Global soybean meal demand remains strong, as livestock farmers outside China look to expand production given the shortage of hogs in China, where supply has been decimated because of the African Swine Flu (ASF) epidemic. In addition, contributions from recent investments in its nutrition segment (including Neovia), stabilizing margins in the underperforming carbohydrates solution segment (where corn milling and ethanol processing margins have been pressured by higher industrywide inventory levels), and ongoing cost reduction also support a modest earnings rebound. Lastly, cash flows should benefit from lower share repurchases that are expected only to offset option dilution, while capex fall closer to maintenance levels after the company's recent elevated investment activity. One of that project's aims is to centralize core
