Upstream Ag
Upstream Ag Insights Podcast
Upstream Ag Professional - May 26th 2024
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Upstream Ag Professional - May 26th 2024

Essential news and analysis for agribusiness leaders.

Welcome to the 43rd Edition of Upstream Ag Professional!

  1. UPL Capital Markets Day Highlights

    1. Q1 2024 Agribusiness Earnings Themes, Highlights and Analysis

  2. Truterra’s Three Year Total: $21 Million to Farmers: How Truterra, Agoro and Indigo Compare

  3. Consolidation in Corporate Agriculture — Who Benefits?

  4. First Greeneye Technology Dealership Opens in Nebraska

  5. Armed with $100m in funding, Dave Friedberg unveils ‘boosted breeding’ tech at Ohalo in ‘holy shit’ moment for crop breeders

  6. AgTech News …So What? May 2024 with Shane Thomas

  7. Cooperative Ventures leads Traction Ag’s $10 million Series A to advance farm accounting technology

  8. Plant Genetics as a Tool for Manipulating Crop Microbiomes: Opportunities and Challenges

  9. Look back in (even more) Anger – a ‘Ruckblick’ four years on

  10. Upstream Ag Professional LLM Search Functionality


1. UPL Capital Markets Day Highlights and Analysis - Upstream Ag Professional

Highlights and commentary on UPL’s Capital Markets Day presentation, overviewing their 2023/24 Fiscal Year.

Notable takeaways include:

  • UPL Group revenue of $5.2 Billion USD, down 20% from previous year with EBITDA down 51%. UPL expects destocking challenges to alleviate in the second half of 2024.

  • Revenue declines were largest in North America at 60% and LatAm at 24%.

  • UPL noted how rebates in North America were hurting the business:

    In North America, we continue to face pricing challenges in herbicides such as glufosinate, clethodim, and S-metolachlor, and rebate-related support impacted our revenue in this region by approximately 10%, with a direct impact, of course, on our margins

  • UPL is emphasizing their differentiated solutions and have a target of 24% of their total sales coming from products launched in the last 5 years by 2027.

  • UPL CEO Mike Frank also emphasized a focus first on margins, a notable shift for a once generic input provider:

First, focusing on margins over volumes is one of our key priorities.

  • UPL is working to recalibrate their structure and cost basis leading to some office closures, regional realignment and a net headcount reduction of 11%.

For more on the UPL 2023/24 fiscal year, check out the link above.

1 a. Q1 2024 Agribusiness Earnings Themes, Highlights and Analysis - Upstream Ag Professional

Last week, I dove into over 40 analyst call transcripts and reviewed 30 quarterly earnings reports from leading agriculture companies.

I worked to distil crucial themes, emerging trends, and key insights across crop protection, seeds, fertilizers, retail, equipment manufacturers (irrigation, tractors), and agtech providers.

The write-up includes five trends from Q1 2024, six important quotes, images and takeaways from the transcripts plus highlights and key takeaways from more than 20 agribusinesses.

Related: Nufarm 2024 H1 Results Presentation - Nufarm

For the period Nufarm reported underlying EBITDA of $217 million and statutory NPAT of $49 million. We declared an interim dividend of 4cps. Whilst revenue and margin in our Crop Protection business were impacted by challenging industry wide conditions, we delivered a solid result and achieved a number of important strategic milestones in the half


2. Truterra’s Three Year Total: $21 Million to Farmers - AgWeb

Key Takeaways
  • Truterra paid out $11.9 million to 431 farmers in 2023, with an average value to each farmer of more than $27,000.

  • According to press releases and websites, that puts Truterra ahead of companies like Agoro Carbon Alliance and Indigo Ag.


Truterra has announced over three years, since it introduced its carbon program, the company has paid more than $21 million to farmers for the sequestration and reduction of over 1.1 million metric tons of carbon

This is the third time Truterra has released information about their carbon program. If we look at the previous two releases, it helps us learn more about the 2023 year itself, too.

In 2021, the Truterra stats were released as follows:

  • Truterra's 2021 program sequestered 200,000 tonnes of carbon, resulting in $4 million in payments.

  • Average payment per participating farmer of $20,000 in 2021.

  • Via the average payment per farmer and total payments made, we can calculate that they had approximately 200 farmers participate.

  • The value of carbon to the farmer was $20 per tonne.

In 2022, Truterra’s program expanded to:

  • In total, the 2022 program paid farmers more than $5.1 million for 262,000 tonnes of carbon.

  • Truterra carbon program had 273 farmer participants.

  • Average payment of more than $18,000 per farmer.

  • The value of carbon to the farmer was $20 per tonne.

This shows the Truterra totals after 2 years were $9.1 million paid to farmers and 462,000 tonnes of carbon.

In 2023, Truterra states that they have now paid $21 million to farmers for the sequestration and reduction of over 1.1 million metric tons of carbon.

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Upstream Ag
Upstream Ag Insights Podcast
Essential news and analysis for agribusiness leaders