading at valuations below their industries and the S&P 500. Centene now expects premium and service revenues of $173-$177 billion for 2026, up from a prior range of $171-$175 billion, and total revenues of $193.5-$197.5 billion, up from $187.5-$191.5 billion, with adjusted EPS expected to exceed $4.80 versus the prior guidance of greater than $3.40, a surge of more than 130.8% from 2025. Archer-Daniels-Midland raised its 2026 adjusted earnings guidance to approximately $5.15-$5.60 per share from a previous range of $4.15-$4.70, citing finalized renewable volume obligations under the U.S. Renewable Fuel Standard, global trade dynamics and higher energy prices, and continues to project 2026 capital expenditures of $1.3-$1.5 billion. Centene shares have jumped 68.7% year to date and carry a forward P/E of 13.58X, below the industry's 22.23X and the S&P 500's 18.03X, while Archer-Daniels-Midland shares have surged 50.4% year to date with a forward P/E of 16.60X. Both stocks hold a Zacks Rank #1 (Strong Buy), and their Zacks Consensus Estimates for current-year earnings have improved 40.9% and 8.5%, respectively, over the last 60 days.

Archer Daniels Midland's Carbohydrate Solutions segment posted a 22% year-over-year increase in operating profit in the second quarter of 2026, helped by favorable ethanol market conditions. Within that segment, Starches and Sweeteners operating profit rose 7%, and management said ethanol margin strength, including policy incentives, drove the improvement and more than offset continued pressure on liquid sweetener volumes and margins, particularly in North America. Ethanol is only one part of the Carbohydrate Solutions business, which also depends on sweetener and starch demand, commodity costs, pricing, product mix and operating efficiency, so broader gains across the carbohydrate portfolio will likely be needed for sustained growth. ADM is also pursuing ethanol capacity expansions and debottlenecking at existing facilities. The Zacks Consensus Estimate points to ADM earnings per share growth of 52.2% in 2026 and 3.5% in 2027, with both estimates rising over the past 30 days.

Japanese seafood group Umios, formerly Maruha Nichiro, has acquired a 25.1% minority stake in Thailand's Pataya Food Industries. The transaction is being carried out through Umios group company Kingfisher Holdings, and Umios did not disclose the purchase price for the interest. Bangkok-based Pataya Food Industries, founded in 1979, has a capitalisation of Bt280m, equivalent to $8.4m, and manufactures branded seafood and pet-food products while also acting as a B2B supplier in Asia. Umios said the deal and alliance will expand the group's portfolio of processed foods and other products as well as its sales channels in Asia, advancing the local strategy set out in its long-term vision. The move follows Umios' June agreement to take a 51% stake in Malaysia-based Pet World International for Y11.4bn, or $73.7m at current exchange rates.

Tooru PLC CEO Scott Livingston said the company's growth is accelerating as its OAF and Pulsin brands gain retail traction, after the group generated more than £1 million of EBITDA from its operating businesses in the first half. Livingston told Proactive's Stephen Gunnion that OAF has secured additional stores with Tesco and Asda after meeting key performance indicators during its trial period, though he noted the brand remains in a relatively small number of stores across both retailers and that early conversations are under way with other chains. He also said Pulsin has returned to positive cash flow and EBITDA after earlier challenges, with strong demand and growing European distribution supporting a cautious shift from a defensive approach back towards growth. Following a fundraise of nearly £1 million, Tooru is assessing potential acquisitions, targeting wellness and natural-product businesses that fit its existing portfolio, serve similar consumer demographics, and could benefit from its manufacturing capabilities. For the second half of 2026, Livingston identified three priorities: increasing OAF distribution with major retailers, expanding Pulsin's European reach, and pursuing suitable acquisitions.

Hershey has resumed dividend growth, lifting its quarterly payout to $1.452 per share starting with the February 17, 2026 ex-date after holding it flat at $1.37 for five consecutive quarters from February 2024 through November 2025. The increase followed a brutal stretch for the confectioner: full-year 2025 net income fell to $883.3 million from $2.22 billion in 2024, operating income dropped to $1.42 billion from $2.90 billion, and adjusted EPS slid roughly 36% to 37% to $6.31, pressured by record cocoa costs and $160 million to $170 million in tariff expenses. The recovery has been sharp, with Q1 2026 adjusted EPS of $2.35 beating the $2.05 estimate on revenue of $3.10 billion, and Q2 2026 adjusted EPS of $1.90 beating the $1.43 estimate on revenue of $2.79 billion, while adjusted gross margin expanded 350 basis points to 41.6%. Full-year 2026 guidance calls for adjusted EPS of $8.36 to $8.52, implying 32.5% to 35% growth off the 2025 base, and CFO Steve Voskuil told investors on the July 30 call that the company has good visibility into cocoa deflation next year. The stock closed at $173.32 on September 11, down 2.62% year to date and well below the analyst target price of $205.52, and the next board declaration this fall will show whether the resumption becomes a trend or the freeze story remains live.

Petchsrivichai Enterprise Public Company Limited, or PCE, expects total revenue for 2026 to grow 10-15% compared with the same period a year earlier, when revenue stood at 30.55 billion baht. Mr. Prakit Prasitsupphaphol, Chief Executive Officer and Managing Director, disclosed that sales in the third quarter of 2026, which falls during the rainy season, are likely to be flat compared with the second quarter of 2026, and will accelerate in the fourth quarter of 2026, the high season for economic activity, tourism, and the New Year festival. The company is confident that its gross profit margin will grow by a double-digit rate. In the first half of 2026, PCE recorded a net profit of 220.91 million baht, up 36% year on year, while in the second quarter of 2026 net profit was 214.20 million baht, up 60.2% year on year, and the gross profit margin rose to 5.4% in the first six months of 2026 from 2.0% a year earlier. This was supported by an increase in the share of high-value products, especially B100 and RBDPO. The company sells B100 according to customer orders and usage demand, with forward purchase agreements in place with Major Oil. In the production of palm cooking oil under the Rinthip brand, the company has expanded its distribution channels to cover distributors, modern trade, and modern retail outlets such as 7-Eleven, CJ More, and department stores nationwide, while also targeting Japanese restaurants, which place importance on raw material quality and food standards. The company is also closely monitoring the El Nino phenomenon, and assesses that palm output in 2027 will decline by about 10-15%. It is therefore continuing to expand palm fruit purchasing points from farmers' plantations, along with a plan to expand the phase 3 extraction plant, raising fresh palm fruit processing capacity from 150 tons per hour to 225 tons per hour and increasing CPO production capacity from 300 tons per day to 700 tons per day, so as to produce more than 900 tons of crude palm oil per day on its own. It also has a project to upgrade its refinery with CPO Washing and Double Refine technology to raise output to High-Quality RBDPO to serve the premium market, with commercial operation scheduled for the second quarter of 2027.

Thai Union Feedmill (TFM) is advancing its aquaculture business investment in Ecuador by establishing a subsidiary, Thai Union Feedmill Ecuador S.A.S., which was completed on September 4, 2026, with an initial registered capital of $27 million. TFM holds 85.19% of the shares, alongside AVANTI FEED LTD. with 11.11% and PACIFIC AQUA SOLUTION PACSOL S.A.S. with 3.70%. Subsequently, the capital was increased to $30 million, resulting in TFM's shareholding proportion decreasing to 76.67%, while AVANTI FEED LTD. holds 10%, FEVALRI S.A. holds 10%, and PACIFIC AQUA SOLUTION PACSOL S.A.S. holds 3.33%. The company stated that this shareholding restructuring aims to strengthen capital readiness and liquidity, support future operations and business expansion, and build strong business alliances in Ecuador.

Mr. Thiraphong Chansiri, President and CEO of Thai Union Group (TU), revealed that Thai Union Feedmill (TFM), a subsidiary in which TU holds 51%, has established a new subsidiary in Ecuador named Thai Union Feedmill Ecuador S.A.S. to support investment and expansion of the aquafeed business in the region. The company was registered on September 4, 2026, with an initial registered capital of 27 million US dollars, divided into 27 million ordinary shares at a par value of 1 US dollar per share. TFM holds 85.19% of the shares, while Avanti Feed Ltd. holds 11.11%, and Pacific Aqua Solution Pacsol S.A.S. holds 3.70%. The main objective is to invest in constructing a factory to operate businesses related to aquatic animals in Ecuador, which will enhance TFM's potential in international markets and create opportunities for long-term business expansion. Meanwhile, TFM plans to increase the registered capital of this subsidiary from 27 million US dollars to 30 million US dollars, along with adjusting the shareholder structure. After the capital increase, TFM will remain the major shareholder, but its stake will decrease from 85.19% to 76.67%, or 23 million shares out of a total of 30 million shares. Avanti Feed will hold 10%, and Fevalri S.A. will newly hold 10%, while Pacific Aqua Solution Pacsol S.A.S. will hold 3.33%.

Thai Union Feedmill Public Company Limited, or TFM, announced that the registration of its subsidiary in Ecuador for the aquatic animal business has been completed on September 4, 2026. The subsidiary, named Thai Union Feedmill Ecuador S.A.S., has a registered capital of 27 million US dollars, divided into 27 million ordinary shares with a par value of 1 US dollar per share. TFM holds 23 million shares, representing 85.19%, while AVANTI FEED LTD. holds 3 million shares, or 11.11%, and PACIFIC AQUA SOLUTION PACSOL S.A.S. holds 1 million shares, or 3.70%. Together, the three shareholders hold 100% of all shares. Additionally, the company plans to increase the registered capital and adjust the shareholding structure of the subsidiary to enhance liquidity and support future business expansion, as well as to establish business partnerships in Ecuador.

Thai Union Feedmill Public Company Limited (TFM) has established a subsidiary in Ecuador to operate its aquaculture business. The company's board of directors approved the establishment, and it was officially registered on September 4, 2026. The subsidiary, named Thai Union Feedmill Ecuador S.A.S., will invest in constructing a plant for its business operations. The shareholder structure consists of TFM holding 85.19%, AVANTI FEED LTD. holding 11.11%, and PACIFIC AQUA SOLUTION PACSOL S.A.S. holding 3.70%. Additionally, the company plans to increase its registered capital and adjust the shareholding structure of the subsidiary to strengthen its financial readiness and liquidity, supporting future operations and business expansion, as well as building strong business alliances in Ecuador.

In this morning's session, A-share market style shifted, with agricultural and non-ferrous metals cyclical sectors surging while semiconductor technology sectors pulled back. The Shanghai Composite Index reported at 3,946.99 points, up 0.36%, with combined turnover on the Shanghai and Shenzhen exchanges reaching 1.26 trillion yuan in the half-day session. The agricultural sector saw another wave of limit-ups, with Yasheng Group hitting its fourth consecutive limit-up, Dunhuang Seed achieving a third consecutive limit-up, and the Shenwan Agriculture, Forestry, Animal Husbandry and Fishery Index rising 1.53%. A World Meteorological Organization bulletin shows the probability of the El Niño event persisting until February 2027 is close to 100%, and it will reach super intensity in the coming months, with a peak expected around the end of 2026. Affected by this, global agricultural product prices have risen, with Chicago wheat futures hitting a three-year high. The fertilizer sector also moved, with Luhua Technology and other stocks hitting limit-up, and domestic urea quotes rising by 50 to 150 yuan per tonne in a single day. The non-ferrous metals sector rallied, with LME copper prices hitting a record high, touching 14,617 US dollars per tonne. Analysts at Guosen Futures noted that record-low copper concentrate processing fees, inventory divergence, and the start of peak-season restocking are supporting copper prices.

Archer Daniels Midland Company is targeting $500 million to $750 million in cumulative cost savings over a three- to five-year period, aiming to improve its cost structure and support earnings growth amid challenging market conditions. The company plans to achieve these savings through improved manufacturing efficiency, streamlined supply chains, reduced administrative and operating costs, and enhanced productivity, while also simplifying its portfolio and reallocating resources to higher-growth opportunities. ADM has already generated approximately $200 million in savings in 2025, indicating tangible progress toward its goal. In the second quarter of 2026, total segment operating profit jumped 75% year over year to $1.5 billion, and adjusted earnings nearly doubled, increasing 98% year over year. The company's shares have gained 26.2% in the past six months, and it trades at a forward price-to-earnings ratio of 15.6 times, slightly above the industry average of 15.49 times. The Zacks Consensus Estimate for ADM's 2026 and 2027 earnings per share indicates year-over-year growth of 52.2% and 3.5%, respectively, and the company currently holds a Zacks Rank #1 (Strong Buy).

In early trading on September 7, grain concept stocks surged collectively. Yasheng Group hit limit up at the opening and achieved three consecutive limit-up boards, while Dunhuang Seed recorded four limit-up boards in seven trading days. On the news front, six departments including the Ministry of Agriculture and Rural Affairs jointly issued the Implementation Plan for Upholding Prioritized Development of Agriculture and Rural Areas and Improving the Rural Revitalization Investment Mechanism, proposing to basically establish a rural revitalization investment mechanism suited to the level of agricultural and rural development by 2030. In addition, a report by the United Nations Food and Agriculture Organization showed that the global food price index rose 1.9 percent month-on-month in August, and the World Meteorological Organization confirmed that an El Niño event has formed and may persist until 2027. In the first half of the year, Yasheng Group achieved operating revenue of 1.472 billion yuan, down 2.63 percent year-on-year, and net profit of 24.9188 million yuan, down 11.01 percent year-on-year.

Phetch Srivichai Enterprise Public Company Limited (PCE) expects several supporting factors in the second half of 2026, including increased demand for B100 biodiesel following the government's policy to adjust diesel to B7 and allow B20 as an alternative, as well as the expansion of its edible palm oil production capacity from 300 tons per day to 700 tons per day, which will be completed in the fourth quarter of 2026. Additionally, the company is promoting its 'Rintip' brand to consumers through Modern Trade channels and all 7-Eleven branches. The company reported a net profit of 214.2 million baht in the second quarter of 2026, up 59.5% from the same period last year, with total revenue of 7,057.8 million baht. For the first six months, net profit was 220.9 million baht, up 36.0%, and EBITDA margin increased to 4.5% from 1.9%, reflecting a shift in product mix towards value-added products such as B100 and RBDPO, which are expected to enhance revenue quality and profitability in the long term.

Archer Daniels Midland reported second-quarter 2026 adjusted earnings of $1.84 per share, up 98% year over year and surpassing the Zacks Consensus Estimate of $1.42 by 29.6%, while revenues rose 7.1% to $22.68 billion, beating the consensus of $22.38 billion. The company raised its 2026 adjusted earnings guidance to approximately $5.15-$5.60 per share from the previous range of $4.15-$4.70, citing improved crushing and ethanol margins. Segment operating profit increased 75% year over year to $1.5 billion, with Ag Services and Oilseeds profit surging 129% to $867 million, Carbohydrate Solutions up 22% to $411 million, and Nutrition up 51% to $172 million. ADM also processed 9.5 million metric tons of oilseeds, up 4.7% from the prior-year quarter. Following the report, shares have gained about 10.1% over the past month, outperforming the S&P 500, and the consensus estimate has shifted upward by 14.23%.