{"id":38086,"date":"2026-01-14T01:22:00","date_gmt":"2026-01-14T01:22:00","guid":{"rendered":"https:\/\/quantfury.com\/?p=38086"},"modified":"2026-01-14T01:27:42","modified_gmt":"2026-01-14T01:27:42","slug":"adm","status":"publish","type":"post","link":"https:\/\/quantfury.com\/portuge\/insights-do-mercado\/adm\/","title":{"rendered":"Archer Daniels Midland: o impacto da pol\u00edtica de com\u00e9rcio e biocombust\u00edveis"},"content":{"rendered":"\n<p>A Archer Daniels Midland <a href=\"https:\/\/trading.quantfury.com\/chart_full?shortName=ADM\">(NYSE: ADM)<\/a>, uma das quatro maiores processadoras de commodities agr\u00edcolas do mundo, tem uma trajet\u00f3ria consolidada que remonta a 1902. Sua perspectiva de curto prazo parece incerta, dependendo da pol\u00edtica comercial e de biocombust\u00edveis dos EUA.<\/p>\n\n\n\n<p>As outras tr\u00eas principais empresas s\u00e3o Cargill, Bunge <a href=\"https:\/\/trading.quantfury.com\/chart_full?shortName=BG.SA\">(NYSE: BG)<\/a> e Louis Dreyfus.<\/p>\n\n\n\n<p>A Archer possui tr\u00eas divis\u00f5es: servi\u00e7os agr\u00edcolas e oleaginosas, solu\u00e7\u00f5es de carboidratos e nutri\u00e7\u00e3o. A AS&amp;O compra, processa e transporta commodities agr\u00edcolas como soja e milho. A empresa realiza o esmagamento destas para a produ\u00e7\u00e3o de \u00f3leo e farelo.&nbsp;<\/p>\n\n\n\n<p>A \u00e1rea de solu\u00e7\u00f5es de carboidratos fornece ingredientes de origem vegetal como amidos, ado\u00e7antes (incluindo frutose e xarope de milho) e etanol, um biocombust\u00edvel frequentemente misturado com gasolina. A unidade de nutri\u00e7\u00e3o oferece ingredientes para nutri\u00e7\u00e3o humana e animal, incluindo prote\u00ednas de origem vegetal, sabores e ra\u00e7\u00e3o para pets.<\/p>\n\n\n\n<p>A AS&amp;O representou 48% do lucro operacional da empresa nos primeiros nove meses de 2025, as solu\u00e7\u00f5es de carboidratos representaram 38% e a nutri\u00e7\u00e3o 14%.<\/p>\n\n\n\n<p>Em rela\u00e7\u00e3o \u00e0 AS&amp;O, a Archer Daniels geralmente se beneficia quando os pre\u00e7os das commodities est\u00e3o subindo ou s\u00e3o vol\u00e1teis. Quando os pre\u00e7os est\u00e3o subindo, muitas vezes conseguem vender produtos processados por mais do que pagaram pelas mat\u00e9rias-primas. Esse spread de pre\u00e7o \u00e9 conhecido como margem de esmagamento. Pre\u00e7os vol\u00e1teis nos mercados de commodities tamb\u00e9m podem elevar a margem de esmagamento.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-margens-de-esmagamento-recentes\">Margens de esmagamento recentes<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Infelizmente para a Archer Daniels, os pre\u00e7os dos gr\u00e3os brutos ca\u00edram nos \u00faltimos tr\u00eas anos e meio, ajudando a reduzir drasticamente suas margens de esmagamento. Outro fator que faz com que as margens de esmagamento caiam \u00e9 o excesso de oferta dos produtos da Archer, causado por uma grande expans\u00e3o da capacidade global de esmagamento.<\/p>\n\n\n\n<p>Al\u00e9m disso, a incerteza sobre as pol\u00edticas e cr\u00e9ditos fiscais dos EUA sobre biocombust\u00edveis sufocou a demanda por milho e \u00f3leo de soja, elementos-chave na produ\u00e7\u00e3o de biocombust\u00edveis. Isso fez com que os pre\u00e7os dos produtos da Archer ca\u00edssem. Al\u00e9m disso, a disc\u00f3rdia comercial entre China e EUA levou a na\u00e7\u00e3o asi\u00e1tica a cortar suas compras de soja e farinha de soja dos EUA.&nbsp;<\/p>\n\n\n\n<p>O governo dos EUA espera definir seus mandatos de mistura de biocombust\u00edveis para 2026 e 2027 no primeiro trimestre. Uma lei exige que bilh\u00f5es de gal\u00f5es de etanol e outros biocombust\u00edveis sejam misturados a matriz de combust\u00edvel dos EUA a cada ano. Produtores de biocombust\u00edveis como a Archer querem que volumes maiores de biocombust\u00edveis sejam necess\u00e1rios. Mas as refinarias de petr\u00f3leo buscam n\u00fameros menores.<\/p>\n\n\n\n<p>Olhando para a China e a soja, em novembro o pa\u00eds concordou em comprar pelo menos 25 milh\u00f5es de toneladas m\u00e9tricas anualmente, at\u00e9 2028. Mas, no passado, a China n\u00e3o cumpriu seus compromissos de compra de soja com os EUA. Portanto, h\u00e1 bastante incerteza sobre o que vai acontecer desta vez.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-a-avaliacao-da-archer-daniels-midland\">A avalia\u00e7\u00e3o da Archer Daniels Midland<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>A Archer reconhece os problemas com biocombust\u00edveis e a China. &#8220;Continuaremos &#8230;&nbsp; nos adaptando \u00e0 evolu\u00e7\u00e3o da pol\u00edtica comercial e nos mantendo flex\u00edveis para compensar o impacto&#8221;, disse o CEO Juan Luciano na confer\u00eancia de resultados da empresa em 4 de novembro.&nbsp;<\/p>\n\n\n\n<p>&#8220;Dado o adiamento da pol\u00edtica de biocombust\u00edveis dos EUA e de outros movimentos globais, \u00e9 dif\u00edcil prever o momento em que veremos um aumento estrutural na demanda por biocombust\u00edveis.&#8221;<\/p>\n\n\n\n<p>Como resultado dessas inc\u00f3gnitas, a empresa reduziu sua estimativa ajustada de lucro para todo o ano de 2025 em cerca de 16%. A receita aumentou 2,2% no terceiro trimestre em rela\u00e7\u00e3o ao ano anterior, enquanto o lucro operacional caiu 19%.<\/p>\n\n\n\n<p>A a\u00e7\u00e3o ficou paralisada nos \u00faltimos cinco anos, produzindo um retorno anual total de 6,2%, muito abaixo do retorno de 14,4% do S&amp;P 500. Recuperou 28,4% no \u00faltimo ano.<\/p>\n\n\n\n<p>Mas o analista do Morningstar, Seth Goldstein, n\u00e3o v\u00ea vantagens competitivas sustent\u00e1veis para Archer. &#8220;As commodities que a ADM movimenta ao redor do mundo est\u00e3o facilmente dispon\u00edveis junto aos concorrentes&#8221;, escreveu ele.<\/p>\n\n\n\n<p>&#8220;E a empresa tem pouco poder de precifica\u00e7\u00e3o sobre os produtos que compra e vende, resultando em margens pequenas.&#8221; Al\u00e9m disso, altos custos de capital s\u00e3o um fardo. Portanto, n\u00e3o conte com uma retomada triunfal da Archer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Archer Daniels Midland (NYSE: ADM), uma das quatro maiores processadoras de commodities agr\u00edcolas do mundo, tem uma trajet\u00f3ria consolidada que remonta a 1902. Sua perspectiva de curto prazo parece incerta, dependendo da pol\u00edtica comercial e de biocombust\u00edveis dos EUA. As outras tr\u00eas principais empresas s\u00e3o Cargill, Bunge (NYSE: BG) e Louis Dreyfus. A Archer [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-38086","post","type-post","status-publish","format-standard","hentry","category-insights-do-mercado"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Archer Daniels Midland: o impacto da pol\u00edtica de com\u00e9rcio e biocombust\u00edveis | Quantfury<\/title>\n<meta name=\"description\" content=\"A Archer Daniels Midland (NYSE: ADM), uma das quatro maiores processadoras de commodities agr\u00edcolas do mundo, tem uma trajet\u00f3ria consolidada que remonta a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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