Window: disclosures dated 2026-05-07 → 2026-08-07 · 4 of 6 audience companies filed.
# Headline
Four of six covered trading and merchandising companies filed between 7 May and 7 August 2026. Archer Daniels Midland and Bunge Global both reported stronger crush and refining results, citing finalised U.S. renewable volume obligations for 2026 and 2027, elevated global energy prices and heavier South American farmer selling. GrainCorp reported the opposite picture in Australian grain, with East Coast receivals and agri-energy margins down, while Olam Group flagged trade-policy volatility alongside growth in green coffee.
# Forces
# Soybean crush and refining margins
2 of 4 companies
Bunge Global, in its 29 July results, attributed higher Soybean Processing and Refining results to stronger processing in North America and improvements in Argentina processing and refining, with segment net sales lifted by the Viterra acquisition and better farmer selling in South America. Archer Daniels Midland, reporting on 4 August, tied a significant increase in operating profit in its Crushing subsegment to a constructive biofuels environment and stable soybean meal prices, and pointed to increased South American soybean exports on higher farmer selling behind the rise in Ag Services subsegment operating profit.
"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
# Australian grain oversupply and East Coast receivals
1 of 4 companies
GrainCorp, in its 23 May half-year disclosures, reported total grain handled in East Coast Australia fell to 26.5 million metric tons in the first half of 2026 on a lower carry-in position and reduced grower selling. It said cyclical global grain oversupply and low market pricing cut grower incentives to deliver grain, compressing margins across the supply chain and increasing competition for the volumes that did come to market, and it booked a $7.6 million earnings impact under its Crop Production Contract on lower crop production. Offsetting items included a record Western Australian winter crop of 26.9 million tonnes in 2025-26, 17% above 2024-25 and 49% above the 10-year average, and a 5% half-on-half rise in animal nutrition sales volumes on New Zealand dairy demand. Edible oils volumes and margins were lower on softer bulk oil demand, agri-energy volumes and margins fell below the prior first half on U.S. biofuel policy uncertainty, and the company said fertiliser supply was sufficient for planting though grower input pricing remained elevated.
"Strong global grain production and low market pricing reduced grower incentives to deliver grain to market, negatively impacting margins."
— GrainCorp (GNC.AX), Half-Year Report, 2026-05-23
# U.S. renewable volume obligations, corn and energy prices
1 of 4 companies
Archer Daniels Midland said on 4 August that the U.S. Environmental Protection Agency's final Renewable Volume Obligations for 2026 and 2027 raised certain blending requirements and, with elevated energy prices, produced a constructive margin environment across Agriculture Services and Oilseeds. It credited robust North American ethanol margins to policy incentives and lower U.S. corn prices for the increase in Carbohydrate Solutions operating profit, and said lower North American corn prices plus sustained international energy strength kept U.S. ethanol competitive globally. Higher heating oil values improved U.S. biodiesel margins and soybean oil demand, processed oilseed volumes rose on better North and South American crush utilisation, and Nutrition improved on higher Flavors sales and margins, foreign exchange gains and the continued recovery of the Decatur East plant. The company also noted the U.S. Supreme Court's invalidation of tariffs imposed under IEEPA as affecting 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
# Biofuel mandates, vegetable oil prices and ocean freight
1 of 4 companies
Bunge Global reported on 29 July that higher average selling prices lifted Softseed Processing and Refining net sales, driven by demand from global biofuel mandates and elevated global energy prices arising from the conflict with Iran. Tropical Oils and Specialty Ingredients net sales rose on higher commodity prices tied to stronger vegetable oil demand and biofuel mandates, while Grain Merchandising and Milling net sales increased on strong ethanol demand and heavier farmer selling in North America. Higher results in ocean freight, commercial services and global cotton and wheat milling were partly offset by lower results in global grain merchandising and sugar. Inventories rose on increased soybean volumes tied to the timing of the South American harvest and higher prices on most commodities.
"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
# U.S. tariff rulings and trade-policy volatility
1 of 4 companies
Olam Group, in disclosures dated 22 May, said it expects the 2026 global economic outlook to be affected by a continued volatile trading environment stemming from less predictable trade policies between trading partners and the recent U.S. Supreme Court ruling on U.S. tariffs. Within ofi, it reported strong growth in green coffee, partially tempered by a lower cocoa contribution on reduced volumes and by margin compression in cashew.
"The Group expects the global economic outlook for 2026 to be affected by the continued volatile trading environment resulting from less predictable trade policies imposed between trading partners along with the recent US supreme court ruling regarding the US tariffs."
— Olam Group (O32.SI), Investor Presentation, 2026-05-22
Demeter Public Companies Briefing · 2026-08-07 · grounded in companies' own filing disclosures.
Explore more Demeter research at demeterdata.ag/research and the live Demeter index family — including the Demeter Ag Aggregate (DAA) equity indices — at demeterdata.ag/indices. To receive Demeter Ag Aggregate bulletins by email, subscribe here.
