1、Explore M&A Activity,Capital Market Conditions and Current Trends for the Agribusiness Industry2H 2023AGRIBUSINESS REPORT720.221.9220|SDRVENTURES.COMInvestment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.720.221.9220|SDRVENTURES.COMInvestment Banking and Securities O

2、ffered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2023 2H 2023|VOL 9|ISSUE 2AGRIBUSINESS REPORT2Established in 2002,SDR Ventures has developed deep M&A and capital transaction knowledge and expertise.SDR offers transaction advisory,private capital formation and business consulting serv

3、ices across a wide range of industries.We serve business owners and operators of privately held companies and provide them with a professional-class experience.ABOUT SDRTransaction ActivityActive BuyersPublic BasketM&A Market ActivityAbout SDR VenturesAGRIBUSINESS CONTACTSCONTENTSThe information con

4、tained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive.It is not to be construed as an offer or consultation of an offer to sell or buy any securities.Ben LuchowBen LuchowVice PresidentAgribusiness TAGRIBUSINESS 2H23:WHAT TO KNOW C

5、limateClimate changechange andand a a globalglobal commitmentcommitment toto reducingreducing agriculturalagricultural greenhousegreenhouse gasgas emissionsemissions fromfrom precisionprecision applicationsapplications ofof fertilizerfertilizer andand herbicidesherbicides toto cowcow burpsburps took

6、took centercenter stagestage atat thethe UnitedUnited NationsNations COPCOP2828 summitsummit onon thethe environmentenvironment.TechnologyTechnology is is producingproducing realreal results,results,includingincluding thethe incorporationincorporation ofof ArtificialArtificial IntelligenceIntelligen

7、ce (AI)(AI)datadata crunchingcrunching capacitycapacity toto helphelp farmersfarmers andand ranchersranchers produceproduce greatergreater yieldsyields withwith lowerlower inputsinputs.NewNew enhancedenhanced rockrock weatheringweathering (ERW)(ERW)developmentsdevelopments applyapply crushedcrushed

8、rocksrocks andand mineralsminerals acrossacross fieldsfields toto capturecapture carboncarbon inin thethe soilsoil whilewhile producingproducing greatergreater harvestsharvests withwith lessless fertilizerfertilizer.InnovationInnovation inin Agriculture,Agriculture,FromFrom ExperimentalExperimental

9、toto ApplicationApplicationTodays farming is far from simple,and its anything but removed from the same global issues affecting many industries.In 2023,as talk of climate change and mitigation strategies captured headlines,so too were environmental initiatives the talk of Agribiz.From carbon gas cap

10、ture to greenhouse gas reduction to novel ways to reduce fertilizers and develop more sustainable livestock feeds,environmental concerns were a big part of the agricultural scene.1,2,3 Of course,technology will be part of the solution.Were watching closely as Artificial Intelligence(AI)makes its way

11、 from“what will they think of next”introduction to viable commercial uses.Already,were seeing AI applications across farming,both in the field and with indoor,controlled environment farming.AI is helping farmers reduce herbicide use,monitor soil and crop conditions in real time,precisely distribute

12、fertilizer and water to reduce input costs,and even power fully autonomous equipment.For a technology that burst onto the scene a few short years ago,AI development is leaping ahead in agriculture,already with scheduled conferences focusing on AI in the space,both in the U.S.and abroad.4,5,6 It shou

13、ldnt be a surprise that these two themes carbon footprint reduction and AI are coming together as tech developments are powering much of the sectors bid to reduce emissions while achieving profitable efficiencies.7 CarbonCarbon andand ClimateClimateIts not just the Agribiz industry talking about car

14、bon emissions and their effect on climate.World leaders are actively pressing for change.At the United Nations COP28 global climate summit in 2H23,the food and farm sector got a lot of attention,as the sector is both vital to human survival and responsible for up to a third of climate warming emissi

15、ons.For the first time,the summit dedicated an entire day to food and farming.The resulting declaration pledged a cooperative global effort to scale-up financial support both to ensure food supply and security and to developBen PaddorBen PaddorSenior Analyst Agribusiness TEric BosveldEric BosveldSen

16、ior Advisor Agribusiness T720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2023 2H 2023|VOL 9|ISSUE 23cleaner ways to farm,ranch,and fish.The pledge,in part,reads,“We affirm that agriculture and food sys

17、tems musturgently adapt and transform in order to respond to the imperatives of climate change.”The pledge was signed by 159nations,and the U.N.s Food and Agriculture Organization announced goals to promote more agricultural biodiversity,halve food waste,and reduce livestock methane emissions by 25%

18、,all by 2030,just six years away.The United States went as far at the COP28 summit to pledge$3 billion above prior contributions to the Green ClimateFund,which helps developing nations adapt to the climate crisis and cut fossil fuel emissions.8,9,10,11As for that cattle methane emission issue,there

19、are some interesting solutions on the horizon.Its been recognized thatchanging livestock feed can reduce the methane cows burp as they ruminate.One Swedish study is experimenting withseaweed as a lower gas-causing food for cattle.And a new additive,Bovaer,is already available and can be mixed withfe

20、ed to diminish the effectiveness of a cattle enzyme that creates the methane.Several other experiments are ongoing.In Canada,dairy farmers and scientists are experimenting with inseminating cows with the first ever batch bull semengenetically engineered to produce cows that burp less methane.The fir

21、st 100 cows are expected to give birth to theseengineered cattle in 1H24.1,12,13If they cant engineer a way to reduce livestock climate impact,another solution may involve the nutrition farmers andranchers turn to.Tyson,a major U.S.producer of beef,pork,and chicken,is investing in Protix,a company t

22、hat usesanimal processing waste to feed black solder flies which will then be turned into food for pets,chickens,and fish in theaquaculture industry.The development is expected to both reduce livestock input costs and reduce landfill deposits asunused animal parts at slaughter can be fed to the sold

23、er flies.And a Canadian company,Aspire,recently opened whatit says is the worlds largest cricket breeding and processing plant with a goal of producing animal(and potentiallyhuman)food.Meanwhile,there are more alternative proteins in the pipeline including algae,bacteria and fungi,peaprotein,and a v

24、ariety of insects.3,14,15InnovationsInnovations andand AIAI EfficienciesEfficiencies ThatThat ReduceReduce ClimateClimate ImpactImpactOne exciting development in cleaner farming may lie in research into something called enhanced rock weathering(ERW).The process involves applying crushed minerals and

25、 rocks to soils to capture carbon,improve soil fertility and increasecrop yields while at the same time reducing the use of fertilizers including phosphorus,calcium,and potassium.Alreadyin testing,a trial in Brazil saw coffee yields increase by 80%.ERW boosts the soils absorption of carbon dioxide,a

26、ctuallydrawing the gas back into the soil as the rock dissolves,locking it in.A New Jersey company,Eion,is working withseveral universities and actively testing in the Midwest and has raised more than$13 million.There are still some kinks towork out,including the cost,of course,and the need to crush

27、 rocks without creating more greenhouse gasses in theprocess than the product removes.2,16,17But carbon-eating rock dust is just one initiative in the push to help farming and forestry reduce greenhouse gases.Thereare active studies and programs to help Agribiz engage in carbon markets,earning credi

28、ts for reducing gasses andsequestering carbon.18And new technologies are unlocking the power of AI and the programs abilities to crunch massive amounts of data toachieve maximum yields efficiently.AI can help boost harvest volume with data that determines when to plant,what toplant,and when to water

29、 and fertilize.AI initiatives are also focused on helping producers keep more of what they plantby predicting the impact of weather,pests,and diseases.Other AI uses include helping farmers adopt regenerativeagriculture programs such as cover cropping and reduced tillage and precision irrigation,fert

30、ilizer application,and pestcontrol.19These arent“someday,”ideas.Farmers have always made decisions based on what they knew about weather and cropperformance.But AI reviews more data points faster than any farmer could imagine to develop better models.Some 200startups are already testing AI,using cam

31、eras and machine learning to target crop spraying and herbicide application;apps that identify pests and diseases instantly;and tools that monitor soils in real-time.Inventors today are in the field,testing and putting the tools to work.And it isnt just startups.John Deere,a longtime fixture in Agri

32、biz,is already720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2023 2H 2023|VOL 9|ISSUE 2helping farms incorporate AI to be more productive,including the use of data gathered from space and the introduct

33、ionof fully autonomous tractors powered by AI already on the market.Big,established farm equipment makers Deere,AGCO and CNH have developed cost-effective methods to retrofit even old farm equipment to incorporate high tech,precision farming methods on older equipment.AGCO estimates the retrofit and

34、 upgrade business is a$150 billionmarket.In some cases,farmers always locked in a battle with volatile commodities pricing can boost yields byinstalling upgrades themselves.20,21,22,23GrowingGrowing SeasonSeason:MergersMergers&AcquisitionsAcquisitions Canadian advanced farm equipment manufacturer Li

35、namar Corporation in December announced a deal to purchaseagricultural equipment maker Bourgault Industries,a company with interests in broad acre seeding technologies,in adeal valued at USD$475 million.The deal comes just 18 months after Linamar closed on the acquisition of the SalfordGroup to add

36、its crop nutrition,application,and tillage products and six years after Linamar purchased MacDon andits portfolio of companies specializing in the manufacturing of specialized agricultural harvesting equipment includingdrapers and self-propelled windrowers.Linamar reported the acquisitions provide t

37、he company a full lineup ofproducts across the crop production cycle from field preparation to seeding,nutrition,harvest,and post harvest.ALinamar executive said the company continues to strengthen its short-line agricultural platform and bring inrecognized brands as the company focuses on its Weste

38、rn Canada and U.S.Midwestern customer base.24 Agriculture and construction machinery maker CNH Industrial added to its tech capabilities in October,completing a$175 million acquisition of satellite positioning technology company Hemisphere GNSS from Chinas BeijingUnistrong in October.Hemispheres cor

39、e technologies include application-specific chips and circuit boards,frequencysignal processing,navigation,and satellite connectivity.CNH said,in a news release,the addition of Hemispherestechnologies marks an acceleration of the companys strategic plan to become a leader in automation technology,sp

40、eed the development of a fully autonomous farming cycle,and enhance automation across the range of agricultureand construction equipment.25 Georgia based AGCO,one of the largest global agricultural equipment makers along with John Deere,CNH,andKubota,took a big step in its smart farming strategy by

41、acquiring 85%of Trimble Inc.in a$2 billion cash deal to formwhat the companies called a joint venture.AGCO is known for its brands that include Fendt,GSI,Massey Ferguson,and Valtra.An AGCO official said in an interview combining the two operations bolsters AGCOs drive to deliverautonomous solutions

42、for precision spraying,connected farming,and data management across thousands of modelsof farm equipment no matter the age or brand of the equipment.Observers saw the move as a bid to keep pace withcompetitors in a rapidly evolving field.26,27NeverNever EasyEasy:A A NewNew Year,Year,NewNew Challenge

43、sChallengesIts encouraging to see new technologies help farmers combat input cost instability and enjoy more productive harvestswhile reducing climate impact.Theres no question,the business of farming is high tech and evolving at an incrediblepace.But no matter the tech,farming and ranching is hard

44、work,still fraught with perils.And 2024 will probably be noeasier than any other year.For one,theres the weather.The end of 2H23 and the start of the new year brought us the El Nino weather pattern,perhaps even more intense than in the past under the worlds changing climate.Altered rainfall patterns

45、 are predicted towreak havoc across South American agriculture,as well as the potential for global declines in staple crops,warmingconditions and lower rainfall across Canada,and everything from drought and heat to altered rain patterns across theU.S.28,29,30,31,32Commodities pricing versus input co

46、sts have been in flux for a couple of years,made worse by unpredictable harvests,inflation,and in the U.S.a strong dollar against global currencies.Brazil in 2023 ousted the United States as the top cornexporter.And Yemen-based rebel rocket attacks on shipping are hampering the worlds food supply ch

47、ain.Interest ratesfor borrowing remain elevated,with some predicting a“higher for longer”rates as bankers ponder the impact ofinflation and labor shortages.And there remains uncertainty about the U.S.Farm Bill,up for renewal months ago but stillmired in political bickering.There are a lot of variabl

48、es.33,34,35,36,37,384720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2023 2H 2023|VOL 9|ISSUE 2We remain optimistic on the impact of climate adaptation,technology,and the development of ever-better farm

49、ing andranching methods.But as always,theres no such thing as a sure thing down on the farm.5720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2023 2H 2023|VOL 9|ISSUE 265 or more transactions3-4 transact

50、ions1-2 transactions0 transactionsTRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPETRANSACTIONS BY LOCATIONTRANSACTION ACTIVITYSources:S&P Global Market Intelligence;PitchBookNote:This data represents recorded transactions only,and is not all-inclusive.Nevertheless,they are typically representative of the

51、 industry.CANADAIf You Are a Business Owner Looking for Additional Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.Strategic61%Financ

52、ial39%720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2023 2H 2023|VOL 9|ISSUE 2FIRMSELECT SUBSIDIARY BRANDS7ACTIVE BUYERSSources:S&P Global Market Intelligence;PitchBook;FactSet Note:This data represen

53、ts recorded transactions only,and is not all-inclusive.Nevertheless,they are typically representative of the industry.MOST ACTIVE STRATEGIC BUYERSSELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGSFIRMSELECT SUBSIDIARY BRANDS720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SD

54、R Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2023 2H 2023|VOL 9|ISSUE 2PUBLIC BASKET8DIVERSIFIED AGRIBUSINESSAGRIBUSINESS SEGMENTS VS.S&P 500Segment Market Cap Performance Running 12 MonthsSource:PitchBook Financial Data and Analytics-35%-25%-15%-5%5%15%25%35%45%Dec-22Jan-23Feb-

55、23Mar-23Apr-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Diversified AgribusinessCrop/Turf/Ornamental InputsAnimal Health&NutritionMachinery&EquipmentAgriproducts DistributionAgricultural Technology&ServicesDairyProduceProteinsOilseeds&IngredientsS&P 500720.221.9220|SDRVENTURES.COMInvestment Ba

56、nking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2023 2H 2023|VOL 9|ISSUE 29PUBLIC BASKET(CONTINUED)CROP,TURF&ORNAMENTAL INPUTSANIMAL HEALTH&NUTRITIONSource:PitchBook Financial Data and AnalyticsDAIRY720.221.9220|SDRVENTURES.COMInvestment Banki

57、ng and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2023 2H 2023|VOL 9|ISSUE 2AGRICULTURAL TECHNOLOGY&SERVICES10PUBLIC BASKET(CONTINUED)MACHINERY&EQUIPMENTAGRIPRODUCTS DISTRIBUTIONSource:PitchBook Financial Data and Analytics720.221.9220|SDRVENTURES.

58、COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2023 2H 2023|VOL 9|ISSUE 211PUBLIC BASKET(CONTINUED)OILSEEDS&INGREDIENTSSource:PitchBook Financial Data and AnalyticsPRODUCEPROTEINS720.221.9220|SDRVENTURES.COMInvestment Banking

59、and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2023 2H 2023|VOL 9|ISSUE 247%54%42%50%10%10%11%9%43%36%47%41%39%42%42%30%9%11%9%12%52%47%49%58%35%36%37%41%8%9%5%7%57%55%58%52%47%39%36%32%6%7%10%4%47%54%55%64%0%20%40%60%80%100%Senior DebtSub DebtEqui

60、ty12U.S.M&A ACTIVITY SNAPSHOTSource:GF DataSource:GF DataOVERALL U.S.M&A ACTIVITYNote:The most current source of GF Data is as of Nov 2023.LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTION MULTIPLESEBITDA Multiples By Transaction SizeCAPITAL BREAKDOWN LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTIONSSour

61、ce:PitchBook Financial Data and Analytics$0.00M$200.0B$400.0B$600.0B5001,5002,5003,5004,5002022 Q42023 Q12023 Q22023 Q32023 Q4Deals ClosedDeals ClosedCapital Invested2020202220212023720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and

62、 SIPC.2H 2023 2H 2023|VOL 9|ISSUE 2AGRIBUSINESS REPORTCOMPREHENSIVE AGRIBUSINESS EXPERTISEOur Agribusiness Team has worked on and completed numerous M&Atransactions with both strategic and financial buyers and sellers across awide range of manufacturing,distribution and service-related businesses in

63、the agribusiness,horticultural,agrifood and green space industries.Thisaccumulated experience and expertise will help your company approachthe market with the right strategy and resources in place.Our Agribusiness Industry investment banking expertise includes thefollowing segments:13SDR SERVICE OFF

64、ERINGSPRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORYBUY-SIDE ADVISORYSTRATEGIC CONSULTINGCONTACT USSELECT TRANSACTION EXPERIENCESDR has completed numerous transactions types throughout the Agribusiness Industry,including:Diversified Agribusiness Crop Inputs Animal Health&Nutrition Machinery&Equipment D

65、istribution Agricultural Technology&Services Dairy Produce Proteins Ingredients*These transactions were completed by SDR Senior Advisor Eric Bosveld during his tenure at another firm.Ben LuchowBen LuchowVice PresidentAgribusiness TBen PaddorBen PaddorSenior Analyst Agribusiness TEric BosveldEric Bos

66、veldSenior Advisor Agribusiness T720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2023 2H 2023|VOL 9|ISSUE 2141.“The Climate-Friendly Cows Bred To Belch Less Methane,”Reuters,Rod Nickel,Aug.8,2023 https:

67、/ 2.“ERW In Agriculture:Benefits For Soil Fertility And Crop Production,”Verde.ag,Aug.9,2023 https:/blog.verde.ag/en/erw-in-agriculture/3.“Alternative Proteins In Animal Feeds,”Feed Additive,Dawn Botha,Apr.27,2023 https:/ To Bites Part Two From Farm To Fork:Leveraging AI In The Food Supply Chain,”Ag

68、 Funder News,AFN,Eva Everloo and Anina Troya,Sep.28,2023 https:/ 5.“AI in Agriculture(AgriAI),”FedCSIS,accessed Jan.22,2024 https:/2024.fedcsis.org/thematic/agriai 6.“2024 AI in Agriculture and Natural Resources Conference,”Texas A&M Agrilife conference,accessed Jan.22,2024 https:/agriliferegister.t

69、amu.edu/ereg/index.php?eventid=774961&7.“Artificial Intelligence Applications In Reduction Of Carbon Emissions:Step Towards Sustainable Environment,”Frontiers In Environmental Science,Uzair Aslam Bhatti et.Al.,Mar.23,2023 https:/www.frontiersin.org/research-topics/40836/artificial-intelligence-appli

70、cations-in-reduction-of-carbon-emissions-step-towards-sustainable-environment/magazine#:text=Predictive%20AI%20can%20forecast%20future,carbon%20emissions%20and%20cutting%20costs.8.“Agriculture Gets Its Day At COP28,But Experts See Big Barriers To Cutting Emissions,”Associated Press,Melina Walling,De

71、c.9,2023 https:/ 9.“Food Is Finally On The Table:Cop28 Addressed Agriculture In A Real Way,”The Guardian,Whitney Bauck,Dec.17,2023 https:/ 10.“Cop28 UAE Declaration On Sustainable Agriculture,Resilient Food Systems,And Climate Action,”COP28 pledge,accessed Jan.22,2024 https:/ 11.“Kamala Harris Annou

72、nces New$3 Billion US Pledge To Global Climate Action At Dubai Summit,”CNN,Kyle Feldscher and Ella Nilsen,Dec.2,2023 https:/ 12.“Feeding Seaweed To Cows Can Cut Methane Emissions,Says Swedish Report,”The Guardian,Miranda Bryant,Oct.6,2023 https:/ Feeds,”AgMatters.nz,accessed Jan.22,2024 https:/www.a

73、gmatters.nz/actions/current-actions/feeds/14.“Tyson Foods,One Of The Biggest Meat Producers,Is Investing In Insect Protein,”Yahoo Finance,Danielle Wiener-Bronner,Oct.20,2023 https:/ 15.Aspire Food Group Ramps Up Worlds Largest Cricket Production Facility,Scouts For 2nd Site,”Ag Funder News,AFN,Elain

74、e Watson,Mar.21,2023 https:/ 16.“Catalyze a Virtuous Cycle,”EION website,accessed Jan.22,2024,https:/ REFERENCES720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2023 2H 2023|VOL 9|ISSUE 215ADDITIONAL REF

75、ERENCES(CONTINUED)17.“EION,”CBI Insights,accessed Jan.22,2024 https:/ 18.“USDA Releases Assessment On Agriculture And Forestry In Carbon Markets,”USDA.gov,news release,Oct.23,2023 https:/www.usda.gov/media/press-releases/2023/10/23/usda-releases-assessment-agriculture-and-forestry-carbon-markets 19.

76、“How AI Can Impact Agriculture,”FFA.org,Aug.18,2023 https:/www.ffa.org/technology/how-ai-can-impact-agriculture/#:text=AI%20can%20help%20farmers%20adopt,helps%20growers%20make%20these%20decisions.20.“Theres An App For That:How AI Is Ploughing A Farming Revolution,”Reuters,Ben Payton,Jan.15,2024 http

77、s:/ AI Is Cropping Up In The Agriculture Industry,”Forbes,Wendy Gonzalez,Feb.3,2023 https:/ 22.“John Deere Revolutionizes Agriculture With AI And Automation,”Assembly Magazine,Jun.6,2023 https:/ 23.“How Farmers Are Teaching Old Tractors to Think for Themselves,”Wall Street Journal,Bob Tita,Nov.4,202

78、3 https:/ 24.“Linamar Acquires Seeding Expert Bourgault Industries,Significantly Bolstering Its Agriculture Business,”Cision news release,Dec.20,2023 https:/www.newswire.ca/news-releases/linamar-acquires-seeding-expert-bourgault-industries-significantly-bolstering-its-agriculture-business-815188326.

79、html 25.“CNH Completes Purchase Of Hemisphere GNSS,Consolidates Guidance And Connectivity Tech Capabilities,”CNH newsroom,Oct.12,2023 https:/ 26.“AGCO-Trimble Joint Venture Aims At Accelerating Smart Farming Development,”Forbes,Jim Vinoski,Oct.16,2023 https:/ 27.“AGCO Buys 85 Percent Of Trimble In$2

80、 Billion Deal,”The Western Producer,Ron Lyseng,Oct.5,2023 https:/ Nino To Continue Into Mid-2024,Threatening Agriculture,”Reuters,Juana Casas,Oct.19,2023 https:/ Nio And Its Influence On Global Food Insecurity,”U.S.Department Of State,Jul.13,2023 https:/www.state.gov/briefings-foreign-press-centers/

81、el-nino-and-its-influence-on-global-food-insecurity 30.“Current Drought Conditions,”Government of Canada,accessed Jan.22,2024 https:/agriculture.canada.ca/en/agricultural-production/weather/canadian-drought-monitor/current-drought-conditions 31.“The El Nio Effect:Is El Nio To Blame For The Historic

82、Heat And Drought That Gripped The U.S.In 2023?”The Packer,Tyne Morgan,Jan.2,2024 https:/ 32.“El Nios plans for 2024 corn,soybean production720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2023 2H 2023|VO

83、L 9|ISSUE 216ADDITIONAL REFERENCES(CONTINUED)33.How Farmers Can Proactively Make Marketing And Production Plans As An El Nio Winter Descends,”Farm Progress,Jacqueline Holland,Dec.21,2023 https:/ 34.“Agri Commodity Markets Research Outlook 2024:Buyers Sail Home On Rising Supplies,”Rabo Bank Research,

84、Nov.2023 https:/ 35.“Brazil Overtakes The U.S.To Become The Top Global Corn Exporter,”GrainNet,Aug.31,2023https:/ 36.“Impacts Of Red Sea Shipping Disruptions On Global Food Security,”International Food Policy Research Institute,”Joseph Glauber And Abdullah Mamun,Jan.17,2024 https:/www.ifpri.org/blog/impacts-red-sea-shipping-disruptions-global-food-security 37.“Interest Rate Forecast:What Farmers Can Expect In 2024,”Farm Credit Services,Matt Erickson,Jan.19,2024https:/ 38.“Lawmakers Clash Over Farm Bill Future,”Politico,Meredith Lee Hill And Garrett Downs https:/