Window: disclosures dated 2026-07-09 → 2026-10-09 · 31 of 46 audience companies filed.
# Headline
Across the 31 covered companies filing between 9 July and 9 October 2026, Brazilian sugar-ethanol producers reported sharply lower realised prices — Jalles Machado's international sugar reference averaged R$1,669 per ton, down 29.7% year on year, and São Martinho's net revenue fell 17.6% — while chocolate and coffee processors reported the opposite problem in cocoa and coffee input costs, with Nestlé's gross margin down to 46.4%. Pork was weak on both sides of the Pacific, with WH Group citing a 27.5% drop in average Chinese hog prices and Tyson Foods citing compressed processing spreads, while dairy names reported stabilising or supportive milk pricing. Tariffs surfaced in three filings, from a 14.4% fall in WH Group's imported pork volumes to the 10%–50% swing in US duties on Brazilian goods described by Jalles Machado.
# Forces
# Weather and sugarcane yields in Brazil and South-East Asia
5 of 31 companies
Jalles Machado reported on 18 September that favourable inter-harvest weather lifted average yield to 89.6 tons per hectare, 6.1 tons above the regional average, with above- average rainfall expected to support the current and next cane crops; the same filing flagged El Niño as a risk of early, abundant rains in São Paulo and Paraná that could materially affect yields. São Martinho said on 18 September it is accelerating milling to avoid leaving cane unharvested ahead of the anticipated El Niño pattern. Associated British Foods, in its 11 September trading update, said Agriculture segment profitability was hit by weather alongside challenging market conditions. Bumitama Agri told investors on 18 September that precision agronomic practices mitigated extreme weather swings and kept productivity stable.
"The anticipated El Niño weather pattern may complicate the sugar harvest, prompting the company to accelerate milling to avoid leaving cane unharvested."
— São Martinho (SMTO3.SA), Earnings Call / Transcript, 2026-09-18
# Sugar prices
4 of 31 companies
Jalles Machado reported on 18 September that lower volumes of sugar and ethanol sold combined with lower prices cut consolidated gross operational revenue by 30.9%, with sugar sales revenue down 30.6% and adjusted EBITDA down 11.8%; it liquidated R$112.2 million of sugar and currency instruments in the quarter and is fully hedged on available 2026/27 sugar volume at 27% above market, while noting prices rose more than 15% in the last month on a reversal in speculative fund positioning. São Martinho's 18 September disclosures put net revenue down 17.6% and EBITDA down 27.7%, with sugar selling prices 25.7% lower on early shipments at lower average prices; an 11% quarter- on-quarter price decline accompanied a 32% rise in sugar sales volume, and the company has hedged at R$2,100 per ton. Südzucker, in 9 July investor material, said sugar segment revenues declined significantly on lower sales volumes and lower sugar prices, against a projected global surplus of 4.7 million tons. Associated British Foods said on 11 September that the recent positive turn in European and global sugar pricing should benefit future years.
"International sugar prices remained depressed throughout the quarter, averaging R$ 1,669 per ton, a 29.7% decrease from the same period last year, due to an oversupply in the market."
— Jalles Machado (JALL3.SA), Investor Filing, 2026-09-18
# Milk prices
3 of 31 companies
China Mengniu Dairy reported in its 26 August interim results that fresh milk, cheese and milk formula all grew more than 30% year on year, and that the raw milk supply- demand balance moved toward equilibrium, stabilising raw milk prices. Saputo, in disclosures dated 18 September, attributed improved cost control and recovery of prior inflation to the US milk pricing formula introduced on 1 June 2025. Fonterra Co- operative Group narrowed its Farmgate Milk Price forecast range on 31 July, citing well- contracted FY26 sales volumes.
"The implementation of the new milk pricing formula in the USA on June 1, 2025, positively contributed to the results by improving overall cost control and recovering prior inflation."
— Saputo (SAP.TO), Annual Report, 2026-09-18
# Import tariffs
3 of 31 companies
WH Group reported on 17 September that elevated import tariffs on pork from certain countries drove a 14.4% decrease in total volume of imported pork and by-products. Jalles Machado said on 18 September that US tariffs on Brazilian goods fluctuated between 10% and 50% before settling at 15%, putting Brazil in line with other exporting countries, and that it held competitive organic sugar sales volumes through the swings, with similar measures applied to competitor countries partially limiting the relative impact. Saputo noted on 18 September that US tariffs introduced in 2025 have affected trade flows within the dairy sector.
"The company faced volatility in import tariffs for Brazilian products in the United States, which fluctuated between 10% and 50%, ultimately stabilizing at 15%, aligning Brazil with other exporting countries."
— Jalles Machado (JALL3.SA), Investor Filing, 2026-09-18
# Ethanol prices
3 of 31 companies
São Martinho told analysts on 20 September that the ethanol market has been dysfunctional since April, with prices falling on increased corn and sugarcane output while consumer demand failed to respond; on 18 September it reported ethanol sales volume up 38% and higher ethanol margins from carrying product for sale during the off- season. Jalles Machado reported average hydrated ethanol at R$2,474 per cubic metre on 18 September, down 14.6% from the prior harvest's first quarter on increased supply, yet raised ethanol production 44.5% and lifted ethanol stocks 86% year on year, with the sugar mix falling 8.6 percentage points to 42.0% and sugar production down 24.5%. Südzucker's 9 July material attributed a significant improvement in starch segment operating EBITDA to lower material costs and higher ethanol prices.
"The ethanol market has been dysfunctional since April, with prices dropping significantly due to increased production from both corn and sugarcane, yet consumer demand has not responded as expected."
— São Martinho (SMTO3.SA), Earnings Call / Transcript, 2026-09-20
# Cocoa prices
2 of 31 companies
Lindt & Sprüngli said in its 21 September half-year report that record cocoa prices forced unprecedented industry-wide price increases which, with geopolitical uncertainty and weak consumer sentiment, weighed on demand and contributed to a decline in global chocolate market volume; most of its growth in the period was price-driven with volumes under pressure. It expects the FY 2026 total material costs ratio to be in line with 2025 on some easing in cocoa prices in the second half. Mondelez International said on 28 July that cocoa prices, while below prior-year peaks, are expected to stay elevated versus historical levels in the near and medium term.
"The cocoa futures market has been highly volatile, with a sharp decline earlier in the year followed by a strong rebound, largely driven by weather-related concerns and ongoing uncertainty around crop developments in key producing regions."
— Lindt & Sprüngli (LISN.SW), Half-Year Report, 2026-09-21
# Hog prices and pork supply
2 of 31 companies
WH Group reported on 28 August that average hog prices in China fell 27.5%, weighing on revenue despite sufficient market supply, and that North American average hog prices fell 1.5% on higher hog production and softening domestic demand; in Europe, sharply lower hog and pork prices together with rising wages and energy costs severely hit profitability. Its 17 September disclosures noted a 1.7% rise in Chinese hog production lifted pork volumes and supported sales growth. Tyson Foods said on 3 September that greater hog availability expanded industry pork supplies and compressed processing spreads, and on 3 August cited a USDA projection of roughly 2% growth in domestic pork production in fiscal 2026 as supportive of segment operating income.
"Increased hog availability has expanded industry pork supplies, contributing to softer hog and wholesale prices, which compressed processing spreads and weighed on segment profitability."
— Tyson Foods (TSN), 8-K, 2026-09-03
# Coffee prices
2 of 31 companies
Nestlé reported on 15 July that gross margin declined to 46.4%, attributing the fall to higher coffee and cocoa prices alongside the infant formula recall and negative customs effects, with tariffs also compressing gross profit despite cost savings and net pricing actions. Tata Consumer Products said on 28 July that its non-branded coffee business declined 7%, a 10% fall in constant currency, on falling coffee prices.
"The anticipated lower coffee and cocoa costs in the second half of 2026 are expected to benefit the UTOP margin, offsetting some higher transportation and energy costs from the Middle East conflict."
— Nestlé (NESN.SW), Half-Year Report, 2026-07-15
# Emerging — not yet in the taxonomy
- China Mengniu Dairy (Announcements and Notices - Interim Results, 2026-08-26): The staging of the 2026 Winter Olympics and the FIFA World Cup provided unprecedented marketing opportunities, enhancing brand momentum and retail-level sales activation.
- Saputo (Quarterly Report, 2026-09-18): Our partnerships with local organisations and community initiatives resulted in over $6 million in community investments.
Demeter Public Companies Briefing · 2026-10-09 · grounded in companies' own filing disclosures.
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