The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Salvator Tiano - BofA Securities, Research Division - Analyst
: So firstly, I wanted to ask about -- the processing business performed extremely well, if you can tell us a little bit what is your
expectations. Was this outperformance come more from higher crush margins? Or was it the better trading environment in Brazil
for oilseeds that helps you there?
Question: Salvator Tiano - BofA Securities, Research Division - Analyst
: Perfect. And I also wanted to ask a little bit about the refining specialty oils business. So fuel demand was good. Can you give --
especially in North America, can you let us know a little bit how does your end -- how do your end markets look today versus a few
years ago when we think about the food versus fuel demand?
Question: Salvator Tiano - BofA Securities, Research Division - Analyst
: Perfect. And if I may just ask a little bit also for more clarity on as we think about your oil volumes that do go into renewable diesel
and in general renewable fuels, how would you compare the volumes that are sold as crude oil versus the volume that you sell as
refined? Is there a shift in the past few quarters towards selling more refined oil towards fuel versus crude oil?
Question: Manav Gupta - UBS Investment Bank, Research Division - Analyst
: So guys, my question relates to an announcement you made about a month ago where you are acquiring some businesses in
Argentina with your partner, Chevron. So help us understand the thought process behind this acquisition. And the broader question
is Chevron obviously wants to go much bigger in sustainable aviation fuel. They will need a lot of feedstock. So do you see your
partnership with Chevron extending beyond where it is right now?
Question: Manav Gupta - UBS Investment Bank, Research Division - Analyst
: We agree. It looks like a great partnership. My quick follow-up is we have seen a very strong rebound in the soy crush spread in the
U.S. The other regions are responding but at a slower pace. So help us understand a little bit better why has the U.S. crush spread
rebounded so much faster than other places.
Question: Thomas Hinsdale Palmer - JPMorgan Chase & Co, Research Division - Analyst
: Your tone has been quite positive, I think, today with a few call-outs about what could drive upside to guidance. So I don't think
there are any major concerns maybe in the second half. But at the same time, you just beat by over $1 on the EPS side. Low end of
your guidance was boosted by $0.75. So I thought I'd at least ask, relative to your expectations, are there emerging risks that we
should be monitoring as we look towards the second half of the year?
Question: Thomas Hinsdale Palmer - JPMorgan Chase & Co, Research Division - Analyst
: Okay. And just maybe a follow-up on the flow-through of earnings and these moving pieces. As we think about just the cadence of
the second half of the year, if we think about the lower end of your guidance, is there a favorability? I mean it seems like, if things
go better, right, it would be weighted to that fourth quarter. But if it's just kind of more of that baseline guidance, how balanced
would it be between the 2 quarters?
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