Global Ag Tracker - May 26 - Sentiment Softening & Farmer Income Update

Research evidence excerpt

Global Ag Tracker - May 26 - Sentiment Softening & Farmer Income Update

Global | Chemicals EquityMayResearch22, 2026

Exhibit 1 - Corn, Soy, Wheat Farmer NetGlobal Ag Tracker - May 26 - Sentiment

Incomes

50%

40%Softening & Farmer Income Update 30%

20%

10%

0%

-10%Jefferies covers c.$300bn in market cap across global Ag inputs. Our Global -20%-30%

-50% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026FTracker provides an overview of SPP, earnings, & end-market momentum -40%

CSW Average Price Change (%) Average net profit margin (%) - ex Labour opp cost

Wheat farmer net profit margin (%) - ex labour opp cost(farmer incomes, sentiment, WASDE stocks-to-use, & spreads). Nitrogen . Soy farmer net profit margin (%) - ex labour opp cost Corn farmer net profit margin (%) - ex labour opp cost Source: USDA, Factset, Bloomberg, Jefferies Research

pricing has seen some seasonal softening (urea and nitrates), with the

focus shifting to India's upcoming tender. In contrast, potash is expected to Exhibit200 2 - US Ag Economy Barometer Index

continue to tick up on resilient demand and restocking, supported by relative 180160

120affordability. 100

Farmer Sentiment Softens as Expectations and Conditions Weaken: Farmer sentiment Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 Apr-26

declined in April, with the Ag Economy Barometer falling from 127 to 121. The Current .Source: Jefferies Research,US AgPurdueEconomy BarometerCenter for Commercial

Conditions Index dropped by 11 points, while the Future Expectations Index decreased by Agriculture

4 points. Future expectations remained well below year-ago levels, sitting 16 points under