Financial Performance - Revenue decreased by $10.5 million, a 6 percent decrease compared to the prior year[10] - Operating income decreased by $1.3 million, a 6 percent decrease compared to the prior year[10] - Diluted earnings per share decreased by $0.03 per share, a 2 percent decrease compared to the prior year[10] - Irrigation revenue decreased by $13.7 million[10] - Infrastructure revenue increased by $3.2 million[10] Irrigation Segment - Irrigation North America revenue decreased 4 percent to $74.3 million[15] - Irrigation international revenue decreased 15 percent to $59.1 million, but included a favorable foreign currency translation effect of $1.5 million[17] Infrastructure Segment - Infrastructure revenue increased 17 percent to $22.4 million[25] - Infrastructure operating income increased 9 percent to $4.5 million[25] Market Factors & Highlights - USDA estimated 2025 U S net farm income to be $179.8 billion, a 41 percent increase from 2024 U S net farm income of $127.8 billion[12] - The company completed share repurchases of $30 million during the quarter[7] - The company secured an $80 million irrigation and technology project in the MENA region subsequent to quarter-end[7]

过去一年，我国粮食产量再创新高，人均粮食占有量达到1000斤，实现了谷物基本自给、口粮绝对安 全。但也要清醒地看到，粮食安全的基础仍不稳固，潜在风险不少。从短期看，粮食价格下行压力仍 在，可能影响农民种粮积极性；从中长期看，粮食供需紧平衡态势没有改变，结构性短缺、区域供给不 平衡、资源环境约束趋紧、科技瓶颈有待突破、消费结构升级以及气候变化等深层次问题，短期内无法 解决。因此，加大逆周期和跨周期调节力度，具有重要的现实意义和战略意义。 逆周期调节精准发力，促进粮价保持在合理水平。过去一年，面对粮食价格下行压力，有关部门坚持有 效市场和有为政府相结合，统筹推进市场化收购与政策性收储，全年各类企业累计收购粮食达到8300亿 斤，其中通过最低收购价收购小麦、稻谷约450亿斤，牢牢守住了农民"种粮卖得出"的底线。今年，应 进一步突出市场化收购作用，充分发挥政策性收储的托底支撑作用，认真落实最低收购价收购，合理把 握政府储备收储轮换时机、节奏与力度，强化中央和地方两级储备协同运作，统筹用好进出口调剂等政 策工具，多措并举促进粮食市场平稳运行。 加大粮食跨周期调节力度，夯实粮食安全根基。加力实施新一轮千亿斤粮食产能提升行 ...

Core Insights - Millennial Potash Corp is strategically positioned to address the global potash supply challenges, particularly for countries heavily reliant on imports like the U.S., which imports approximately 97% of its potash needs [1][5][6] Company Overview - The Gabon-based project offers logistical and economic advantages due to its Atlantic coast location, enabling potential supply to the U.S., Brazil, and African markets with a low-cost structure [2][7] - The company utilizes solution mining, which minimizes environmental impact compared to traditional methods, setting it apart from other large-scale projects facing budget overruns [3][11] Market Context - The global fertilizer market is characterized by high dependency on a few suppliers, with Canada, Russia, and Belarus accounting for about 70-75% of global potash supply [6][7] - The U.S. produces less than 5% of its potash needs, highlighting the critical need for diversified supply sources [7][8] Competitive Landscape - Many development-stage fertilizer projects may not succeed due to high capital expenditures, with even established companies like BHP facing challenges [8] - Millennial Potash's Gabon project benefits from its coastal location, which reduces costs and enhances feasibility, positioning it favorably in the market [9] Regulatory and Environmental Considerations - The company has initiated an Environmental and Social Impact Assessment (ESIA) as part of its development process, adhering to gold-standard environmental guidelines [10][11] - The ESIA aims to study hydrology, soil, and water quality to minimize environmental impact, with completion expected in the coming months [11]

Summary of China Agriculture: Fertilizers Conference Call Industry Overview - **Industry**: Fertilizer sector in China - **Importance**: Fertilizers are essential for enhancing agricultural productivity and ensuring food security in China, which produces nearly one-third of global fertilizers while utilizing only 9% of global cropland [2][9] Key Insights 1. **Phosphate Fertilizer Outlook**: - Anticipated improvement in phosphate fertilizer pricing due to higher utilization driven by increased compound fertilizer consumption [2][17] - Expected domestic phosphate rock pricing to rise from Rmb1,000/t to Rmb1,051/t in 2026E and Rmb1,150/t by 2030E, reflecting a structural deficit in supply [9][26] 2. **Urea Market Dynamics**: - Deterioration in urea balance expected due to new supply additions, with potential easing of exports providing upside risk [2][17] - Forecasted decline in domestic urea pricing by 5% in 2026E [17] 3. **Potash Market Conditions**: - Rising surplus in the domestic potash market anticipated as Laos expansion by Chinese producers ramps up [2][17] - Potash benchmark pricing revised down by 3% for 2026E due to surplus outlook [17] 4. **Product Upgrades and Efficiency**: - Increased penetration of slow-release and water-soluble fertilizers expected to drive better growth than the industry average, enhancing absorption efficiency [3][9] - Projected growth in slow-release/water-soluble fertilizer market share from nearly 10% in 2024A to 40% by 2030E [13] Company Coverage Initiation 1. **Yuntianhua (YTH)**: - Rating: Buy - Target Price: Rmb45.0/sh, implying 43% upside - Key Strength: Integrated producer with self-sufficient phosphate rock resources [4][20] 2. **Xinlianxin (XLX)**: - Rating: Neutral - Target Price: HK$8.5/sh, implying 7% downside - Key Strength: Low-cost urea producer with differentiated slow-release fertilizer offerings [4][20] 3. **New Yonfer**: - Rating: Neutral - Target Price: Rmb16.0/sh, implying 2% upside - Key Strength: Leading high-end compound fertilizer producer with potential for upstream resource integration [4][20] 4. **Qinhai Salt Lake (QHL)**: - Rating: Sell - Target Price: Rmb16.0/sh, implying 37% downside - Key Concern: Surplus outlook in the domestic potash market [4][20] Additional Insights - **Global Trade Position**: China has historically contributed significantly to global fertilizer trade, with 29% of global urea exports and 30% of MAP/DAP exports at its peak [17] - **Environmental Considerations**: The report highlights the importance of improving absorption efficiency in fertilizers to address challenges posed by structural tightness in natural resources [9][25] Conclusion - The fertilizer sector in China is poised for changes driven by supply-demand dynamics, product upgrades, and strategic company positioning. The outlook for phosphate fertilizers appears positive, while urea and potash markets face challenges. The initiation of coverage on key players reflects a strategic approach to capitalize on these trends.

9 December 2025 | 11:24PM HKT Equity Research First Tractor (0038.HK) China's food security - Powering China's agriculture modernization; initiate at Buy | 0038.HK | 12m Price Target: HK$14.00 | Price: HK$7.20 | Upside: 94.4% | | --- | --- | --- | --- | | 601038.SS | 12m Price Target: Rmb21.00 | Price: Rmb12.69 | Upside: 65.5% | We initiate on First Tractor, China's largest manufacturer of agricultural tractors (by 2024 sales revenue), at Buy with our 12-m TPs of HK$14.0/Rmb21.0 for H/A-share implying 91%/6 ...

Core Insights - Brazil Potash Corp. has made significant progress in 2025, securing over 90% of its planned production commitments and enhancing its leadership team as it prepares for the full construction of the Autazes Potash Project [2][5][6] Commercial Milestones - The company signed contracts to sell approximately 91% of its production through binding take-or-pay agreements with a duration of 10 to 17 years [6] - Brazil Potash launched Brazilian Depositary Receipts (BDRs) on the B3 Exchange, allowing domestic investors to participate in the project [6] Leadership & Governance Enhancement - Mayo Schmidt was appointed as Executive Chairman, and Sergio Leite was named President of Potássio do Brasil, both bringing extensive experience in large-scale project delivery and funding [6] - The Board was strengthened with the addition of Christian Joerg, who has over 30 years of experience in global agricultural commodities [6] Construction & Operations Progress - Site preparation activities have advanced, including vegetation management and archaeological monitoring [6] - The company signed a Memorandum of Understanding (MOU) with Fictor Energia for approximately $200 million in power line construction funding, which will reduce project capital expenditures [6] Financial & Strategic Initiatives - Brazil Potash raised $28 million through a private placement with institutional investors and established a $75 million equity line of credit with Alumni Capital [6] - The company is engaging with multiple development finance institutions and commercial banks for construction debt discussions [6] Community & Sustainability - Brazil Potash has strengthened relationships with local communities, including the Mura indigenous people, and initiated discussions for Impact Benefit Agreements [4][6] - The company has signed 13 MOUs for training programs aimed at preparing the local workforce for employment opportunities during construction and operations [10] 2026 Strategic Priorities - The company aims to complete advanced engineering, secure construction financing, and finalize the Indigenous Impact Benefit Agreement as part of its strategic objectives for 2026 [7][10] - Brazil Potash emphasizes the project's importance for Brazil's agricultural independence and food security amid global challenges [7]

Welcome back. November is National Native American Heritage Month, so we want to end this hour with a new book that celebrates indigenous culture through its food. It's a cookbook titled Turtle Island.It's a collaboration between three-time James Beard award-winning chef Shawn Sherman and award-winning writer and editor Kate Nelson. But it's not your average cookbook. It's an exploration of the food, tradition, and history of the indigenous people of North America.It's a legacy that's been passed on for gen ...

Valmont Industries FY Conference Summary Company Overview - **Company**: Valmont Industries (NYSE: VMI) - **Market Cap**: Approximately $8 billion - **Segments**: 75% Infrastructure, 25% Agriculture - **Employee Count**: 11,000 employees across more than 100 countries - **Sales Distribution**: 70% in North America, 30% globally [5][4][3] Key Points and Arguments Growth Strategy and Financial Performance - **Earnings Growth**: Earnings per share (EPS) more than doubled since 2020, with a return on invested capital increasing to 16.4% [3][4] - **Future Projections**: Plans to drive growth of $500 million to $700 million, targeting incremental EPS of $7 to $12, aiming for a total EPS of $25 to $30 [4][19] - **Operating Income**: Despite plateauing net sales, operating income has doubled, indicating strong cost management and productivity [21][20] Infrastructure Market Drivers - **Aging Infrastructure**: Significant need for replacement of aging infrastructure, particularly utility poles and lighting systems, many dating back to the 1950s and 1960s [6][7] - **Energy Transition**: Increased power consumption driven by electrification, AI, and data centers, necessitating infrastructure upgrades [8][9] - **Utility Demand**: Strong demand in the utility sector, with plans to expand capacity to meet this demand [18][26] Agriculture Market Insights - **Cyclical Nature**: Agriculture is currently in a trough, but long-term drivers such as food security and population growth remain strong [12][13] - **Irrigation Solutions**: Valmont's irrigation solutions can significantly increase crop yields, with examples showing up to 280% yield increase for corn [15][16] - **International Growth**: Focus on expanding international sales, particularly in Brazil and regions like the Middle East and Africa, where food security is a priority [17][36] Capital Allocation and Shareholder Returns - **Balanced Approach**: Emphasis on disciplined capital allocation, including a $700 million share buyback program and consistent dividend increases [24][25] - **Investment in Growth**: Approximately $150 million per year in capital expenditures, with $100 million directed towards growth opportunities [23][24] - **M&A Strategy**: Selective and strategic acquisitions aimed at enhancing core competencies, particularly in agriculture and infrastructure [24][37] Operational Efficiency and Market Position - **Competitive Advantage**: Valmont's engineering and manufacturing expertise provide unmatched value in the infrastructure market [4][19] - **Capacity Constraints**: The industry is facing capacity constraints, which Valmont aims to address through investments in its facilities and workforce [20][33] - **Long-term Outlook**: Positive outlook for future growth driven by strong market demand and operational efficiencies [27][31] Additional Important Insights - **Technological Integration**: Use of technology in agriculture to optimize irrigation and improve efficiency [16] - **Market Adaptation**: Adjustments made in response to market conditions, including exiting certain solar markets to focus on Europe [20] - **Customer Relationships**: Strong customer relationships and a broad product portfolio support Valmont's market position [10][11] This summary encapsulates the key insights from the Valmont Industries FY Conference, highlighting the company's strategic focus on growth, infrastructure modernization, and agricultural innovation while maintaining a disciplined approach to capital allocation and shareholder returns.

I want to bring in Hazel Willow. Hazel lives in Maine and relies on SNAP food benefits. Hi, Hazel.It's so kind of you to come on the program and and I know this isn't easy to talk about, but I just wonder before we get to the news today, can you help people understand you're a mom, what these last days and weeks have been like for you. >> Hi, Chris. Thanks so much for having me.Um yeah, it's difficult to be vulnerable about this stuff because in society, you know, we're not supposed to talk about um the har ...

Food security is so important and vital for everyone. For the president to say that these are Democrats that it affects. Uh all our data shows that more people that are Republicans in red states in red rural counties are more SNAP recipients than anywhere else.But it doesn't matter. Everyone needs to eat. And if we have all paid federal tax dollars out of our paychecks, out of our corporate taxes, all of these go to the federal government.They've already been funded. He just has to press the button to make ...