ITEM2.MANAGEMENT'S
DISCUSSION
ANDANALYSISOFFINANCIALCONDITIONANDRESULTSOF
OPERATIONS
The following shouldbe read inconjunction with Management'sDiscussion and Analysis ofFinancial Conditionand Results
of Operations included in Part II Item 7 of the Company'sAnnual Report on Form 10-K for its fiscal year ended May 31, 2025
(the "2025 Annual Report"), and theaccompanying financial statements andnotes included in Part IIItem 8 of the 2025 Annual
Report and in
Part I Item 1
of this Quarterly Report onForm 10-Q ("QuarterlyReport").
This Quarterly Report contains numerousforward-looking statements within the meaning of Section27A of the SecuritiesAct
of 1933(the "Securities Act")and Section21E oftheSecurities Exchange Actof 1934(the "Exchange Act")relating toour
business,including potentialfuture supplyofanddemandforourproducts,potentialfuture cornandsoybeanpricetrends,
potential future impact on our business ofthe resurgence in United States("U.S.") commercial table egg layer flocks of highly
pathogenic avian influenza ("HPAI"), estimated future production data, expected constructionschedules, projected construction
costs, potential future impact on our business of inflation and changing interest rates, potential future impact on our business of
new legislation, rules orpolicies, potential outcomes of legalproceedings, including loss contingency accruals and factorsthat
may resultin changesin theamounts recorded, otherprojected operating data,including anticipated resultsof operationsand
financial condition, and potential future cash returns to stockholders including the timing and amount of anyrepurchases under
oursharerepurchaseprogram.Suchforward-lookingstatementsareidentifiedbytheuseofwordssuchas"believes,"
"intends," "expects,""hopes," "may,""should," "plans,""projected," "contemplates," "anticipates,"or similarwords. Actual
outcomesorresultscoulddiffermateriallyfromthoseprojectedintheforward-lookingstatements.Theforward-looking
statementsare basedon management'scurrent intent,belief, expectations,estimates, andprojections regardingthe Company
and itsindustry.These statementsare notguarantees of futureperformance and involverisks, uncertainties,assumptions, and
other factorsthatare difficultto predictand maybe beyondour control.The factorsthat couldcause actualresults todiffer
materially fromthose projected inthe forward-looking statements include,among others, (i)the riskfactors set forthin PartI