Table of Contents
Monthly highlights ............................................................................ 3
Commodity highlights ...............................................................................................................3
Restaurant highlights ................................................................................................................4
Outlook – Agribiz & protein.............................................................. 6
Sanderson Farms: in focus .......................................................................................................6
Valuation ..................................................................................................................................7
Risks ........................................................................................................................................7
Outlook – Restaurants....................................................................... 8
Restaurant demand yet to turn up ............................................................................................8
Sector valuation update ..........................................................................................................10
Key commodity pricing trends for restaurants ........................................................................11
Key commodity exposures and earnings sensitivities.............................................................14
Chicken............................................................................................. 15
Beef................................................................................................... 21
Pork................................................................................................... 28
Corn .................................................................................................. 34
Soybeans.......................................................................................... 35
Wheat ............................................................................................... 38
Ethanol.............................................................................................. 39