Feedlot Finishing Diet (Corn + Soybean Meal)

Cargill, Incorporated (Wayzata MN; private; ~$177B revenue FY2023; founded 1865; largest private company in the US by revenue) is the world's third-largest soybean crusher by capacity and the largest private commodity trading firm globally. Cargill operates soybean processing facilities in the US (Eddyville IA, Iowa Falls IA, Memphis TN, Wichita KS, Sidney OH) and Brazil (multiple Mato Grosso do Sul and Parana state locations). Cargill's animal nutrition division (Cargill Premix and Nutrition) directly sells soybean meal-based swine feed supplements and complete swine feed rations to US hog producers — vertically integrating crush to feed formulation. Cargill is both a major soybean meal producer (from its crush operations) and a major swine feed seller (through its nutrition business), making it uniquely positioned across the soybean-to-pork value chain. Cargill is family-controlled (Whitney MacMillan family) and does not report detailed financial segments publicly. US soybean crush: Cargill holds an estimated 15-20% of US crush capacity.

Archer-Daniels-Midland Company (Chicago IL; NYSE: ADM; ~$85B revenue FY2023; founded 1902) is the world's largest soybean crusher by total global capacity, operating soybean processing facilities across the US Midwest (Decatur IL, Quincy IL, Mankato MN, Shelbyville IN, Columbus NE, Velva ND), Brazil (Rondonopolis MT, Joaçaba SC), and Europe (Mainz Germany, Rotterdam Netherlands). ADM's Decatur Illinois complex — the company's global headquarters — is one of the largest single soybean processing campuses in the world, combining wet milling for corn and solvent extraction for soybeans on the same industrial campus. Soybean meal from ADM's US operations is the primary protein supplement in US swine and poultry feed. ADM's oilseeds segment (~$27B revenue) is the largest revenue contributor. ADM also produces soybean oil (sold to food manufacturers and as biodiesel feedstock), soy protein concentrate, and soy flour. In 2023-2024 ADM disclosed accounting irregularities in its Nutrition segment; CEO Juan Luciano resigned January 2024 amid a DOJ and SEC investigation into the Nutrition business unit — though the oilseeds/crush segment (which produces soybean meal) was not implicated. US soybean crush capacity approximately 66 million MT/year total; ADM accounts for an estimated 28-32% of US crush capacity.

Bunge Global SA (Chesterfield MO; NYSE: BG; ~$59B revenue FY2023; founded 1818 in Amsterdam) is the world's second-largest soybean crusher by global capacity. Bunge operates extensive soybean crushing in the US (Cairo IL, Decatur IN, Danville IL, Council Bluffs IA, Emporia KS, Morristown IN, Norfolk NE, Stony Point NY), Brazil (Rondonopolis MT, Passo Fundo RS, Cachoeira RS, Porto Uniao SC, Gaspar SC), and Argentina (San Lorenzo, Santa Fe). Bunge's Argentine operations at San Lorenzo are part of the Rosario crush complex — the largest soybean processing cluster in the world. Bunge's global agribusiness segment is the core of the company and soybean crushing is the central activity. Bunge and Glencore announced a merger agreement in 2023 that is pending regulatory approval; if completed, the merged entity would be the world's largest agricultural commodity trading and processing company. US soybean crush: Bunge holds an estimated 20-24% of US crush capacity. Bunge's South American operations process Brazilian and Argentine soybeans that primarily supply Asian (especially Chinese) soybean meal markets.

POET LLC (Sioux Falls SD; private; Jeff Broin CEO and founder; ~$10B estimated revenue) is the world's largest corn ethanol producer — operating 34 ethanol biorefineries across the US Midwest producing ~2.7 billion gallons of ethanol/year. POET's ethanol production generates ~7 million tons/year of distillers grains (DDGS — dried distillers grains with solubles) as a coproduct. DDGS contain ~27% crude protein and ~8% fat — making them a valuable energy-protein ingredient for feedlot cattle diets, typically replacing 30-40% of corn in finishing rations while providing high bypass protein. POET's DDGS, sold under the ProGold brand, are purchased by feedlots in Iowa, Nebraska, Kansas, and South Dakota. The Renewable Fuel Standard's corn ethanol mandate created a massive DDGS supply stream that has reshaped feedlot nutrition — corn ethanol policy directly determines the availability and price of a major feedlot feed ingredient.