Bullish Fundamental – Meat Margins

Need another bullish factor for US Ag commodity prices?

Our customers are profitable. Have a look at this graphic.

Bars = Adjusted EBITDA for Pilgrim’s Pride’s US business (source: Pilgrim’s quarterly reports)
Blue Line = Average fresh whole chicken prices in US Cities (source: Federal Reserve Bank of St. Louis)
Green Line = CBOT corn and soybean meal futures expressed as a 2:1 ratio in $/lb

Seems like the poultry business is back on solid footing.

Getting bullish yet??