Quarterly Report for Quarter Ending August 30, 2025 (Form 10-Q)

ITEM 2. MANAGEMENT'S

DISCUSSION

AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS

The following should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results

of Operations included in Part II Item 7 of the Company's Annual Report on Form 10-K for its fiscal year ended May 31, 2025

(the "2025 Annual Report"), and the accompanying financial statements and notes included in Part II Item 8 of the 2025 Annual

Report and in

Part I Item 1

of this Quarterly Report on Form 10-Q ("Quarterly Report").

This Quarterly Report contains numerous forward-looking statements within the meaning of Section 27A of the Securities Act

of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") relating to our

business, including potential future supply of and demand for our products, potential future corn and soybean price trends,

potential future impact on our business of the resurgence in United States ("U.S.") commercial table egg layer flocks of highly

pathogenic avian influenza ("HPAI"), estimated future production data, expected construction schedules, 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 or policies, potential outcomes of legal proceedings, including loss contingency accruals and factors that

may result in changes in the amounts recorded, other projected operating data, including anticipated results of operations and

financial condition, and potential future cash returns to stockholders including the timing and amount of any repurchases under

our share repurchase program. Such forward-looking statements are identified by the use of words such as "believes,"

"intends," "expects," "hopes," "may," "should," "plans," "projected," "contemplates," "anticipates," or similar words. Actual

outcomes or results could differ materially from those projected in the forward-looking statements. The forward-looking

statements are based on management's current intent, belief, expectations, estimates, and projections regarding the Company

and its industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions, and

other factors that are difficult to predict and may be beyond our control. The factors that could cause actual results to differ

materially from those projected in the forward-looking statements include, among others, (i) the risk factors set forth in Part I