Maybe it the analyst decided to put a joke in the write up just to see if readers have a reading comprehension problem.
1. What is the rooster to pullet / hen ratio in a breeding pen?
2. How many breeders overfeed their roosters (except in backyard flocks)?
3. What is the difference between a "feedstock population" and a "genetic pool"?
4. What in heavens name does the preceding sentences in the paragraph have to do with the "food chain lower"?
You are right.... LOL or better yet ROTF LOL
The problem with book value is it is based on past valuation of the underlying commodities.
If commodity prices drop 10 percent after most recent reporting of book value, reduce book value by that amount in cases like FCX where debt exceeds cash (and vice versa).