Upstream Ag Insights

Upstream Ag Professional Big Three Stories of the Week ◼︎◼︎◼︎ An overview of what agribusiness leaders will find in this weekend's edition of Upstream Ag Professional: 1. The Mosaic Company Investor Day 2025 Highlight and Analysis A dive into the numbers, strategy and key takeaways from Mosaic's Investor Day, including a look at their Performance product success, future expansion and how it ties into their Bioscience business, including a look at Mosaic bio margins, revenue per acre and future initiatives. 2. Control Points: Industry Influence to Digital Integration and Disparate Digital Initiatives from Bayer, Corteva Agriscience, Syngenta, and BASF A look at the Tidemark concept of a "industry ledger" and its applicability to the agribusiness value chain, plus a breakdown of how the digital strategy from the big four crop protection and seed companies has evolved. 3. The strategic role of Corporate VC in Agriculture from Rhishi P. and Mark S. Brooks A look at the dynamics of corporate VC, structural dynamics including variance from the likes of Corteva Agriscience and John Deere, whether it's necessary or reinforces the status quo, and where the next ag incumbent could come from. Plus, a look at agtech wind downs announced by Benson Hill and FarmWise, including a look at singular system intervention machines and the economics of them, and more! Subscribe at upstream.ag for all of this and more. Bonus: This week has more unique images and frameworks than in any edition of Upstream Ag Insights ever before, plus the Audio Collection section of the new platform has been released for ease of finding and consuming Upstream content. FieldView xarvio® Digital Farming Solutions Blue River Technology John Deere Valmont Industries, Inc. Bear Flag Robotics FMC Corporation CNH BioPhero ApS TELUS Agriculture & Consumer Goods

FY 2024 Crop Protection & Seed Company Results: An Upstream Ag Insights Deep Dive into Themes, Highlights and Analysis ◼︎◼︎◼︎ I recently looked at all of the major publicly traded crop protection and seed companies, looking for themes and interesting anecdotes. Here is a summary of some of the FY 2024 results and executive commentary: 1. Crop protection companies felt the squeeze. Across the likes of FMC Corporation, Corteva Agriscience, Nufarm, and BASF, CP revenues all declined ~5% year over year. Destocking pressures persist in some regions and for some companies, leading to a divergence in outlooks for 2025, specifically early—Corteva and UPL are optimistic, while FMC and Bayer anticipate a tighter first half. 2. Supply Chains Are Being Reimagined The past two years of destocking pain are forcing companies to rethink inventory management, routes to market, and customer relationships. Corteva publicly confirmed its biologicals go-to-market strategy in North America. FMC is investing in more direct-to-farmer sales reps in Brazil to better position its pheromones and fungicides. With new software available in the market, it seems like there is going to be an ever growing squeeze on distribution entities, specifically in North America. The ability to now have end-to-end accountability and data-driven supply chain management with visibility means software can improve demand forecasting and inventory visibility—potentially reshaping distributor roles and profit pools. 3. Bayer’s Glyphosate Dilemma Bayer is now running glyphosate as a separately managed business—a logical step given challenges: lawsuits, and the long-term commoditization of the molecule. It raises an intriguing question: At what point does Bayer "burn it all down" entirely? What's the strategic rationale for a move that would change crop production in North America? 4. M&A on the Table Corteva's Chuck Magro indicated they’re well-positioned for acquisitions, particularly looking at biologicals and gene editing. With one of the stronger balance sheets in the industry, they’re positioned well at a time when capital for start-ups to stay independent remains scarce. Given their Catalyst investments (SOLASTA Bio, Micropep Technologies, Pairwise , etc.), expect acquisitions that complement core R&D. 5. Biologicals: Long Time Horizons Growth in biologicals didn’t meet expectations in FY2024 with many companies not hitting the high teen growth % that has generally been forecast, but the sentiment remains bullish. FMC’s Plant Health business grew 33% in Q4, while UPL saw biostimulants drive revenue in Europe and Brazil. Companies are getting more strategic, too— Corteva’s GTM with selective retailer access being one example. Subscribe to Upstream Ag Insights for even more details and specifics every single week. #agtech #agribusiness #astrategy #innovation Upstream Ag Ventures

Upstream Ag Professional - Week of March 16th 2025 ◼︎◼︎◼︎ This week's essential news and analysis for agribusiness leaders includes: 1. World AgriTech Innovation Summit Takeaways 2. Upstream Ag Insights FY 2024 Fertilizer Company Highlights and Analysis Nutrien Yara International The Mosaic Company CF Industries ICL Group 3. Co-op Leads The Way With Using Selective Spraying: Systems Thinking, The Red Queen and Commoditized Complements as Inputs Dynamics Shift 4. AgPlenus CEO on following pharma’s footsteps when developing new crop protection products Evogene 5. AGCO Corporation at J.P. Morgan Industrials Conference and Morgan Stanley Technology Conference - A look at the challenges with the PTx Trimbler Acquisition which continually has more challenged comments come out. 6. M&As in 2024 Biological Industry: Empowering Industry Upgrading and Reshaping 7. Hidden in Plain Sight: Why Assumptions Matter More Than Predictions J. Matthew Pryor Tenacious Ventures 8. The Five Principles of Good Capital Allocation + more! Check out the full edition here: https://lnkd.in/gZKUGghy #agtech #agriculture #agribusiness #innovation #strategy Upstream Ag Ventures

Upstream Ag Professional Big Three Stories of the Week ◼︎◼︎◼︎ An overview of what agribusiness leaders will find in this weekend's edition of Upstream Ag Professional: 1. World AgriTech Innovation Summit Takeaways The overall sentiment at this year's World AgriTech Innovation Summit was notably subdued. Based on dozens of conversations throughout the week, I highlight some of the things I noted during the event. 2. Upstream Ag Insights FY 2024 Fertilizer Company Highlights and Analysis A look at Nutrien, Yara International, ICL Group, The Mosaic Company and CF Industries FY 2024, including notable executive quotes, an overview by nutrient type and a look at the premium product segment traction and initiatives (specialty fertilizer, biologicals etc). 3. Co-op Leads The Way With Using Selective Spraying - What Got You Here Won't Get You There and the Need for Systems Thinking, Applying The Red Queen Effect, and Commoditized Complements. Agribusinesses must apply systems-thinking to derive the most out of precision spraying system technologies while continuously evolving their business models, services, and supply structures. Companies that rethink their approach to monetization, data utilization, and service delivery—rather than applying outdated models to new technology—have the best chance to gain a competitive advantage in an industry that is evolving. Plus, a look at what's going wrong with AGCO Corporation's PTx Trimble acquisition, a thoughtful article from J. Matthew Pryor and a look at AgPlenus. Get all of this and more to your inbox this Sunday by subscribing at upstream.ag #agtech #agribusiness #agriculture #innovation #strategy Upstream Ag Ventures

Bayer Crop Science FY 2024 Results Highlights and Analysis ◼︎◼︎◼︎ There is a lot happening at Bayer. Here are some highlights from form their FY 2024: - Bayer Crop Science reported a 2% decline in FY revenue, bringing total sales to €22.3 billion in 2024. EBITDA before special items decreased 14.2% to €4.3 billion, with the EBITDA margin falling to 19.4%. - Bayer aims to increase EBITDA margins back to the mid-20% range by 2029, but near-term profitability remains pressured by generic competition, regulatory hurdles, and price declines. - Glyphosate Business as a Drag on Margins: The glyphosate business experienced a 13% drop in pricing, though volume increased by 7%. - Pricing pressures are expected to continue in Q1 2025, forecasting revenues will decline mid-single digits in the quarter. - Bayer took a €3.78 billion impairment in 2024, with €3.27 billion in goodwill write-downs due to weaker market conditions and regulatory challenges including in cotton seed, soybean seed and glyphosate business segments. One of the more interesting aspects is its Glyphosate business - it is being put into its own business unit....but is that enough to manage the challenges with that molecule? Check out the Upstream Ag Insights breakdown on Bayer's FY 2024. #agribusiness #agriculture #strategy Upstream Ag Ventures

Upstream Ag Professional - Week of March 9th 2025 ◼︎◼︎◼︎ This week's essential news and analysis for agribusiness leaders includes: 1. FY 2024 Crop Protection & Seed Company Results: A Deep Dive into Themes, Highlights and Analysis BASF Corteva Agriscience UPL FMC Corporation Nufarm TELUS Agriculture & Consumer Goods Bayer 2. Bayer | Crop Science FY 2024 Results Highlights and Analysis a. Glyphosate it’s Own Business Unit b. Dicamba and Glyphosate: Burn it to the Ground? Plus, Bayer Introduces Vyconic™ Soybeans, 5-way Herbicide Tolerance 3. AgVend Raises from Tidemark 4. Solving for Adoption and Channel in AgTech… So what? with Shane Thomas | Tenacious Ventures Sarah Nolet J. Matthew Pryor 5. AgZen Raises $10M in Series A Funding to Enable Feedback Optimized Agriculture | Vishnu Jayaprakash Plus a new report from Upstream Ag Insights and AgTech Advisory Collective on The Precision Spraying Revolution 6. Signs of recovery in global agrifoodtech as funding levels out at $16bn from AgFunder | Louisa Burwood-Taylor 7. BioLumic Launches World’s First Commercial Light-Activated Seed Traits #agtech #agribusiness #innovation #strategy Upstream Ag Ventures

Upstream Ag Professional Big Three Stories of the Week ◼︎◼︎◼︎ An overview of what agribusiness leaders will find in this weekend's edition of Upstream Ag Professional: 1. FY 2024 Crop Protection & Seed Company Results: A Deep Dive into Themes, Highlights and Analysis including Corteva Agriscience, BASF, FMC Corporation, Nufarm, UPL and Bayer. Themes include go-to-market trends, crop protection profitability, tariffs, biological focus, plus other highlights like Corteva M&A priorities, balance sheet comparisons to acquire companies and more. 2. Bayer | Crop Science FY 2024 Results Highlights and Analysis A challenging year for Bayer which brings up changes within the business and a question: a. Glyphosate as it’s Own Business Unit b. Dicamba and Glyphosate: Burn it to the Ground? Businesses need to be built from a strong foundation. Can Bayer do that with glyphosate? Can they gain an advantage without glyphosate within their portfolio? Additionally, Bayer Introduces Vyconic™ Soybeans, 5-way Herbicide Tolerance 3. Tidemark Invests in AgVend: A look at Tidemark's Vertical SaaS Frameworks, the Investment Logic and Rationale for Raising, Acquisition potential and How AgVend becomes the operating system for agriculture. Plus a new Precision Spraying Market report from Upstream Ag Insights and AgTech Advisory Collective, AgZen Raises $10 million, AgFunder releases VC investment report and more! #agtech #agribusiness #strategy #innovation Upstream Ag Ventures

Precision Spraying and Agribusiness Implications: The First In-Depth Market Report ◼︎◼︎◼︎ Precision spraying is reshaping how farmers think about agronomy and their equipment purchases...plus it has the potential to reshape crop input demand, application strategies, and ag retail economics— but there hasn’t been a deep, structured analysis of what’s happening and what comes next. Until now. Over the past six months, Upstream Ag Insights and the AgTech Advisory Collective have built the first publicly available, comprehensive report on precision spraying technology, market dynamics, and the competitive landscape. The report is focused on building a foundation and breaking down important components of precision spraying for agribusiness professionals, by agribusiness professionals with crop input and ag equipment experience - a necessity for looking at this market. Segments from the The Foundations of Precision Spraying Technology Report include: - A landscape of 30+ providers, including key company insights - Use cases & different Precision Spraying Approaches - The benefits & adoption challenges farmers face - Current adoption trends & future outlook by region - Adjacent solutions - Impact on input manufacturers & the broader crop protection ecosystem There are more than 120 pages of insights to put you and your business in the best position to navigate the complex precision spraying landscape. For ag retailers, crop input manufacturers, equipment companies, and investors, this report delivers real insights into the most impactful and rapidly growing segment of the industry. Check out the 15 page Preview attached. To purchase the FULL 120+ page report from the new Upstream Ag Insights platform, check out the link in the comments below. Companies referenced and broken down in the report include: John Deere CNH AGCO Corporation HORSCH Syngenta BASF ONE SMART SPRAY, a Joint Venture of Bosch and BASF Greeneye Technology Solinftec WEED-IT | powered by Rometron EXXACT Robotics Dimensions Agri Technologies Carbon Bee SaveFarm Pulverização Seletiva Agtecnic DeepAgro Agrifac Machinery B.V. Bayer SwarmFarm Robotics Kilter Sentera Precision AI Guardian Agriculture Sentera Verdant Robotics Ecorobotix AgZen MagrowTec InnerPlant Geco Strategic Weed Management Corteva Agriscience Nutrien Ag Solutions Syngenta #agtech #agribusiness #agriculture #innovation Upstream Ag Ventures

Upstream Ag Professional - Week of March 2nd 2025 ◼︎◼︎◼︎ This week's essential news and analysis for agribusiness leaders includes: 1. 2025 Bank of America Agricultural and Industrial Conference Highlights and Analysis a. Corteva Agriscience and their go-to-market in biologicals in North America, M&A focus, Brevant seed targets and more. b. Nutrien and their growth in biologicals over the next 5 years, and considering a different premium fertilizer product approach in ag retail. c. FMC Corporation and a look at their diamide manufacturing strategy, and whether a novel route to market is possible for publicly traded crop protection companies, plus more. Plus a comparison of major crop protection manufacturers balance sheet metric to see how they are positioned for acquiring. February 24th Agribusiness Earnings Results Summary a. BASF b. The Mosaic Company including BioSciences target acres and MicroEssentials margins and growth. c. ICL Group 2. Why is now the right time for the ag input and ag retail industries to re-evaluate their go-to-market strategies? Looking at strategy and vertical integration through a Coasian Lens | Kearney 3. John Deere Announces New Technology Upgrades: See & Spray and Harvest Automation" The Agronomic Swiss Army Knife 4. Varda Evolves to Varda - Foundation 5. Syngenta Acquires Novartis Biological Assets and a look at the need behind novel assets and technology providers supporting (image attached) 6. Bushel updates payments platform to help farmers and agribusinesses strengthen financial management 7. Yamaha Motor Co., Ltd. Launches Yamaha Agriculture, Inc. to Deliver Automation and Digital Crop Management Solutions + more This week also marked the launch of the new Upstream Ag Insights platform. There are still a few kinks being worked out including formatting and email deliverability. Both are being worked on. Thanks to all subscribers for their patience. Please reach out if you have any issues but everyone can expect an email in the coming hours with some next steps. #agtech #agribusiness #agriculture #innovation #strategy Upstream Ag Ventures

Upstream Ag Professional Big Three Stories of the Week ◼︎◼︎◼︎ An overview of what agribusiness leaders will find in this weekend's edition of Upstream Ag Professional: 1. Bank of America 2025 Agricultural and Industrial Conference Highlights and Analysis including: a. An overview of Corteva Agriscience's CEO Chuck Magro comments at the event on M&A prioirities, a look at their balance sheet compared to other crop protection competitors like BASF, Bayer, FMC Corporation, and Nufarm, route to market commentary on biologicals and licensing initiatives, Brevant Seed market share ambitions and more. b. A look at Nutrien Ag Solutions biostimulant aspirations and growth in next 5 years, their new N-fixing product (image attached), and my view of de-commoditizing dry granular fertilizer at the retail level. c. FMC Corporation comments on their sprayable pheromone product, diamide manufacturing costs and an analysis of whether publicly traded crop protection companies have "permission" to adapt their route to market. This conference had executives sharing more details than most. It's worth checking out this weekend. Plus, February 24th Agribusiness Earnings Results Summary from BASF, The Mosaic Company and ICL Group. 2. Why is now the right time for the ag input and ag retail industries to re-evaluate their go-to-market strategies? by Kearney Can we look at this through the lens of Robert Coase, renowned economist, to see what the likely outcomes, technologies used and implications are? 3. Varda Evolves to Varda - Foundation: Are they more likely to succeed now or less? Plus more, including Yamaha Motor Co., Ltd. entry into agriculture, Syngenta acquisition of Novartis biological assets and a look at new announcements from John Deere and how they further entrench Deere as the ultimate agronomic weapon for farmers. Also happening this week, Upstream Ag Insights launched a new website with new features and benefits for Professional members and all subscribers. Become a member and check out the new look at https://upstream.ag/ #agtech #agribusiness #agriculture #innovation #strategy Upstream Ag Ventures