Agriculture at its best. March, 2026 Agenda 1. Market Overview/ 25/26 Crop Year 2. M&As 3. Net Debt 4. Financial Performance 5. Land and NAV 6. Strategy and Capital allocation 7. Innovation & Technology 8. ESG Market overview 2025/26 Crop Year Market overview Precipitation forecast Source: CPC NOAA | Note: Bias correction based on last 30-day forecast error Market Overview Soybean Price World supply & demand (million tons) (USD/Buschel) 2020 2021 2022 2023 2024 2025 2026 11.59 -18.6 360.0 341.4 2019/20 (CBO ...

Core Viewpoint - The Shandong Provincial Department of Agriculture and Rural Affairs has released the first batch of the "Shandong Province Crop Germplasm Resource Sharing Directory" to enhance the sharing and utilization of superior germplasm resources, focusing on drought-resistant and salt-alkali tolerant crops [1] Group 1: Germplasm Resources - The first batch includes 5 crops and 24 superior germplasm resources, specifically 5 wild soybean resources with a drought resistance level of 1, 3 wild mung bean resources, 5 rice resources with a salt resistance level of 2, 5 millet farm varieties, and 1 variety of "Dahong Mangxiang Rice," which was selected as one of the top ten superior germplasm resources in the country in 2022 [1] - Each resource is detailed with its germplasm name, unified number, crop type, germplasm type, main characteristics, preservation unit, contact person, and contact information to ensure clarity and facilitate sharing [1] Group 2: Impact on Agriculture - The release of this directory is expected to improve the efficiency of sharing and utilizing crop germplasm resources in Shandong Province, strengthen the breeding of water-saving, drought-resistant, and salt-alkali tolerant varieties, and revitalize ancient local characteristic germplasm resources [1]

Group 1: Livestock Farming - The intelligent livestock farming base in Linhe District, Bayannur City, showcases healthy and well-fed sheep, benefiting from advanced feeding systems that reduce labor costs and ensure scientific feeding practices [1] - The price of meat sheep has risen to 29 yuan per kilogram, with an additional government subsidy of 60 yuan per sheep sold, highlighting the significant benefits of large-scale farming [1] - The farmer, with 23 years of experience, has established a complete industrial chain of breeding, raising, and selling sheep, with a stable annual production of 700 lambs from 500 breeding ewes [1] Group 2: Agricultural Policies and Practices - The government has increased support for agriculture, providing various subsidies that have encouraged new farmers to adopt innovative practices and expand their operations [2] - A local farmer has successfully cultivated a diverse range of crops on 5,000 acres, including glutinous corn, feed corn, and sunflowers, which enhances land utilization and mitigates market risks [2] - The focus is shifting towards high-quality and high-value crop production, with plans to expand the planting area of staple crops and develop vegetable production for Hong Kong [2]

Core Viewpoint - The U.S. Department of Agriculture indicates that the income challenges faced by American crop growers are expected to persist until 2026, with net profits projected to decline to $153.4 billion, a decrease of 0.7% from the previous year [1] Group 1 - The anticipated net profit for crop growers in 2026 is $153.4 billion [1] - This represents a 0.7% decline compared to the previous year's profits [1] - A significant portion of these profits is expected to come from direct government subsidies, projected at $44.3 billion [1] Group 2 - The government subsidy amount is expected to increase by $13.8 billion, marking a 45% rise from the previous year [1]

Core Insights - The research team from Fujian Agriculture and Forestry University, in collaboration with Guangxi University, has developed a multi-scale graph pan-genome framework for sugarcane, addressing the complexities of its polyploid genome and paving the way for precise molecular breeding [1][2]. Group 1: Research Findings - The new framework integrates nine high-quality sugarcane reference genomes, covering 47 to 57 haplotype paths and hundreds of thousands of allele information, encoded into a "graph structure" super pan-genome [2]. - This graph pan-genome captures approximately 82% of sugarcane genetic diversity, compared to only about 34% covered by the best single linear reference genome, allowing for the recovery of previously overlooked genetic information [2]. - The research team conducted a systematic population genomics analysis on 417 different ploidy sugarcane germplasm, reconstructing the evolutionary relationships, genetic structures, and introgression patterns among major species [2]. Group 2: Implications for Breeding - The graph pan-genome analysis can directly benefit research and breeding efforts, including the development of high-quality molecular markers, improved accuracy in genomic selection, and rapid identification of rare alleles for traits like resistance or high sugar content from wild relatives [3]. - As more regional varieties and wild germplasm resources are incorporated, this super pan-genome resource will continue to grow, facilitating a shift in crop breeding from experience-driven to truly gene-driven and precision design [3].

Core Viewpoint - The article discusses the systematic transformation and technological upgrades in the sweet potato industry in Guangdong, focusing on addressing challenges such as virus diseases, seed degeneration, and chemical fertilizer dependency while meeting market demands for quality, safety, and sustainability [3][4][5]. Group 1: Challenges and Needs - The sweet potato from Lufeng is recognized as a "nationally famous special agricultural product," but faces challenges like virus disease accumulation and reliance on chemical fertilizers [3][4]. - There is a pressing need for the industry to upgrade systematically to meet higher consumer expectations for quality and safety [5]. Group 2: Technological Innovations - A demonstration event for scientific fertilization techniques was held on January 30, 2025, in Lufeng, showcasing a shift from "passive control" to "active health management" in sweet potato cultivation [6][7][9]. - The introduction of "virus-free seedlings" is highlighted as a critical first line of defense against pests and diseases, significantly improving yield and quality [12][19][24]. Group 3: Green Precise Control System - A comprehensive green control strategy, termed "one selection, two soaking, three precision," emphasizes a shift from reactive pest control to proactive prevention [28][29]. - This strategy includes selecting suitable planting sites, pre-treating seedlings, and dynamic management based on pest monitoring to minimize pesticide use [30][31][32]. Group 4: Low-Carbon Cultivation Techniques - The low-carbon cultivation technology focuses on reducing chemical fertilizer use by 30% without compromising yield, using organic fertilizers and microbial agents to improve soil health [49][50][51]. - The ultimate goal is to stabilize yield, quality, and profitability while addressing internal industry needs and external market demands for safe and high-quality agricultural products [54][55]. Group 5: Future Outlook - The adoption of virus-free seedlings, precise green control, and low-carbon cultivation represents a modern agricultural development trend, positioning Lufeng sweet potatoes as not just a local specialty but a model for sustainable agricultural practices [56][57].

Core Insights - Brazil's major crop production is expected to reach a record high in the 2025/26 season, with a total output of 353 million tons, an increase of 987,500 tons from the previous year [1] Group 1: Crop Area and Production - The total planting area for 16 major crops in Brazil is projected to be 83.9 million hectares, an increase of 2.1 million hectares year-on-year [1] - Soybean planting area is estimated at 48.7 million hectares, with a production of 176 million tons, reflecting year-on-year increases of 2.8% in area and 2.7% in production [1] - Corn planting area is expected to be 22.8 million hectares, with a production of 139 million tons, showing a 4% increase in area but a 1.5% decrease in production year-on-year [1] - Rice planting area is projected at 1.6 million hectares, with a production of 11.1 million tons, representing year-on-year declines of 9.9% in area and 6.6% in production [1] - Wheat planting area is expected to decrease by 20%, but production remains stable at 7.9 million tons compared to the previous year [1] - Sorghum planting area is projected at 1.8 million hectares, with a production of 6.7 million tons, reflecting year-on-year increases of 12.5% in area and 9.8% in production [1]

Core Viewpoint - The articles highlight the effective utilization of crop straw in Aral City, promoting sustainable agricultural practices and enhancing farmers' income through various innovative methods of straw recycling and utilization [1][2][3] Group 1: Straw Utilization Techniques - The use of "nutrient packs" made from cottonseed hulls, rice husks, sawdust, and straw in mushroom cultivation is being implemented, with 100 acres of straw consumed for 11 mushroom greenhouses [1] - The "two-ton grain field" model allows for the full return of wheat straw to the soil, reducing chemical fertilizer use by 15 to 25 kg per acre, saving costs of 50 to 60 yuan, and increasing yield by 50 to 60 kg, leading to an overall income increase of approximately 120 yuan per acre [2] Group 2: Livestock Feed and Economic Benefits - The integration of straw into livestock feed is being promoted, creating a full industry chain from planting to processing to breeding, with a focus on enhancing the value of straw and ensuring feed supply [2] - Farmers can earn an additional 150 yuan per acre by processing straw into silage feed, contributing to a "green income" [2] Group 3: Infrastructure and Resource Management - A three-tier network for efficient straw resource conversion is being established, including collection centers and specialized service organizations, with 121 collection points and 69 various straw processing machines already in place [3] - The circular model of "straw-basis-edible fungi-straw return" not only extends the agricultural industry chain but also opens new income channels for farmers [3]

Core Insights - The article highlights a projected decrease in Mongolia's total sown area for 2025, estimated at approximately 599,000 hectares, representing a year-on-year decline of 5.3% [1] Agricultural Production - The top three crops by sown area in Mongolia for 2025 are grains, oilseeds, and forage crops, accounting for 51.9%, 25.8%, and 15.6% of the total area respectively [1] Farmer and Enterprise Distribution - A total of 15,000 farmers and 1,600 enterprises are expected to participate in agricultural production across Mongolia in 2025 [1] - Distribution of farmers shows that 33.3% are located in the central region, 23.1% in the Khentii region, 22.1% in the western region, 14.8% in the eastern region, and 6.6% in Ulaanbaatar city [1] - For enterprises, 48% are situated in the central region, 22.4% in the Khentii region, 16.3% in the western region, 9.8% in the eastern region, and 3.5% in Ulaanbaatar city [1]

Core Viewpoint - Ulanqab has successfully achieved large-scale millet cultivation with an average yield exceeding 800 jin per mu after seven years of trials, significantly improving local agricultural productivity and farmer income [1][2]. Group 1: Agricultural Innovation - The cooperative implemented innovative planting techniques, including soil compression before sowing, changing from row planting to hole planting, and full film coverage, which addressed challenges such as seedling emergence and weeding [2]. - The average yield of millet in Ulanqab has increased from 500 jin to over 850 jin per mu, with the successful variety being 'Zhangza 29' after extensive trials [2]. Group 2: Economic Impact on Farmers - Local farmers have reported significant increases in yield, with some achieving 800-900 jin per mu, leading to doubled incomes compared to previous crops [3]. - The cooperative provides comprehensive support to farmers, including free technical guidance throughout the planting and harvesting process [3]. Group 3: Infrastructure and Market Development - The cooperative established a millet processing plant with an annual capacity of 12,000 tons and multiple grain storage facilities to support local farmers [3]. - The cooperative has created a standardized millet planting demonstration base covering 10,000 mu and has indirectly helped over 500 households increase their income through millet cultivation [4].