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New words:
acquired, aggressively, ample, arriving, assimilated, bank, biodiesel, challenge, concrete, cooking, dramatically, elevated, exceed, FDIC, Federal, federally, flooded, forced, mild, negatively, oilseed, overproduction, ownership, portion, pressure, professional, progressing, rest, robust, sharply, soy, stay, steadily, steel, turn, vehicle, weigh, winter
Removed:
commit, facilitate, hedge, higher, North, Operation, recovery, volume, world
Financial report summary
?Management Discussion
- Revenue – Revenue decreased by $23.7 million, or 13.8%, for the three-month period ended March 31, 2024, compared to the same period in 2023 due to a decrease in the average sales price of soybean products. The average price of soybean oil decreased 14.1% during the three months ended March 31, 2024, compared to the same period in 2023, due to a decrease in demand. Soybean oil demand from the energy sector dropped dramatically during the first quarter as refining margins for biodiesel and renewable diesel producers came under pressure from overproduction, thus causing slowdowns at some locations. In addition, imports of used cooking oil and other feedstocks flooded the market with lower-priced alternatives than soybean oil. Average soybean meal prices declined by 14.1% from 2023, being adversely affected by the return of Argentine processors to the global export market after a severe drought in 2023 shifted the export market to the U.S. from which we benefited.