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    Ben Mahy

    Research Analyst at BMO Capital Markets

    Ben Mahy is an Equity Research Analyst at BMO Capital Markets, specializing in the metals and mining sector with a primary focus on Canadian mining companies. He covers companies such as Barrick Gold, First Quantum Minerals, and Franco-Nevada, providing investment recommendations backed by rigorous financial analysis. Since joining BMO Capital Markets in 2020 after prior positions at other Canadian financial institutions, Mahy has built a reputation for detailed sector coverage and strong analytical acumen. He holds FINRA Series 7 and Series 63 licenses and is recognized for his well-regarded research in the mining industry.

    Ben Mahy's questions to Andersons (ANDE) leadership

    Ben Mahy's questions to Andersons (ANDE) leadership • Q3 2024

    Question

    Ben Mahy of BMO Capital Markets inquired about the outlook for the grain merchandising environment in 2025, including potential catalysts and demand bright spots. He sought clarification on the company's interest in acquiring more ethanol plants amid margin volatility and asked about the soy crush market's ability to absorb new capacity.

    Answer

    President and CEO William Krueger characterized the 2025 merchandising outlook as one of 'singles and doubles,' noting that while low volatility is a headwind, the company's diversified portfolio and asset base provide balance. He confirmed a continued interest in acquiring ethanol plants that meet specific size, location, and price criteria, highlighting the value of The Andersons' integrated model. Regarding soy crush, Krueger stated a belief that the U.S. will need to export the excess meal from new capacity, which is the strategic driver behind the Houston port investment.

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