SLC Agricola 1Q26 Notes from the Call

研报英文原文证据摘录

SLC Agricola 1Q26 Notes from the Call

J P M O R G A N Latin America Equity Research

15 May 2026

SLC Agricola Neutral

SLCE3.SA, SLCE3 BZ

1Q26 Notes from the Call Price (14 May 26):R$17.34

LatAm Food & Beverages and

Please see below our notes of SLC 1Q26 earnings conference call. Agribusiness

Lucas Ferreira AC

• Soybeans. Management described a more supportive soybean price backdrop (55-11) 4950-3629

in early 2026, linking the recovery in Chicago indicators to higher energy lucas.x.ferreira@jpmorgan.com

prices and a tighter correlation between soybean oil and crude oil as renewable Banco J.P. Morgan S.A.

fuels/decarbonization themes expand. On fundamentals, they framed the Larissa Perez

global balance as still “tight”: for 2025/26 USDA points to only a small surplus (55-11) 4950-6400

(about +1m tons), and for 2026/27 a modest surplus (about +8m tons) even larissa.perez@jpmchase.com

Banco J.P. Morgan S.A.

with record global output (cited around 441.5m tons), led by Brazil

Froylan Mendez

(about 186m tons). With China import demand expected to rise (cited ~114m (52-55) 5540-9482

tons) and global ending stocks trending slightly down (cited ~124.8m tons), froylan.mendez@jpmchase.com

the company’s message was that the market remains relatively balanced and J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

should continue to support prices; operationally, they noted the soybean crop Morgan Grupo Financiero

is fully harvested and highlighted a record yield.

• Corn. For corn, the call emphasized a near-term “comfortable” supply picture

in 2025/26 but a potentially tighter setup into 2026/27. They said prices

stabilized in February and improved modestly in March, supported by strong

export demand and early Brazil weather concerns, though upside was limited