Agricultural Products and Commodities Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › AGRICULTURAL PRODUCTS AND COMMODITIES

Seed Separates from Spread While the Broad Complex Gives Ground

This update covers the sector's movers, company announcements and transactions for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Agricultural Products and Commodities Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › AGRICULTURAL PRODUCTS AND COMMODITIES

   This is the cover page introducing the bi-weekly Agricultural Products and Commodities update for September 14–28, 2026.

   We open this bi-weekly update on Agricultural Products and Commodities, covering what changed, who moved, what transacted and what it means for September 14–28, 2026. This sets the frame for the structural and trading signals we walk through next.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › AGRICULTURAL PRODUCTS AND COMMODITIES Seed Separates from Spread While the Broad Complex Gives Ground This update covers the sector's movers, company announcements and transactions for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Agricultural Products and Commodities Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Structure Moved Forward While the Trading Breadth Turned Down

   This slide summarizes the two-week period's trading breadth and structural highlights across the 15 covered names.

   We start with the headline: 13 of the 15 covered names fell, with a -2.9% median move against the S&P 500's +0.8% gain, so breadth clearly lagged the broader market. Corteva's board-approved separation of its seed business into Vylor stands out as the period's defining structural move. With no completed transactions in the window, the 40-deal precedent set and its 9.2x median EV/EBITDA remain the valuation anchor. So what: this period is a structure story, not a pricing one.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Structure Moved Forward While the Trading Breadth Turned Down The two-week period in one page · 15 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Agricultural Products and Commodities Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 13 of 15 Covered Names Fell; The Median Move Was -2.9% The S&P 500 returned +0.8% over the same two-week period. The widest declines were Adecoagro S.A. (AGRO) at -14.1% and Cal-Maine Foods, Inc. (CALM) at -10.2%. 2 Corteva Puts Its Seed Business on Its Own Footing Corteva, Inc. (CTVA) disclosed board approval to separate its seed operating segment into Vylor Inc., with a pro-rata distribution to Corteva holders and completion expected by October 1, 2026. 3 The Precedent Record, Not New Prints, Still Anchors the Reference Set No completed transactions were recorded in the window. The trailing set of 40 precedent transactions carries a median of 9.2x EV/EBITDA, against the sector study's 8.7x median on CY2027E EBITDA. 4 Companies Sold Mix, Not Bushels The period's announcements centred on trait and royalty economics and on new income from existing processing assets: hybrid wheat and next-generation soybean platforms at Vylor, and planned carbon removal credits at Archer-Daniels-Midland Company (ADM). +10.6% Best mover — VFF worst: AGRO -14.1% · 2 up / 13 down of 15 covered -2.9% Sector median two-week return vs S&P 500 +0.8% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Where the In-Window Record Explains the Move, and Where It Does Not

   This slide compares each covered name's price move to the recorded evidence that does or does not explain it.

   We line up the two-week close-to-close moves against the sector median of -2.9% and the +0.8% S&P 500 return, using a materiality bar of 8.7% to flag names that moved for reasons the record can support. Adecoagro (AGRO) fell -14.1% and Cal-Maine Foods (CALM) fell -10.2%, the two widest declines in the group. Where no driver is recorded in the window, we say so rather than guess. So what: this tells a client exactly which moves it can explain today and which still need a catalyst.

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   PUBLIC MARKET MOVERS Where the In-Window Record Explains the Move, and Where It Does Not Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -2.9% · S&P 500 +0.8% · materiality bar ±8.7% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Agricultural Products and Commodities Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -2.9% Adecoagro S.A. (AGRO) -14.1% No notable in-window news was identified that clearly explains the move. At -14.1%, the decline was the widest in the covered set against a median move of -2.9%. Even a Premium-tier land platform can trade well below the set's median in a down window. UNEXPLAINED Village Farms International, Inc. (VFF) +10.6% Shares moved following initial Netherlands government findings on the regulated supply chain and the appointment of a lead for global government affairs. The reaction was consistent with improving market-access expectations. Regulated market access can re-rate a Discount-tier grower faster than the crop year does. COMPANY-SPECIFIC Bunge Global S.A. (BG) -10.0% Bunge Global S.A. (BG) shares moved following in-window coverage of the extended US–China trade truce and its treatment of soybeans, plus commentary weighing oilseed strength against integration risk. Trade-policy headlines still set destination-mix expectations at the large merchandisers. SECTOR-WIDE Limoneira Company (LMNR) -9.9% The move came alongside in-window commentary on mounting losses and the unfinished shift from lemons to avocados. The reaction was consistent with doubts about the earnings path rather than about the acreage. In land-heavy names the farming P&L still moves the equity, even when the acres do not change. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did: Separation, Settlement and New Revenue Lines

   This slide lists the period's highest-impact company announcements, each linked to its source.

   We highlight what companies actually did this period: Corteva's move to separate its seed business, and new income initiatives such as ADM's planned carbon removal credits. Each item links back to the filing or article it came from, and every "why it matters" line is our read of that record. So what: clients get a filtered view of the two weeks' real catalysts, not just headlines.

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   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did: Separation, Settlement and New Revenue Lines The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Agricultural Products and Commodities Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 28 · NEWS · PRNewsWire Corteva and Inari settle the seed technology lawsuit Corteva filed in 2023 Resolving the dispute ahead of the separation removes an overhang from the business that holds the trait portfolio. Trait registrations and IP enforcement sit at the centre of how seed assets are underwritten. IP certainty is part of the price in seed and crop-input processes. Sep 21 · NEWS · Business Wire Archer-Daniels-Midland (ADM) plans to sell carbon removal credits from its capture operations Archer-Daniels-Midland Company (ADM), a Core-tier name, is adding income above bulk commodity from assets it already runs. That is precisely the mix shift the standing sector thesis points to. Existing processing footprints can carry new contracted income without new acres. Sep 18 · NEWS · PRNewsWire Adecoagro draws first-time coverage from Fitch Ratings with a stable outlook A first corporate credit rating with a stable outlook widens the funding audience for a land-heavy platform that funds crop-year working capital. Funding access is part of how land platforms get compared, not just appraised acreage. Sep 15 · NEWS · GlobeNewsWire Village Farms welcomes initial government findings on the Netherlands regulated program An independent evaluation finding the regulated supply chain working supports continued market access, which is the main value driver for a greenhouse operator selling into policy-set markets. In policy-dependent crops, regulatory outcomes set the addressable throughput. Sep 15 · NEWS · PRNewsWire Vylor confirms its hybrid wheat technology will launch in 2027 ahead of the separation Hybrid wheat attaches trait and royalty economics to a crop mostly sold as bulk commodity. It supports the read that buyers pay for proprietary germplasm rather than for tonnes handled. Trait launches shift value toward the seed owner and away from pure handling margin. Sep 15 · NEWS · PRNewsWire Vylor sets out next-generation soybean platforms for North America and Latin America Yield advantage and insect-control traits are what hold share in soybeans, and the Latin America ramp targets planted acres where the lineup has been thinner. It is a mix argument, not a volume argument. Germplasm advantage is a durable value driver where merchandising spread is not.

5. 05
   M&A & STRATEGIC ACTIVITY

   Corteva Agrees to Separate Its Seed Business into Vylor

   This slide details Corteva's agreement to separate its seed business into a new entity, Vylor.

   We walk through the one agreed transaction of the period: Corteva's board-approved plan to separate its seed operating segment into Vylor, with a pro-rata distribution to Corteva holders and completion expected by October 1, 2026. We set this against the trailing precedent set of 40 recorded deals, which carries a 9.2x median EV/LTM EBITDA. So what: this gives clients a standalone seed comparable and a fresh reference point for how the market has valued similar separations.

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   M&A & STRATEGIC ACTIVITY Corteva Agrees to Separate Its Seed Business into Vylor September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 40 recorded deals · median 9.2x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Agricultural Products and Commodities Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 15 · Corteva, Inc. (CTVA) Corteva to distribute its seed segment as Vylor Inc., a standalone public company, by October 1 The board approved the separation on September 15, with a pro-rata distribution to holders and completion expected by October 1, 2026. NeuraCap reads it as separating trait and royalty economics from commodity-linked earnings. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 40 Recorded precedent transactions the reference set buyers and sellers price against 9.2x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisers

   This slide translates the period's events into implications for operators, acquirers and advisers.

   We read the period as one where mix, not bushels, was what companies chose to put forward, from trait royalties to new processing-linked income. For acquirers, the absence of new completed deals means the 40-deal precedent set and its 9.2x median EV/EBITDA remain the benchmark to underwrite against. For advisers, the observable theme is leading with structure, then arguing mid-cycle margin, as germplasm and royalty economics separate from spread businesses. So what: each audience gets a specific, actionable read rather than a general summary of the news.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisers The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Agricultural Products and Commodities Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 8.7x 16 companies in the study 3 valuation tiers Standing thesis: Agricultural Products and Commodities Splits Three Ways: Row Crops, Diversified Land Platforms, Adjacent Models FOR OWNERS & OPERATORS Mix Was What Companies Put Forward This Period The window's announcements pointed at value-added and trait-linked income rather than bulk volume. FOR ACQUIRERS The Reference Set Gains a Standalone Seed Comparable No completed transactions printed in the window, so the trailing set of 40 precedent transactions and its 9.2x median EV/EBITDA remains the benchmark. FOR ADVISORS Lead with Structure, Then Argue Mid-Cycle Margin The observable theme is a portfolio splitting germplasm and royalty economics away from spread businesses, alongside new income drawn from existing processing assets.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind every figure and statement in the update.

   We show clients exactly how this update is built, from the filings and price data through 2026-09-28 to the calibrated language we use for driver attribution. Every figure links to the record it came from, so clients can verify anything we say before acting on it. So what: this transparency is what lets this update sit alongside a client's own diligence, not replace it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Agricultural Products and Commodities Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 2 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T152155Z_504_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: prnewswire.com · businesswire.com · globenewswire.com

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