Window: disclosures dated 2026-05-14 → 2026-08-14 · 29 of 46 audience companies filed.
# Headline
Across 29 of 46 covered Food & Processing companies filing between 14 May and 14 August 2026, sugar-price weakness dominated: Associated British Foods reported a Sugar operating loss on low European selling prices, Südzucker a segment revenue decline, and Jalles Machado a 12.8% fall in realised sugar prices, while São Martinho and Jalles Machado both shifted production mix toward ethanol, where prices ran above plan. Barry Callebaut reported cocoa beans down 30% since the start of its fiscal year and milk product prices 16% lower, and Saputo reported higher cheese and dairy ingredient selling prices against lower US butter and block markets. Ridley flagged the effective closure of the Strait of Hormuz for fertiliser supply timing and Mondelez International higher shipping costs from Middle East military activity.
# Forces
# Sugar prices
5 of 29 companies
Associated British Foods, in disclosures dated 25 May, attributed its Sugar adjusted operating loss primarily to prolonged low average selling prices in Europe, and Südzucker on 21 May tied a significant sugar segment revenue decline to lower sales volumes and prices despite lower production costs, with earnings also hit by strong beet yields, changing consumer behaviour and food policy. Jalles Machado's average price of sugar sold fell 12.8% year on year, against a hedge book of 336,000 tons fixed at an average R$2,475 per ton covering 75% of available 2026/27 volume, and gross revenue from the external market rose 27.0% to R$251.8 million, led by organic sugar. São Martinho's second-quarter 2026 net revenue fell 11.3% from a year earlier on lower sugar prices and volumes sold, while first-half 2026 revenue was 10% higher year on year; it has 300,000 tons hedged at roughly R$2,150 per ton and, in its late-June commentary, said part of that book sits below the current market. Barry Callebaut, buying sugar as an input, recorded a sharply lower world market price than the prior-year period.
"The world market price for sugar was on average 22% lower than in the same period last year, driven by improved fundamentals in key producing regions."
— Barry Callebaut (BARN.SW), Press Release, 2026-05-25
# Rainfall shortfall in Brazilian cane regions
4 of 29 companies
Jalles Machado reported an 8.4% productivity decline on below-average rainfall in March and increased cloud cover during the inter-harvest period, with total sugarcane processed down 10.0% year on year as cane development in Minas Gerais and Goiás suffered from low February and March rain; adjusted EBITDA still reached R$677.5 million in the first half of 2026, up 20% on the same period of 2025, and the company said conditions in Santa Vitória were favourable against delays at Jales. São Martinho reported productivity down 3.8% and average ATR down 2.2% on its May call, and productivity down 2.7% with ATR down 1.6% in late June, citing lower rainfall during the cane growth period and climatic impacts at the Boa Vista unit. Ridley, on 30 June, said recent rainfall across much of southern Australia had increased farmer confidence while soil moisture remained mixed across large parts of New South Wales and Queensland, and pointed to a probable El Niño event indicated by the Australian Bureau of Meteorology for later in the year. IOI, in its 25 May quarterly disclosure, flagged the potential onset of La Niña as a risk to harvesting activity and plantation segment output.
"The company experienced an 8.4% decline in productivity due to below-average rainfall in March and increased cloud cover during the inter-harvest period, which hindered photosynthesis in the sugarcane fields."
— Jalles Machado (JALL3.SA), Quarterly Results, 2026-05-21
# Ethanol prices
3 of 29 companies
Jalles Machado reported anhydrous ethanol sales of R$179.7 million in the first half of 2026, up 47.2% on higher average prices captured, and R$270.9 million across the nine months to date, and said average sugar prices were running 5% below its expected average while ethanol prices were 11% above. It prioritised anhydrous and hydrated ethanol over sugar on better remuneration, citing low market stocks and Otto Cycle demand. São Martinho, in late June, said it expects better ethanol margins after previous negative margins and a substantial second-half sales volume supported by prices and demand; earlier, on 21 May, it noted a marketing strategy that pushed ethanol volume into the fourth quarter of the harvest for better biofuel prices, lowering volume sold in the reported quarter. Südzucker on 21 May pointed to growth at CropEnergies from higher ethanol blends and the EU's examination of higher blending as an alternative fuel.
"The average price of ethanol is expected to peak at R$ 3.58 to R$ 3.60 in São Paulo due to tightening supply as the harvest concludes."
— Jalles Machado (JALL3.SA), Quarterly Results, 2026-05-21
# Sugar output volumes
3 of 29 companies
São Martinho cut its expected 2025/26 Total Recoverable Sugar output on reduced rainfall between January and May 2025. Jalles Machado's sugar production fell 10.1% on weak February and March rainfall in Minas Gerais and Goiás, with third-quarter sugar production down 32.5% year on year on lower productivity; it also recorded a daily production record of 20,206 sacks at Santa Vitória after investment lifted capacity there from 15,000 to 20,000 sacks per day, and reported the sugar share of its mix up 11.0 percentage points year on year on the unit's full-harvest operation. Jalles Machado further noted Indian sugar production rising from 26 million to 32.1 million tons, feeding a global surplus. Associated British Foods, on 25 May, said rain-related impacts reduced sugar production in Tanzania, contributing to lower profitability in Africa.
"The expected production of Total Recoverable Sugar (ATR) for the 2025/26 harvest is estimated to be 3,027.5 thousand tons, reflecting a 4.2% decrease from the initial guidance due to adverse climatic conditions, particularly reduced rainfall from January to May 2025."
— São Martinho (SMTO3.SA), Investor Filing, 2026-06-28
# Middle East shipping and freight
3 of 29 companies
Ridley, on 30 June, said the effective closure of the Strait of Hormuz has created uncertainty in the timing of future fertiliser supply from Arab Gulf producers, with the conflict affecting vessel movements and import logistics. Mondelez International, in its late-July disclosures, reported that escalating military activity in the Middle East has increased shipping costs and transit times, while stating these developments had not yet had a material impact on its business. Tate & Lyle, in materials dated 30 June, said increased geopolitical tension and trade tariffs complicated its supply chain and affected its ability to meet customer demand.
"The effective closure of the Strait of Hormuz has created uncertainty in the timing of future fertiliser supply from Arab Gulf producers."
— Ridley (RIC.AX), Investor Filing, 2026-06-30
# North American sales volumes
3 of 29 companies
Hershey Company, reporting on 30 July, said higher net sales were partially offset by a volume decrease of approximately 8%, driven by declines in North America Confectionery and International. Lamb Weston, in disclosures dated 30 July, attributed a 2% increase in net sales to volume and share growth in North America, against lower EMEA volume and lower price/mix. First Resources reported that first-quarter 2026 sales rose on higher volumes, stronger production output, increased third-party purchases of fresh fruit bunches and palm oil products, and a net inventory drawdown of 59,000 tonnes.
"The increase in net sales was partially offset by a volume decrease of approximately 8%, primarily driven by volume declines in North America Confectionery and International segments."
— Hershey Company (HSY), 10-Q, 2026-07-30
# Cocoa bean prices
2 of 29 companies
Barry Callebaut, on 25 May, reported average cocoa bean prices 16% below the prior year on improved harvest prospects, said the futures curve had moved to a flat-to-slight carry that encourages customers to book now, and expects a second consecutive year of cocoa surplus as stocks replenish; it nonetheless guides to a mid-single-digit percentage decline in Global Chocolate sales volume for the fiscal year. It described last year's bean price spike as having driven B2B customers to destock and reformulate, with a demand rebound expected as prices ease. Mondelez International, in its late-July disclosures, said cocoa prices, while below prior-year peak levels, are expected to remain elevated versus historical levels in the near and medium term.
"Cocoa bean prices have decreased significantly, falling 30% since the start of the fiscal year, which is expected to stabilize the market and encourage customer forward bookings."
— Barry Callebaut (BARN.SW), Earnings Call Transcript, 2026-05-25
# Milk and dairy commodity prices
2 of 29 companies
Saputo, reporting on 25 May, said higher selling prices in domestic and international cheese and dairy ingredient markets drove revenue growth despite lower US dairy commodity pricing, where lower average butter and block market prices weighed on revenues and unfavourable US conditions versus the prior-year quarter hurt results. It expects the new milk pricing formula effective 1 June 2025, approved for all US federal milk marketing orders, to continue benefiting its USA Sector, and said the 1 July 2025 milk price increase did not significantly affect results relative to the prior-year milk cost decrease; the relation between international cheese and dairy ingredient prices and raw milk cost was a positive in export markets. Barry Callebaut, buying dairy as an input, reported milk product prices averaging 16% below the prior year following exceptional growth in milk production after recovery from severe herd disease outbreaks.
"Milk product prices decreased by an average of 16% compared to the previous year, mainly due to exceptional growth in milk production following recovery from severe disease outbreaks."
— Barry Callebaut (BARN.SW), Press Release, 2026-05-25
Demeter Public Companies Briefing · 2026-08-14 · grounded in companies' own filing disclosures.
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