Ground checks – call with US farmer: key takes and transcript

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Ground checks – call with US farmer: key takes and transcript

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Global Agribusiness

Ground checks – call with US farmer: key

takes and transcript

Industry Overview

On June 25th, we hosted a conference call with Matt Danner. Matt Danner is a fifth- 30 June 2026

generation farmer and owner/operator of Templeton Family Farms, a diversified Equity

~10,000-acre operation in West Central Iowa, producing corn, specialty and seed Global

soybeans, and contract hogs, alongside complementary businesses in trucking and Agribusiness Machinery

demolition. In our discussion, he provided a ground-level perspective on the US

agriculture environment mid-season, highlighting generally solid crop conditions but a IsabellaResearchSimonatoAnalyst >>

challenging economic backdrop. The conversation focused on how farmers are Merrill Lynch (Brazil)

+55 11 2188 4243

navigating a “perfect storm” of subdued commodity prices and elevated input costs, isabella.simonato@bofa.com

driving significant cuts in phosphate use, greater reliance on manure and biologicals, and Matthew DeYoe, CFA

disciplined capital allocation. See below the main takes and a full transcript of the call. Research Analyst

BofAS

+1 646 855 5746

matthew.deyoe@bofa.comImproving moisture conditions; crops are developing well

“Following a three-year drought that ended about a year ago, moisture conditions have Julia Zaniolo >>

Research Analyst

normalized and are currently adequate. While temperatures are expected to rise in the Merrill Lynch (Brazil)

near term, crops are not showing stress at this stage.” +55 11 2188 4367 julia.zaniolo@bofa.com

Margin pressure driving cost discipline and diversification FernandoResearch AnalystOlvera >>