Window: disclosures dated 2026-07-23 → 2026-10-23 · 4 of 6 audience companies filed.
# Headline
Four of six covered trading and merchandising companies filed between 23 July and 23 October 2026. Archer Daniels Midland and Bunge Global both reported stronger oilseed processing results in their late-July and early-August results, with Archer Daniels Midland citing the finalised 2026 and 2027 US Renewable Volume Obligations and Bunge Global citing biofuel mandates and elevated energy prices. Olam Group, reporting in September, disclosed an 18.3% revenue decline driven by falling cocoa and coffee input prices.
# Forces
# Soybean processing margins in the Americas
2 of 4 companies
Bunge Global, in results dated 29 July, attributed higher Soybean Processing and Refining results to stronger North American processing performance and improvements in Argentina processing and refining, with segment net sales lifted by contributions from the Viterra acquisition and better farmer selling in South America. Archer Daniels Midland, on 4 August, reported a significant increase in Crushing subsegment operating profit alongside stable soybean meal prices, and tied a significant rise in Ag Services subsegment operating profit to increased soybean exports from South America on higher farmer selling.
"Higher net sales in the Soybean Processing and Refining segment were driven by contributions from the Acquisition of Viterra and better farmer selling in South America."
— Bunge Global (BG), 10-Q, 2026-07-29
# Falling cocoa and coffee input prices at Olam Group
1 of 4 companies
Olam Group disclosed on 18 September that revenue fell 18.3% to S$12.5 billion, attributing the decline mainly to the marked drop in input prices at ofi — specifically cocoa and coffee — together with lower volumes at OGH; ofi EBIT was only marginally lower at S$509.7 million despite the fall in input prices and capital deployed and a weakening US dollar against the Singapore dollar. The company also said lower cocoa and coffee prices reduced price-led inventory and receivables intensity, supporting cash generation. Separately, on 30 September it reported that a slowdown in export sales from OPG contributed to lower EBIT at OGH, and that declining raw milk prices negatively impacted Rusmolco's EBIT, contrasting with the upward trajectory seen in 2025. Olam Group additionally flagged that rapid inflation and interest rate hikes have increased operational costs.
"Revenue declined 18.3% to S$12.5 billion mainly due to the marked drop in input prices in ofi, namely cocoa and coffee, coupled with lower volumes in OGH."
— Olam Group (O32.SI), Half-Year Report, 2026-09-18
# US Renewable Volume Obligations and lower North American corn prices
1 of 4 companies
Archer Daniels Midland said on 4 August that the finalised 2026 and 2027 renewable volume obligations under the US Renewable Fuel Standard, together with elevated energy prices, contributed to a constructive margin environment, and that the EPA's final RVO announcement increased certain renewable fuel blending requirements. Margin expansion across the Agriculture Services and Oilseeds segment was attributed primarily to elevated global energy prices and the RVOs, with North America benefiting from strong domestic demand from crush producers; processed oilseeds volumes rose on improved North and South America crush utilisation, and higher heating oil values improved US biodiesel margins and soybean oil demand. In Carbohydrate Solutions, operating profit increased on robust North American ethanol margins driven by policy incentives and lower US corn prices, which the company said let US ethanol values compete globally. The Nutrition segment improved on higher Flavours sales and margins, foreign exchange gains and the continued recovery of the Decatur East plant, and the company noted the US Supreme Court decision invalidating the administration's IEEPA tariffs changed its tariff-related risks.
"Lower North America corn prices and sustained strength in international energy prices allowed ethanol values from the US to be competitive around the world."
— Archer Daniels Midland (ADM), 10-Q, 2026-08-04
# Global biofuel mandates and ethanol demand at Bunge Global
1 of 4 companies
Bunge Global reported on 29 July that Softseed Processing and Refining net sales rose primarily on higher average sales prices driven by strong demand from global biofuel mandates and elevated global energy prices resulting from the conflict with Iran. Tropical Oils and Specialty Ingredients net sales increased on higher commodity prices driven by stronger vegetable oil demand and biofuel mandates, while Grain Merchandising and Milling net sales rose primarily on strong ethanol demand and increased farmer selling in North America. Higher results in ocean freight, commercial services, and global cotton and wheat milling were partially offset by lower results in global grain merchandising and sugar. Inventories increased on higher soybean volumes in conjunction with the timing of the South American harvest.
"The increase in net sales in the Softseed Processing and Refining segment was primarily due to higher average sales prices driven by strong demand from global biofuel mandates and elevated global energy prices as a result of the conflict with Iran."
— Bunge Global (BG), 10-Q, 2026-07-29
Demeter Public Companies Briefing · 2026-10-23 · grounded in companies' own filing disclosures.
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