Chemical and Agriculture Menu: The Week in Chemicals – 6/26/26

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Chemical and Agriculture Menu: The Week in Chemicals – 6/26/26

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Earnings Preview discussion at noon. On Monday, July 20, join us for an in- I. Commodity Chemicals

person Chemicals Earnings Preview Lunch at noon (space is limited; Table 1: Commodity Chemical Pricing

registration required.) Table 2: Ethane-Based Ethylene Margin

Table 3: Chemicals Feedstock Pricing

• Not at home… New home sales decreased (6.8%) y/y in May from 0.622m

units to 0.580m units, and new home sales dipped (7.3%%) y/y. Building II. Railcars

permits also slipped (0.4%) y/y in May and (0.9%) m/m. The Architecture Table 4: Chemical Railcar Shipments

Billings Index, a leading indicator of construction activity, decreased m/m to

44.5 in May from 48.3 in April. The average 30-year mortgage rate III. Crude Oil Crack Spreads

Table 5: Global Crude Oil Pricing & Spreads

(ILM3NAVG Index) is 6.57% compared to 6.25% at the beginning of the year.

• Forging ahead: Fuller announced a recommended cash offer to acquire IV. Agricultural Chemicals Crop Pricing

Advanced Medical Solutions (AMS). Fuller’s adhesive businesses tend to sell Table 6: Fertilizer, Feedstock & Crop Prices

Table 7: U.S. Crop Prices

to mature construction, automotive, and consumer markets. The company is

Table 8: Crop Progress - Emerged

striking out to create a set of businesses in a niche growth area. AMS sells Table 9: Crop Progress - Condition

adhesives with medical applications, which is a higher-margin growth area. Table 10: U.S. Crop Budgets

The company is paying $942m for $61m in expected adjusted EBITDA for Figure 1: Chinese Glyphosate Price

2026 or a multiple of 15.4x, which compares to its own trading multiple of

about 8x EBITDA. Potential synergies of about ($35m) could bring the V. Currencies