Ag Input Earnings Prep

Research evidence excerpt

Ag Input Earnings Prep

Equity Research

27 July 2026

Americas Agribusiness

We slightly tweak down our numbers, driven by some de-

escalation of the Iran War and therefore N pricing along with

pressure on the phosphate COGS side from rising sulfur Americas Agribusiness NEUTRAL

Unchangedprices. We still remain bullish on CF, alongside CTVA and NTR,

while remaining cautious on FMC. Americas Agribusiness

Benjamin M. Theurer

+52 55 5241 3322

We maintain our ratings, with OW in CTVA, CF, and NTR. We stay EW on ICL and MOS while benjamin.theurer@barclays.com

remaining cautious on FMC and keeping our UW rating. We lower the following PTs on the back BCCB, Mexico

of downward revisions to our estimates: CF to $135 (from $145), FMC to $11 (from $13), ICL to $6 Rahi Parikh

(from $7) and NTR to $81 (from $85). In this update, we add caution to 2H across our companies, +1 212 526 0150

driven by credit issues in BZ and sulfur costs for Phosphate producers. rahi.parikh@barclays.com

BCI, US

US planting seems to be progressing well for corn and soy, though dryness in the Great Plains

Ryan Lavin

will likely lead to lower wheat production. US farm sentiment is more volatile – it fell during the

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quarter, driven by the lack of Chinese purchases of US soybeans; we saw some tonnage move ryan.lavin1@barclays.com

around mid June, but corn and soy prices jumped in the beginning of July as Chinese exporters BCI, US

bought 472,000 metric tons of U.S. soybeans, the biggest such sale in months. This was widely

Reid Monahan

seen as a diplomatic move to create better relations between the two countries, as the US crop

+1 212 526 7506

is currently more expensive than the Brazilian. reid.monahan@barclays.com