Upstream Ag Professional - November 23rd 2025

Welcome to the 120th edition of Upstream Ag Professional

Index

1. Q3 2025 Fertilizer Manufacturer Results Highlights and Analysis

2. WinField United Deploys Artificial Intelligence To Improve Its Agronomic Adviser Retention + Supply Chain Dynamics

3. How The Mosaic Co. Evolved: From Crop Nutrition Powerhouse to Biologicals Innovator

4. AgTech VC Trends Q3 2025

5. Two Amino Acids That Could Rewrite Agriculture

6. Nufarm FY 2025 Results

7. Key Takeaways from Agritechnica 2025: Robotics, Digital Ag, Weeding, and the New Global Landscape

8. AI Eats the World

9. Other Interesting Ag Articles (9 this week)

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No audio edition this week due to connectivity issues with computer. The issue will be fixed for next week.

1. Q3 2025 Fertilizer Manufacturer Results Highlights and Analysis - Upstream Ag Professional

Index:

1. Financial Overview

2. Themes

   1. Potash is Stable, Tight, and Pushing Toward Another Record Year

   2. Nitrogen is Tight in Supply and Low-carbonization Emphasis Coming to Fruition

   3. Phosphates are Tight and Volatile, with Structural Constraints and Demand Deferral

   4. Specialty Nutrition & Biologicals: Steady Growth and Strategic Priority

   5. Capital Discipline, Cost Reductions, and Portfolio Optimization Are Being Emphasized

3. Nutrien

4. Mosaic

5. CF Industries

6. ICL

7. Yara

8. Financial Charting: Company Comparisons

Highlights from the breakdown:

• Potash is the strongest nutrient market globally — stable, tight, and positioned for another record year on tonnage, with China drawing down inventories and virtually no new supply additions in 2026.

• Low-carbon nitrogen is becoming economically meaningful for CF, demonstrating >20% IRRs thanks to 45Q tax rebates and securing premiums on low-carbon ammonia.

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