The Moral Economy of Modern Agriculture

Companies Mentioned: ADM, Air Products, BASF, Bunge, CF Industries, Cargill, Casale, Casella, Corteva, Eastman, Elcogen, Euronext, ExxonMobil, Fertiglobe, GFL Environmental, Gevo, ITM Power, Keter, LONGi, LSB Industries, LyondellBasell, Marubeni, Mosaic, Neste, Next Hydrogen, Nutrien, Occidental, Plug Power, Republic Services, Sempra, Sinopec, Sungrow, The Andersons, Valero, WB Waste Solutions, WM, Waste Connections, Waste Harmonics, Werz, Woodside, Yara
Commodities Mentioned: Aluminum, Ammonia, CO₂, Corn, Ethanol, Hydrogen, Methane, Nitrogen, OCC, Plastics, Renewable Diesel, Soybeans, Sustainable Aviation Fuel

1st Topic of the Week: In a world of tightening crop markets and surging global demand, can cheap food and cheap low-carbon fuels truly coexist — or will the pursuit of one quietly reshape the future of the other?
2nd Topic of the Week: Chinese company electrolyzer orders for green hydrogen projects YTD have surpassed all of 2024, as execution speed, hybrid innovation, and clean power scale reshape green industrial leadership.
Otherwise – We discuss Texas power trends, 1Q25 waste management company recycling effort updates, CCS momentum, ethanol markets, rising US ESG pushback, and the growing uncertainties around hydrogen hubs.

Exhibit 1: Global food and agriculture commodity prices have outperformed fuels – a trend that is likely to persist.