Upstream Ag Professional - May 4th 2025

Welcome to the 91st Edition of Upstream Ag Professional

Index

1. Mindware: 25 General Thinking Principles for Agribusiness Professionals

2. Agribusiness Q1 2025 Results: FMC, Syngenta, BASF, CNH Industrial and AGCO

3. How Will Ag Technology Impact the Growth of Biologicals?

4. Fertilizer Outlook from Rabobank

5. U.S. to impose duties on 2,4-D imports from China and India

6. Evolutions or Revolutions: R&D in Agriculture

7. Lego Manufacturing + McKinsey Paid $4 million by City of New York for Garbage Assessment

8. Other Interesting Ag Article (12 this week)

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This week’s audio edition can be found here and includes the following topics:

1. Highlights from Mindware: 25 General Thinking Principles for Agribusiness Professionals (1:40)

2. Highlights from Agribusiness Q1 2025 Results: FMC, Syngenta, BASF, CNH Industrial and AGCO (16:25)

1. Mindware: 25 Concepts for Improved Career Outcomes in Agribusiness - Upstream Ag Professional

Since 2020, I have published an annual “professionals tips” article for college grads entering the ag industry, aimed at enhancing their ability to get up to speed and improve professionally.

One of the most commonly cited pieces of feedback I received around it was that it shouldn’t be emphasized to just new grads, but all agribusiness professionals.

Taking that into account, the last three years I have thought about it beyond new grads towards agribusiness professionals of all experience levels.

Some of these were stumbled on myself, others are borrowed from reading and listening to other much more experienced individuals.

AI Armour

This year these concepts are especially important to call out as we see AI increase in relevance.

Today, execution and action is increasingly being commoditized— automated by AI or handled by systems which means the real edge lies not in simply doing, but in knowing the most high leverage action to take.

When everyone has access to the same tools, technologies, and playbooks, advantage shifts to those who can think clearly, prioritize wisely, and act with conviction.

That means leaders who develop discernment and improved judgement — the ability to cut through noise, choose the right path, and anticipate second and third order consequences, will outperform those who simply move faster or “do more.”

I hope highlighting these concepts can help individuals build better judgement, make higher-quality decisions, and lead with clarity in a world full of complexity.

These 25 examples have been a positive reminder for me and while I won’t claim the principles to be novel for industry veterans, I think they can be useful for professional and personal development.

For an expansion on each of the 25 concepts, check out the link above.

2. Agribusiness Q1 2025 Results: FMC, Syngenta, BASF, CNH Industrial and AGCO - Upstream Ag Professional

Note: I will compile the earnings from the major agribusinesses into reports three reports: Crop Protection & Seed, Fertilizer, and Equipment Manufacturers once all results have been released for improved comparison and context.

The link in the heading above has a full deep dive, including images, quotes from executives and analysis.

Below are key takeaways from each company’s results for those wanting a brief update.

a. FMC Q1 2025 Key Takeaways

• Revenue declined 14% YoY (10% organically) to $791 million, with EBITDA down 25%. Executives expressed “very high” confidence in achieving growth in H2, driven by demand normalization and new market routes (eg: large growers in Brazil).

• Sales in North America fell 28% due to delayed U.S. purchasing and trade friction, while Latin America grew 10% (+17% ex-FX).

• FMC anticipates $15–$20M in tariff-related costs in 2025 but expects to offset them via cost savings, dual sourcing, and exemptions/duty drawbacks. The company will increase pricing if needed.

• The Plant Health segment, led by biologicals, was the only segment to show YoY growth (+1%). Plant Health made up 5% of 2024 revenue.

• FMC is lowering Rynaxypyr pricing to compete with generics while aiming to drive volume. They expect production cost parity with generics on the molecule by end of the year thanks to initiatives undertaken at the end of 2024. New combinations (eg: Rynaxypyr + Bifenthrin) and high-load formulations are aimed to maintain differentiation and grow market share.

• FMC stated that margins are effectively neutral between retail and direct-to-grower channels in Brazil. While SG&A costs differ slightly (more for direct), pricing and payment terms are comparable.

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