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  "documentTitle": "Bunge Global SA (BG)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2026-03-25 00:00:00",
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      "text": "We believe more capacity in oilseed crushing and refining has a negative side-effect on animal feed margins.",
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      "text": "U.S. Farmer Production Expenses 2024-2026E",
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      "text": "Animal feed market (MMT) growth from 2019/20 to 2029/30",
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      "text": "We believe more capacity in oilseed crushing and refining has a negative side-effect on animal feed margins. Bunge talks about strong demand for animal feed and its position as the largest supplier of ingredients in the industry but doesn't talk about the effect of oversupply. We believe this is putting pressure on prices and even the USDA reports that farmer feed expense is expected to sharply decline in 2026. Moreover, industry trends are moving towards precision feeding and alternative protein sources such as insect meal, single-cell proteins, and functional alternatives that may blunt demand.",
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      "text": "\"If those soybeans end up all getting processed in the U.S., if they do get processed and crushed for oil or actually do get valorized, then of course, you've got more soybean oil supply in the U.S. and you've got more soybean meal supply in the U.S. There was, even prior to this happening and prior to the China trade getting shut off, already the risk of a massive oversupply of soybean meal for animal feed in the U.S. because of the additional crush that was going into biofuels. The meal problem, where will all this meal go, has been a problem for the last several years, even before the China trade issue.\" — Former Bunge Executive Interview",
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      "text": "Source: Bunge Analyst Day Presentation, USDA, Feb 5, 2026, AlphaSense Interview of Former Bunge Executive, Oct 17, 2025, “Soybean Meal Deal”, CHS, Feb 25, 2025; “Challenges and trends in animal nutrition and feed industry,” Feed And Additive Magazine, Jan 9, 2025.",
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      "text": "Former Bunge Executive Interview: If those soybeans end up all getting processed in the U.S... the risk of a massive oversupply of soybean meal for animal feed in the U.S. because of the additional crush that was going into biofuels.",
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      "text": "More Oilseed Crushing Capacity = Meal Overcapacity = Pressure On Bunge's Animal Feed Business",
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