Commodities and Hard Assets

[gfp927z]

>>> Reliance Steel & Aluminum Co. (RS) operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries. It sells its products directly to original equipment manufacturers, which primarily include small machine shops and fabricators. The company was founded in 1939 and is based in Scottsdale, Arizona.

<<<



---

[gfp927z]

>>> Reliance Steel (RS) Gains on Demand Strength, Acquisitions


Zacks Equity Research

June 5, 2023


https://finance.yahoo.com/news/reliance-steel-rs-gains-demand-122700030.html


Reliance Steel & Aluminum Co. RS is gaining from strong demand across key end-use markets, a diversified product base and strategic acquisitions.

Shares of Reliance Steel have gained 23% in the past year compared with 12.8% decline of the industry.

Reliance Steel, a Zacks Rank #3 (Hold) stock, is benefiting from strong underlying demand in its major markets. It envisions healthy demand to continue in the second quarter of 2023.

Demand in non-residential construction, the company’s biggest market, improved in the first quarter. The company is optimistic that demand for non-residential construction activity in the areas in which it operates will remain at healthy levels in the second quarter.

Reliance Steel also witnessed higher year over year demand in the semiconductors market in the first quarter. RS expects the semiconductor market to remain strong and its long-term outlook for semiconductor demand remains favorable.

Demand across the broader manufacturing sectors that it serves improved modestly and the company sees stable demand in the second quarter. Demand in energy (oil and natural gas) improved year over year in the first quarter and the company is cautiously optimistic that demand will remain steady in the second quarter.

The company also witnessed higher demand for the toll processing services that it provides to the automotive market and expects demand to increase in the second quarter. Additionally, demand in commercial aerospace improved during the first quarter and the company is cautiously optimistic that demand will continue to improve in the second quarter.

Reliance Steel has also been following an aggressive acquisition strategy for a while as part of its core business policy to drive operating results. The acquisitions of Rotax Metals, Admiral Metals and Nu-Tech Precision Metals are in sync with its strategy of investing in high-quality businesses.

However, Reliance Steel faces headwinds from cost inflation. It is witnessing higher fuel, freight and labor costs. Its selling, general and administrative expenses went up around 6.4% year over year in the first quarter. The company is expected to continue to face headwinds from inflationary pressure in the second quarter.

The company also continued to face pricing pressure in the first quarter. The first-quarter average selling price per ton sold declined 6.3% from the fourth quarter of 2022, mainly due to shifts in product mix. It also fell 17.7% year over year. RS anticipates its average selling price per ton sold to be flat to up 2% sequentially in the second quarter. However, lower year-over-year selling prices are expected to affect its second-quarter performance.

<<<



---

[gfp927z]

>>> Nucor Corporation (NYSE:NUE)


https://www.insidermonkey.com/blog/5-best-steel-stocks-to-invest-in-1169473/5/


Number of Hedge Fund Holders: 39

Based in Charlotte, North Carolina, Nucor Corporation (NYSE:NUE) is a leading steel producer with more than 300 operating facilities primarily in North America. It operates 24 scrap-based steel mills that have an annual production capacity of more than 27 million tons per year. The company also processes nearly 20 million tons of ferrous scrap per year to produce new steel.

On June 15, Nucor Corporation (NYSE:NUE) provided guidance for its Q2 2023 financial results. The company expects earnings per share to be in the range of $5.45 to $5.55 per diluted share, as compared to the consensus estimate of $5.43 per share.

On July 5, Exane BNP Paribas analyst Seth Rosenfeld upgraded the rating on Nucor Corporation (NYSE:NUE) shares to ‘Outperform’ from ‘Neutral’ with a price target of $191. The target price represents a potential upside of 14.53% based on the share price on July 14.

Nucor Corporation (NYSE:NUE) is the best steel stock to invest in according to the number of hedge funds that held its shares as of March 31, 2023. The stock was owned by 39 prominent hedge funds out of the 943 tracked by Insider Monkey, with a total value of $440 million. Citadel Investment Group, Marshall Wace LLP, and AQR Capital Management were the top 3 hedge fund shareholders of the stock.

<<<



---

[gfp927z]

>>> Cleveland-Cliffs Inc. (NYSE:CLF)


https://www.insidermonkey.com/blog/5-best-steel-stocks-to-invest-in-1169473/4/


Number of Hedge Fund Holders: 34

Founded in 1847 as a mine operator, Cleveland-Cliffs Inc. (NYSE:CLF) is the largest flat-rolled steel producer and also the largest manufacturer of iron ore pellets in North America. The company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing.

The management Cleveland-Cliffs Inc. (NYSE:CLF) has been making efforts to improve the financial position of the company as well as increase profitability. The company has managed to reduce its net debt and post-retirement liabilities by nearly 45% in the last 2 years.

On the profitability front, the steelmaking COGS has been reduced by $140 per ton while fixed-price auto contracts, which account for a significant portion of the company’s revenue, have been revised up by $115 per ton.

Cleveland-Cliffs Inc. (NYSE:CLF) is the second best steel stock to invest in based on hedge fund sentiment as 34 hedge funds held its shares with a total value of $379 million, as of Q1 2023. Ken Fisher’s Fisher Asset Management was the largest hedge fund shareholder with ownership of 8.2 million shares valued at $149 million.

<<<



---

[gfp927z]

>>> Steel Dynamics, Inc. (NASDAQ:STLD)


https://www.insidermonkey.com/blog/5-best-steel-stocks-to-invest-in-1169473/3/


Number of Hedge Fund Holders: 33

Steel Dynamics, Inc. (NASDAQ:STLD) is one of the largest domestic steel producers and metals recyclers in the United States with facilities located throughout the United States, and in Mexico. It produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, and cold finished steel, among others.

Steel Dynamics, Inc. (NASDAQ:STLD) has paid regular quarterly cash dividends for more than a decade. During the last 10 years, its dividend payouts have grown at a CAGR of 14.47% and the company currently pays a quarterly cash dividend of $0.425 per common share.

As of Q1 2023, Steel Dynamics, Inc. (NASDAQ:STLD) shares were held by 33 hedge funds with a total value of $304 million. Cliff Asness’ AQR Capital Management was its largest hedge fund shareholder with ownership of 1.3 million shares valued at $142 million.

<<<



---

[gfp927z]

>>> Reliance Steel & Aluminum Co. (NYSE:RS)


https://www.insidermonkey.com/blog/5-best-steel-stocks-to-invest-in-1169473/2/


Number of Hedge Fund Holders: 31

Scottsdale, Arizona-based Reliance Steel & Aluminum Co. (NYSE:RS) is a leading diversified metals solutions provider with a network of more than 300 locations across 40 states and 12 countries outside United States. It offers a full range of value-added metals products including galvanized, hot-rolled and cold-finished steel, stainless steel, aluminum, brass, copper, titanium and alloy steel, among others.

Reliance Steel & Aluminum Co. (NYSE:RS) has grown rapidly with intermittent acquisitions to bolster its product offerings and to expand its network. On May 1, the company announced that it had acquired Southern Steel Supply, LLC, a metals service center that supplies customers throughout Tennessee, Mississippi, Arkansas, Alabama, and Missouri. The target company generated FY 2022 net sales of $63 million.

On April 27, Reliance Steel & Aluminum Co. (NYSE:RS) released its financial results for Q1 2023. It generated a revenue of $4.0 billion and net income of $383 million. Its EPS for the quarter was $6.43, which exceeded consensus estimates by $0.81.

<<<



---

[gfp927z]

>>> Commercial Metals Company (NYSE:CMC)


https://finance.yahoo.com/news/10-best-steel-stocks-invest-195116483.html


Number of Hedge Fund Holders: 22

Commercial Metals Company (NYSE:CMC), based in Irving, Texas, is a steel company that manufactures, recycles, and fabricate steel and metal products and provides related materials and services. Its network comprises of 7 electric arc furnace (EAF) mini mills, 3 EAF micro mills, one rerolling mill, steel fabrication and processing plants, and metal recycling facilities in the United States and Poland.

On July 13, Commercial Metals Company (NYSE:CMC) announced the acquisition of EDSCO Fasteners LLC, a leading provider of anchoring solutions for the electrical transmission market, without disclosing the financial terms of the transaction. The acquisition is expected to support the company’s position in the construction reinforcement market.

On July 11, UBS analyst Cleve Rueckert initiated coverage of Commercial Metals Company (NYSE:CMC) shares with a ‘Buy’ rating and a price target of $63.00. This represents a potential upside of 14% based on the share price on July 14.

As of Q1 2023, Bruce Berkowitz’s Fairholme (FAIRX) was the largest hedge fund shareholder of Commercial Metals Company (NYSE:CMC) with ownership of 1.3 million shares valued at $62 million.

<<<



---

[gfp927z]

Steel sector - >>> Cleveland-Cliffs' bid to keep US blast furnaces smelting


Reuters

by Isla Binnie and Bianca Flowers

September 5, 2023


https://finance.yahoo.com/news/focus-inside-cleveland-cliffs-bid-100000026.html


High costs and environmental opposition have prevented the construction of blast furnaces at steel mills in the United States since 1980. Cleveland-Cliffs Inc CEO Lourenco Goncalves is on a mission to snap up all that are left.

Since joining the U.S. steelmaker in 2014 as part of an activist hedge fund's board takeover, Goncalves has made blast furnaces a hallmark of his strategy, positioning Cliffs as an outlier in an industry shifting towards cheaper and more environmentally friendly electric arc furnaces.

A 65-year-old Brazilian metallurgical engineer, Goncalves transformed Cliffs from an iron ore and coal miner into the largest supplier of steel to the automotive industry in North America by acquiring companies that own blast furnaces to smelt the pig iron it produces.

Now, he has his sights on acquiring U.S. Steel Corp, the other remaining U.S. blast furnace operator, which has been gradually moving into electric arc furnaces, known as mini-mills. Should his $7.3 billion cash-and-stock bid prevail, Cliffs would break into the world's top 10 steel producers, which are mostly from Asia.

Interviews with six people close to the companies and industry insiders, as well a review of regulatory filings, show Goncalves' bet on blast furnaces has yet to pay off, and its success hinges on pulling off the deal with U.S. Steel.

This is because blast furnaces operate around the clock and need more workers. They are more expensive to run when they have to be stopped and restarted to account for changes in demand, as often happens with the automotive sector.

To compensate for that cost, they need a dominant market share so they can charge more for their steel. To build a market position, Cliffs acquired AK Steel for $3 billion and ArcelorMittal's U.S. operations for $3.3 billion in 2020. Cliffs focused on dominating production of U.S.-made steel used in the external panels of cars, which require quality that electric arc furnaces currently cannot achieve.

"By increasing market share, Goncalves has a much more commanding position where he can charge more," said Josh Spoores, principal analyst at CRU Group, a business intelligence firm that provides analysis on global metals and mining.

Goncalves is also betting that producing iron ore in-house for blast furnaces, rather than sourcing scrap steel for electric arc furnaces, will give Cliffs a competitive edge. So far, the nimbler electric arc furnaces have remained cheaper to run, amid fluctuations in demand for steel.

Cliffs' gross margin was 11% last year, down from 35% in 2018, when it focused on iron ore production, according to LSEG data. This was well below Nucor Corp's and Steel Dynamics Inc's margins of 30% and 27.5%, respectively — two rivals that run exclusively on electric arc furnaces. It is also below U.S. Steel's 20.6% margin.

Goncalves has said profitability will improve as Cliffs gains scale, and projects $500 million in annual synergies from the potential U.S. Steel acquisition.

A Cliffs spokesperson said the company is innovating to meet clients' requirements and make U.S. steel competitive.

Focus on car makers

About two-thirds of U.S. steel comes from electric arc furnaces. While Nucor and Steel Dynamics also serve the car sector, they have mostly ceded the market for automotive bodies to Chinese competitors.

This has given Cliffs an opening to serve U.S. car makers that find importing overseas steel expensive, especially following tariffs that former President Donald Trump implemented in 2018. While a few carmakers use aluminum for automotive bodies, most prefer high-grade steel from blast furnaces.

"Materially switching content isn't something these automakers do lightly. I don't think they're going to move away," said KeyBanc equity analyst Phil Gibbs.

Cliffs' devotion to blast furnaces, which are unionized unlike some electric arc furnaces, won it the support of United Steelworkers. The union's international president Thomas Conway said it's backing Cliffs' bid for U.S. Steel because of Goncalves' commitment to blast furnaces. He pointed to Cliffs adding 1,700 new jobs following its last two acquisitions.

Carbon emissions

Goncalves has said in interviews and earnings calls that criticism of blast furnaces' emissions ignores that electric arc furnaces cannot make the steel many car makers want.

"Try to build a car all with steel, flat-rolled steel produced in flat-rolled mini-mills. It doesn't work," Goncalves said on Cliffs' latest quarterly earnings call.

Nucor's and Steel Dynamics' carbon footprints are more than two-thirds smaller than Cliffs' and U.S. Steel's, their sustainability disclosures show.

Cliffs points to having reduced its emissions by 32% since 2017, ahead of a target to achieve this by 2030, primarily by using hot briquetted iron (HBI) in its blast furnaces. HBI is made with natural gas rather than coke from coal, resulting in fewer emissions.

Cliffs is also testing the use of hydrogen to reduce emissions, though the technology's commercially viability remains uncertain.

Last year, President Joe Biden's administration pointed to Cliffs' direct reduction steel plant in Toledo, Ohio, which cost $1 billion and makes HBI, as an example of "clean" U.S. manufacturing.

<<<



---

[gfp927z]

>>> Reliance Steel & Aluminum Co. (RS) operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries. It sells its products directly to original equipment manufacturers, which primarily include small machine shops and fabricators. The company was founded in 1939 and is based in Scottsdale, Arizona. <<<



---

[gfp927z]

>>> Commercial Metals Company (CMC) manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers. It also manufactures and sells finished long steel products, including reinforcing bar, merchant bar, light structural, and other special sections, as well as semi-finished billets for rerolling and forging applications. In addition, the company provides fabricated steel products used to reinforce concrete primarily in the construction of commercial and non-commercial buildings, hospitals, convention centers, industrial plants, power plants, highways, bridges, arenas, stadiums, and dams; sells and rents construction-related products and equipment to concrete installers and other businesses; and manufactures and sells strength bars for the truck trailer industry, special bar steels for the energy market, and armor plates for military vehicles. Further, it manufactures rebars, merchant bars, and wire rods; and sells fabricated rebars, wire meshes, fabricated meshes, assembled rebar cages, and other fabricated rebar by-products to fabricators, manufacturers, distributors, and construction companies. The company was founded in 1915 and is headquartered in Irving, Texas. <<<



---

[gfp927z]

VanEck Inflation Allocation ETF (RAAX) -


RAAX Holdings

Top 9 Holdings (67.64% of Total Assets)


PIT
VanEck Commodity Strategy ETF
21.14%

IGF
iShares Global Infrastructure ETF
12.91%

GDX
VanEck Gold Miners ETF
6.69%

EINC
VanEck Energy Income ETF
5.52%

XLE
Energy Select Sector SPDR Fund
5.43%

VNQ
Vanguard Real Estate Index Fund
4.82%

XOP
SPDR S&P Oil & Gas Exploration & Production ETF
4.35%

MOO
VanEck Agribusiness ETF
3.42%

NURE
Nuveen Short-Term REIT ETF
3.38%

<<<



---

[gfp927z]

>>> Billionaire Miner Friedland Warns of a Copper ‘Train Wreck’ as Supply Stalls


Bloomberg

by James Attwood and Jacob Lorinc

June 26, 2023


https://finance.yahoo.com/news/billionaire-miner-friedland-warns-copper-163137782.html


(Bloomberg) -- Copper is poised to follow other commodities upended by recent price surges as the mining industry struggles to expand ahead of accelerating demand, warns the man behind some of the world’s biggest mines.

Demand for critical raw materials is set to jump as nations mandate clean energy and transport while clambering to develop their own supply chains. But a combination of factors suggests supply won’t keep pace, according to billionaire Robert Friedland. They include the fact that deposits are getting pricier and tricker to find and dig up, funding is scarce and societies have yet to grasp mining’s role in the shift from fossil fuels.

“We’re heading for a train wreck here,” the founder and executive co-chairman of Ivanhoe Mines Ltd. said in an interview at Bloomberg’s New York headquarters. “My fear is that when push finally comes to shove” copper can go up 10 times.

Friedland, who made his fortune from Canadian nickel and is behind massive copper finds in Mongolia and the Democratic Republic of Congo, has long championed the importance of the metal used in everything from wires to weaponry. Some analysts share his concern about a looming copper crunch, but consensus is for far more gradual price gains in the coming years.

Futures are down 10% from a January peak as an uneven post-pandemic recovery in China — the world’s biggest metals consumer — and inflation-fighting efforts by central banks restrains demand. Still, Friedland sees copper’s longer-term prospects supported by decarbonization, ongoing Chinese demand, the emergence of India and re-militarization in the wake of Russia’s invasion of Ukraine.

On the supply side, output in top producer Chile has plateaued as ore quality deteriorates. The industry in general is having to dig deeper and contend with an uptick in resource nationalism and far more stringent environmental and social standards.

Investors have yet to grasp the significance of a global rush for the building blocks of clean energy, Friedland said. He points to very low physical inventories of copper coinciding with historically low relative valuations of mining companies. Large premiums paid in recent acquisitions indicate the mining industry understands where the market is headed, he said, although consolidation won’t solve the dilemma of how to boost production.

Friedland points to other commodities as examples of what may be in store for a tightening copper market. Chinese spot prices of molybdenum doubled from August to February amid supply disruptions and growing demand from the renewables and military sectors. One gauge of semi-processed lithium shot up 422% in 2021.

“When metals are required, the prices go crazy and nobody’s willing to sell them,” he said. “We’re heading into that sort of situation.”

The 72-year-old magnate is making his latest mining bet on the US. Ivanhoe Electric Inc., which has BlackRock Inc. and BHP Group as investors, is exploring in Arizona when the US is starting to realize the importance of domestic sources of raw materials and supply chains for greening the economy.l

China is a dominant player in processing of nickel, copper, cobalt and other resources that are key to economic growth and clean-energy technologies. With initiatives such as the Inflation Reduction Act, the US is seeking to curtail global dependence on China as competition between the two nations increases. The European Union has already proposed classifying copper and nickel as critical raw materials in legislation designed to bolster supplies, alongside other metals key to the energy transition.

“Europe is in a panic about where their raw material is going to come from,” Friedland said. “The US is in a panic about where their raw material is going to come from. And so we’re going to see a lot of volatility and change in the way our supply chain is organized.”

<<<



---

[gfp927z]

>>> Is It Time to Invest in Wheat ETF (WEAT)?


Zacks

Sanghamitra Saha

June 12, 2023


https://finance.yahoo.com/news/time-invest-wheat-etf-weat-170000918.html


The recent surge in wheat prices has caught the attention of investors looking for potential opportunities in the commodities market. The Teucrium Wheat ETF WEAT gained about 2% on Jun 8, 2023, reflecting the growing market interest in this agricultural commodity.

Wheat Production Areas and Optimal Weather Conditions

To make informed investment decisions regarding wheat ETFs, it's crucial to understand the major wheat-producing areas and the weather conditions favorable for wheat production. The top wheat-producing countries include Russia, Ukraine, the United States, India, and Canada.

Investors should note that wheat thrives in temperate climates with adequate moisture during critical growth stages. The ideal weather conditions for wheat cultivation include cool temperatures during germination and early growth, followed by warmer temperatures during grain fill. Sufficient rainfall or access to irrigation is also crucial to support healthy wheat growth.

In this article, we will explore the factors driving the rise in wheat prices and analyze whether it's a good time to buy a wheat ETF.

Collapse of the Kakhovka Dam

One of the primary factors contributing to the recent increase in wheat prices is the collapse of the Kakhovka dam and hydroelectric power station in Ukraine. This unfortunate event occurred in a region of the Dnieper River under Russian control, raising concerns about Ukraine's ability to access affordable supplies of wheat.

Ukraine is a major exporter of wheat, barley, corn, and sunflower oil, with a significant portion of its produce being shipped to developing nations in Africa, the Middle East, and parts of Asia. The disruption in the supply chain has renewed market fears about the stability of Ukraine's food exports, leading to a spike in global wheat prices.

Drought Conditions in the Midwest

Another factor impacting wheat prices is the prevailing drought conditions in the Midwest, particularly in Kansas, which happens to be a significant wheat-producing region. While the market hasn't shown significant concern about the drought yet, if the dry spell persists, it could have a severe impact on the wheat crop supply. Drought can lead to lower yields and poorer quality of wheat, potentially driving up prices further.

The underlying wheat futures looks to reflect the daily changes of a weighted average of the closing prices for 3 futures contracts for wheat that are traded on the CBOT: the second-to-expire contract, the third-to-expire contract and the contract expiring in the Dec. following the expiration month of the third-to-expire contract. The fund charges 22 bps in fees.

<<<



---

[BottomBounce]

#Hemp Hemp, Inc. focuses on the provision of industrial hemp. Its products include the King of Hemp pre-roll blends, fortified pre-rolls; Bubba Kush hemp; caviar/moon rocks; and diamonds and crumbles. The company also involved in processing and farming industrial hemp; extracting hemp CBD oil; and educating and empowering hemp farmers and entrepreneurs with knowledge, processing, infrastructure, and support. In addition, it engages in the sale of hemp accessories, such as extractors, harvesters, storage bags, containers, fertilizer, soil amendments, humidifiers, dehumidifiers, balers, greenhouses, and greenhouse equipment; and drying, trimming, curing, storing, and brokering for other farmers harvesting hemp, as well as provision of research and development, hemp consulting, and educational entertainment services. The company was formerly known as Marijuana, Inc. and changed its name to Hemp, Inc. in June 2012. Hemp, Inc. was incorporated in 2008 and is based in Las Vegas, Nevada.

[gfp927z]

>>> Which Billionaire Owns The Most Land In The U.S.? Hint, It's Not Bill Gates


Benzinga

by AJ Fabino

December 7, 2022


https://finance.yahoo.com/news/billionaire-owns-most-land-u-175836135.html


Earlier this year, in May, claims were made that Microsoft Corp co-founder Bill Gates owned the majority of America’s farmland.

While that is false, with the billionaire amassing nearly 270,000 acres of farmland across the country, compared to 900 million total farm acres, a different billionaire privately owns 2.2 million acres, making him the largest landowner in the U.S.

John Malone, the former CEO of Tele-Communications Inc., which AT&T Inc. purchased for more than $50 billion in 1999, has a variety of ranching and real estate businesses, primarily in Maine, New Mexico, Colorado, and Wyoming.

Worth $9.6 billion, Malone, a media veteran, said he purchased the land because "they are not making it anymore." He also owns three hotels in Dublin, Ireland, and a fourth in Limerick.

The current Liberty Media Corp chairman made the decision to put his billions of dollars in wealth into land after spending a summer working on a family farm in Pennsylvania.

Bell Ranch in New Mexico, a 290,100-acre plain dotted with mesas, rimrock canyons, meadows, and a distinctive bell-shaped mountain, was one of his first significant acquisitions. In addition, Florida's Bridlewood Farms is a noteworthy asset.

He now holds the title of the largest landlord in the US, surpassing Ted Turner, with a total of 2.2 million acres of crops, ranch property, and woodland.

Malone noted in a CNBC interview that preservation was his primary motivation for purchasing land, and he intends to purchase more. He said that his properties serve as a reliable source of income and a solid hedge against inflation.

"The conservation of lands is important," the billionaire said. "That was a virus that I got from Ted Turner."

He continued, "the forestry part of it in the Northeast is a pretty good business, with very low return on capital, but very stable and leverageable," Malone said. "And we think it will provide good inflation protection in the long run. That's basically the motivation there. It just seemed like a good thing to do."

<<<



---

[gfp927z]

>>> Farmland Partners Announces Senior Executive Succession Plan


BusinessWire

November 8, 2022


https://finance.yahoo.com/news/farmland-partners-announces-senior-executive-121000150.html


President Luca Fabbri to Succeed Paul Pittman as CEO; Pittman to Remain Executive Chairman and Full-Time Employee of Company

DENVER, November 08, 2022--(BUSINESS WIRE)--Farmland Partners Inc. (NYSE: FPI) (the "Company" or "FPI") today announced that its Board of Directors has approved a senior executive succession plan pursuant to which the Company’s President Luca Fabbri will become Chief Executive Officer, effective following the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which is expected to occur in late February 2023. At the same time, Fabbri will join the Company’s Board of Directors. FPI’s current Chairman and Chief Executive Officer, Paul Pittman, will remain as Executive Chairman of the Company’s Board of Directors and as a full-time employee. Pittman and Fabbri will continue to work side-by-side to formulate corporate strategy, execute the Company’s growth plan and drive shareholder value.

Fabbri co-founded FPI as a public company with Pittman in 2014 and served as the Company’s Chief Financial Officer and Treasurer from the Company’s inception, before assuming the position of President in October 2021.

"Luca played a key role in the initial formation, capitalization and formulation of the strategic direction of FPI, has the undivided confidence of our entire team and has over time taken on an increasing number of top executive duties. Moreover, Luca has been a close colleague and friend for many years, and I am confident will work extremely well with me as Executive Chairman," said Pittman. "This appointment is a natural progression in a process started with Luca’s appointment as President in 2021. There is no one I trust more than Luca to help chart a course for FPI’s future, and I look forward to continuing our close collaboration for years to come."

Prior to co-founding FPI, Fabbri was an entrepreneur and executive in finance, technology, and agriculture. He has a B.S. with Honors in Economics from the University of Naples (Italy) and an M.B.A. in Finance from the Massachusetts Institute of Technology.

"I appreciate the confidence that Paul and the Board of Directors have placed in me, and I’m eager to lead FPI’s talented team and continue delivering for our stockholders," said Fabbri. "Farmland is an attractive asset class, and FPI is uniquely positioned to continue providing strong risk-adjusted shareholder returns in all economic environments. I can’t think of a more exciting business to be in right now."

About Farmland Partners Inc.

Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns and/or manages more than 190,000 acres in 18 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, South Carolina, and Virginia. We have approximately 26 crop types and more than 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Additional information: www.farmlandpartners.com or [phone].

<<<



---

[gfp927z]

>>> Corteva, Inc. (CTVA) operates in the agriculture business. It operates through two segments, Seed and Crop Protection.

The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics. This segment also provides digital solutions that assist farmer decision-making with a view to optimize product selection, and maximize yield and profitability.

The Crop Protection segment offers products that protect against weeds, insects and other pests, and diseases, as well as enhances crop health above and below ground through nitrogen management and seed-applied technologies. This segment provides herbicides, insecticides, nitrogen stabilizers, and pasture and range management herbicides. It serves agricultural input industry.

The company operates in the United States, Canada, Latin America, the Asia Pacific, Europe, the Middle East, and Africa. Corteva, Inc. was incorporated in 2018 and is headquartered in Indianapolis, Indiana. (Dupont)

<<<



---