Gladstone Land (NasdaqGM:LAND) Q4 2025 Earnings call February 25, 2026 08:30 AM ET Company ParticipantsBill Reiman - EVP of West Coast OperationsCatherine Gerkis - Director of Investor Relations and ESGCraig Kucera - Managing Director of Equity ResearchDavid Gladstone - Founder, Chairman of the Board, President, and CEOLewis Parrish - CFO, and Assistant TreasurerConference Call ParticipantsJohn Massocca - Director, and Senior Equity Research AnalystOperatorGreetings, welcome to the Gladstone Land Corporatio ...

Group 1 - The corn market is showing slight increases, with nearby contracts rising by a fraction to a penny higher [1] - The CmdtyView national average Cash Corn price has increased by 0.25 cents to $3.91 1/4 [1] - Today marks the final day for harvest price discovery for crop insurance, with December corn averaging $4.22 so far in October [1] Group 2 - Ukraine's corn exports have significantly decreased to 0.8 million metric tons (MMT) in October, down from 1.73 MMT last year [2] - December corn is priced at $4.31 1/4, reflecting an increase of 1 cent, while March 2026 corn is at $4.44, also up by 0.25 cents [2] - May 2026 corn is priced at $4.52, showing a decrease of 0.25 cents [2]

Core Insights - Corn futures experienced a decline of 2 to 3 cents, with December contracts down 3 cents for the week, reflecting a volatile trading session [1] - The national average cash corn price decreased by 2 1/4 cents, settling at $3.76, while the average closing price for the first three days of October was $4.19, which will be used for crop insurance harvest pricing [1][3] - Harvest activities have progressed smoothly, contributing to market pressure, although the upcoming week may see more variable totals [2] Market Data - December corn closed at $4.19, down 2 3/4 cents; nearby cash corn was at $3.76, down 2 1/4 cents; March 2026 corn closed at $4.35 3/4, down 2 1/4 cents; and May 2026 corn closed at $4.45 1/4, down 2 1/2 cents [3] - A Ukrainian farm union, UAC, projects the 2025 corn crop at 29 million metric tons (MMT), indicating a 3 MMT increase from the previous year if realized [3] - Argentina's corn planting is currently estimated at 20%, an increase from 12% the previous week, according to the Buenos Aires Grain Exchange [3]