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Ben Theurner

Research Analyst at Barclays

No verifiable information could be found for an analyst named Ben Theurner at Barclays. Extensive search did not yield a LinkedIn profile, professional biography, explicit career history, or coverage data for an individual with this name in the Barclays analyst ranks or broader financial research universe. As such, there are no available details on job title, companies covered, performance metrics, career timeline, credentials, or achievements for Ben Theurner at Barclays.

Ben Theurner's questions to Archer-Daniels-Midland (ADM) leadership

Question · Q3 2025

Ben Theurner asked about the sequential decline in crush segment performance for the third quarter compared to the first and second quarters, seeking clarification on how much was pre-booked and the sequential outlook for crush into the fourth quarter, especially given biofuel policy uncertainty. He also requested a quick follow-up on insurance numbers.

Answer

Juan Luciano, Chairman and CEO of ADM, explained that soybean crush rallied post-RVO announcements but then declined due to factors like decreased U.S. acres, China trade deal chatter, biofuel policy uncertainty (SREs, government shutdown delays), and Argentina's tax holiday. He noted that Q4 crush is expected to remain in the current range, with about 80% of the quarter already booked, and expressed optimism for 2026 with RVO finalization and a potential China trade deal. Monish Patolawala, EVP and CFO, clarified that Q4 2025 insurance proceeds are expected to be approximately $35 million (half from captive, half from third parties), significantly down from $135 million in Q4 2024 (mostly third-party funded).

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