Agribusines Equity Strategy

2015 Agribusiness Equity StrategyJan 23 2015 Global Agribusiness Special report

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Industry Trend Analysis - 2015 Agribusiness Equity StrategyJan 20 2015 Global Industry Trend Analysis Agribusiness

Below we highlight our core views for equity performance in each agricultural sub-sectorthat we cover:

Livestock companies will generally benefit from lower input costs. Share priceperformance of each company will greatly depend on individual growth strategies.We have a neutral view of the performance of sugar companies as sugar and oil priceswill remain low over H115.We are particularly bullish on downstream dairy companies due to declining inputcosts and strong global growth.Chocolate companies will post weaker results over 2015, as the price of cocoa willremain elevated and consumption growth will slow in Europe.Palm oil upstream players will outperform their integrated counterparts as thechallenging environment for the palm oil sector will continue in 2015.Ethanol companies will face poorer results in the wake of a fundamental shift lower inglobal oil prices.Grain handlers will benefit from low oil prices and high global grain stocks over 2015.Agricultural machinery companies will record poor results over 2015, but there ispotential for share price appreciation from H215.Seed companies will record subdued growth for 2015, but top- and bottom-line resultswill be better than machinery companies.Fertiliser consumption will be subdued over 2015, but higher prices could boostmargins for key players.

Commodity Prices To Head HigherThe overarching theme for our agricultural commodity views for 2015 is for prices toaverage higher than current levels over the year. We are more bullish than Bloombergconsensus for all the grains we cover , and generally speaking, we believe that softsprices will remain weak over the next few months, before heading higher later in the year .The exception for this is coffee, which we expect to head lower over coming months, andcocoa, which we expect to move higher in Q115.

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Report Contents

Industry Trend Analysis - 2015Agribusiness Equity Strategy

Page1 of 15Business Monitor International

11-02-2015https://bmo.businessmonitor.com/sar/reports/view?productid=4209&issue=20150123

Subdued Grains Prices Over The YearS&P GSCI Grains Index (monthly chart)

Source: Bloomberg

Key Global ThemesWe have outlined our core global beliefs and themes for 2015 in our December 2014Global Assumptions Piece .

Global GDP will expand from 2.8% in 2014 to 3.1% in 2015.

Brent crude prices will remain low over the year, averaging USD55/bbl in 2015.

The US dollar will strengthen against most major currencies over the year and weexpect ongoing weakness in the yen and euro.

We are below consensus on US GDP growth in 2015, but still expect growth toaccelerate to 2.7%.

Argentina and Russia will enter into recession in 2015, while Brazil will record weakgrowth of just 0.6%.

We believe that Chinese economic growth will continue to slow.

New Era For OilFront-Month Brent Crude (USD/bbl, monthly chart)

Source: Bloomberg

The performances of agricultural sub-sectors will fundamental vary over 2015, based onour core global, commodity and agribusiness themes for the year. In this article weanalyse each of the ten main sectors we cover in the sphere, and give our outlook onlikely performance for the year.

Sub-Sector Out look: LivestockLivestock companies will generally benefit from lower input costs. Share price

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performance of each company will greatly depend on individual growth strategies.Core assumptions:

Grain prices will remain weak by historic standards across 2015 and will averagesimilar levels y-o-y. We expect prices to increase from current levels and are aboveconsensus on all grain prices for the year.

US prices of cattle and pork will not reach the highs recorded in H214.

Core risks:

Grain prices could prove to be weaker than we expect over 2015, which will be bullishfor livestock companies.

A major disease outbreak, as witnessed in 2014 in the US pork sector, could limitsupply and cause a rapid increase in prices.

Livestock producers will benefit from lower input costs owing to weak grain prices relativeto levels over the last few years (especially soybean), as well as low oil prices across2015. US retail prices are also high, while the price of live and feeder cattle havesomewhat moderated over the last few months. Lower input costs and the high price ofretail meat prices will benefit livestock producers.

There will be mixed performance across livestock companies, largely dependent onrelative weightings to the core meat segments of poultry, pork and beef. With a US focus,poultry divisions are likely to see continued EBITDA growth as grain prices remain low.Beef EBITDA margins are likely to remain poor relative to other divisions over the comingquarters before improving towards 2016 on the back of US herd rebuilding. Pork marginswill also improve; we expect lean hog prices to ease over the coming months as US-baseddisease concerns subside. Between May and August 2014, we held an outperformanceview on US poultry companies relative to diversified meat packers, which we closed with again of 15.3%. We believe that performance across sub-sectors will now be more even, asprices of cattle and pigs have declined substantially since peaking in Q314.

Given the highly consolidated nature of the global livestock sector, we believe that thebest performing companies in the sphere will be those that make the most of efficiencygains, implement effective downstream expansion strategies, or expand into new fast-growing markets, most notably emerging Asia. Downstream expansion is a key themeacross major meat producers, having been demonstrated on a global stage followingTyson Foods' acquisition battle with poultry rival Pilgrim's Pride for Hillshire Brands.Tyson ended up paying an almost 70% premium for Hillshire .

Another key theme that we believe will have a major impact on the share priceperformances of global meat companies is geographic expansion. Indeed, we hold abullish view on Thai livestock producer Charoen Pokphand Foods in large part due tothe company's strong presence and expansion projects in key developing countries suchas China, Vietnam and Laos . Asia will be one of the key markets for livestock demandgoing forward. In particular, we forecast average per capita regional meat consumption(including beef, poultry and pork) to show the second strongest growth globally behindAfrica. China in particular is a growing segment for the company's exports and we seepotential for this to continue over the long term as we are expecting China to become anet meat importer over the coming years.

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Asian Countries Lead The WaySelect Countries - Poultry Consumption Growth (% chg y-o-y)

e/f= BMI estimate/forecast. Sources: USDA, BMI

Sub-Sector Out look: SugarWe have a neutral view on sugar companies as sugar and oil prices will remain lowover H115.

Core assumptions:

Sugar prices to remain weak over H115 before heading higher in H215. Sugar willaverage USc16.75/lb over 2015.

Oil prices will remain weak but will not remain below USD40/bbl for a considerablelength of time. The competitiveness of ethanol will be damaged.

Profitability concerns to remain among global sugar mills over 2015, but to improve incoming years.

Core risks:

Major downside potential to sugar prices if oil and the Brazilian real depreciatesfurther than we expect.

The prospects for sugar companies around the world are mixed, though most willcontinue to be hurt by the continued weakness in sugar prices, as well as the recent steepfall in oil prices which will continue to reduce the competitiveness of ethanol. Wetherefore expect companies in this sector to underperform the general agribusinesssphere over the coming months, though believe that profitability issues currently faced bysugar mills across the globe will peak in 2015, and that earnings will improve thereafter .We base this view on our belief that global sugar prices will rise and oil prices willstabilise from mid-2015, improving earnings.

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USc14.00-16.00/lb Range AheadFront-Month ICE Sugar, USc/lb (weekly chart) & RSI (below)

Source: BMI, Bloomberg

Indeed, in November 2014 we removed our long-running view that Brazilian sugar andethanol firm So Mart inho would outperform the country's Bovespa index. We removedthis view despite BMI 's poor macroeconomic outlook for Brazil and our belief that theBovespa index would suffer as a result . Similarly, we hold a bearish view on Thai sugarcompany Khon Kaen Sugar Industries (KSL) and expect the company to perform inline with the country's SET Index, for which we also hold a bearish view .

Nevertheless, we believe that So Martinho will outperform European sugarcane refinerssuch as Suedzucker and Tate & Lyle . We hold this view given the subdued outlookfor European sugarcane refiners, as import duties on sugarcane will remain from 2017,despite the abolition of sugar beet production quotas in the EU at this time. Sugar derivedfrom sugarcane will become less competitive relative to that derived from sugar beet.

Sub-Sector Out look: DairyBullish on downstream dairy companies due to declining input costs and strongglobal growth.

Core assumptions:

Milk prices will remain around current levels and are unlikely to depreciateconsiderably further.

Global growth will remain strong for dairy products, particularly in emerging marketsand emerging Asia.

Core risks:

Milk prices could deteriorate further, which would boost dairy companies' margins.

Weaker economic growth in emerging markets (particularly China) could weigh ondairy consumption.

We are particularly positive on the prospects of dairy companies over the coming monthsand hold two bullish views on dairy companies in our Sector Strategy Table. The first ofthese is on outperformance of an equally weighted basket of 14 dairy companies againstthe Bloomberg Food Index, which we initiated on February 7 2014 and is currently up by7.1%. Our second dairy view is the outperformance of Canadian dairy firm Saputo relativeto the S&P/Toronto Stock Exchange Composite Index, initiated on October 8 2014 andcurrently up by 6.8%. Over the next year, downstream dairy companies will particularlybenefit from lower milk prices, which will boost margins. Better economic growthprospects in developed markets are also likely to boost demand from consumers in suchcountries.

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Milk Will Stay Low Over Coming MonthsThird-Month Class III CME Milk (USD/cwt, weekly chart)

Source: Bloomberg

We believe that standout global demand growth in dairy products will come fromemerging Asia countries, as incomes rise, safety standards increase and the taste fordairy products develops. There are a limited number of publicly traded Westerncompanies with a growth focus on emerging Asian countries, though Saputo representsone such company. Saputo acquired Australian dairy firm Warrnambool Cheese &But ter in April 2014, which has strong trade links with countries such as China andVietnam. We expect Saputo to increase its exposure to emerging markets over the comingyears .Sub-Sector Out look: Chocolate

Chocolate companies will post weaker results over 2015, as the price of cocoa willremain relatively high and consumption growth will slow in Europe.

Core assumptions:

Cocoa prices will remain elevated over 2015, averaging GBP2,000/tonne over the year.

European demand growth will weaken over 2015 and subsequent years.

Core risks:

Cocoa prices could appreciate significantly on the back of poor weather or regionalpolitical events, which would lead to a reduction in margins for grinders.

Chocolate companies will post weaker year-on-year (y-o-y) results over 2015, as the priceof cocoa will remain relatively high and consumption growth will slow in Europe. Wecurrently hold a bullish cocoa view in our Commodities Strategy Table, which we initiatedon December 8 2014 and which is currently up by 5.7% as of the time of writing. Webelieve that cocoa prices will remain elevated over 2015, which will ultimately lead tolower margins for chocolate companies.

Cocoa demand in Europe, globally the most important region regarding chocolateconsumption, will decline over the next few years. European consumption growth will beweak due to base effects. Indeed, Q414 cocoa grindings from Europe came in significantlylower year-on-year, by 7.4%, with some of the lowest growth since 2000.

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Weakest In Over A DecadeEurope - y-o-y Growth In Cocoa Grindings For Q4 Only (%)

Sources: BMI, ECA

While many cocoa companies are focussing on emerging Asia as high growth markets, webelieve these markets will remain largely insignificant over the next several years, asabsolute chocolate consumption is very low. Swiss producer Barry Callebaut , forexample, continues to expand capacity in the region. The company indicated recently thatit invested in a new cocoa factory in Makassar (Indonesia) in collaboration with localpartner PT Comextra Majora . The company also relocated some of its facilities in Japaninto much bigger factories near Tokyo. Moreover, Barry Callebaut continues to pushinvestment in capacity in Latin America (mainly in Mexico and Chile) and in Asia Minorwith a chocolate factory in Turkey .

One more important note regards the recent appreciation of the Swiss franc, which rosesignificantly on January 15 as the Swiss central bank removed its exchange rate cap.Strength in the franc will decrease the competitiveness of exports, though moreimportantly will negatively impact on results from Swiss companies such as BarryCallebaut, Lindt and Sprungli and Nestl .Sub-Sector Out look: Palm Oil

Palm oil upstream players will outperform their integrated counterparts as thechallenging environment for the palm oil sector will continue in 2015.

Core assumptions:

Palm oil prices will remain weak over the year.

Overcapacity in the refining segment will continue to weaken profitability in thedownstream sector in 2015.

Soybean prices will pick up from current levels, pressuring soybean crush margins inChina. Meat and soy oil consumption will slow down in China.

Core Risks:

Unfavourable weather would send palm oil prices higher than currently expected.

The operating environment for palm oil companies in Indonesia and Malaysia will remainchallenging over 2015, as the fundamentals for the industry remain unfavourable. Profitswill be limited by slowing sales growth and falling margins. We forecast palm oil prices tobe lacklustre and average lower over 2015, at MYR2,350/tonne, compared withMYR2,396/tonne recorded over 2014 . This will limit earnings growth in the plantationbusiness. Regarding the broader oilseed sector in Asia, the 2015 outlook for soybeancrushing margins in China is also dire .

Upstream companies (such as Bumitama , Astra Agro Lestari and First Resources)will fare better than their integrated counterparts, as lingering overcapacity in the refiningsegment will continue to weaken profitability in the downstream sector . For thesereasons, Golden Agri Resources, Felda Global Ventures and WilmarInternational , three integrated palm oil players, will record lacklustre performancein FY15.

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Downstream Operat ions UnderperformingGolden Agri-Resources - EBITDA Margins By Segment (%)

Note: GAR changed the way it publishes segmental results from Q114 and has not published EBITDAmargins for Q213-Q413. Sources: Golden Agri-Resources, BMI

Sub-Sector Out look: EthanolEthanol companies will face poorer results in the wake of a fundamental shift lower inglobal oil prices.

Core assumptions:


Oil prices will remain low across 2015.

Core risks:

Grain prices could be weaker than we expect, which would improve margins forethanol producers.

Policy changes to ethanol blending mandates or production quotas in Brazil or the USwould have major ramifications for production.

The positive fundamentals which benefitted the ethanol sector in 9M14 have reversed andwe now believe that growth will be very weak for companies such as Green Pla ins andPacific Ethanol, both based in the US. Between July and September 2014, we held aview on the outperformance of US ethanol producers against US oil refiners, which weclosed with implied gains of 20.6%. We opened this view given our belief that high oilprices would encourage ethanol production and that the steep decline in corn prices over2014 would improve margins for producers .19



Fundamentals Have ChangedGreen Plains Share Price (USD)

Source: Bloomberg

This dynamic has now completely changed. Oil prices have fallen by almost 60% sinceJune 2014 and are trading below USD50/bbl, the lowest since 2009. Ethanol prices havesimilarly fallen, though the competitiveness of ethanol to oil has therefore reducedsignificantly. Furthermore, corn prices have risen from their 2014 lows and now standaround 15% higher than in October 2014. We believe that oil prices will remain weak andexpect corn prices to average higher in 2015 than current levels. This will translate intoweak results for many ethanol companies.

We believe the outlook in Brazil, the second largest producer of ethanol, is more positivecompared to the US. As a result of a fuel price cap in Brazil, ethanol producers haveoperated in a tough climate for some years; a decline in the global price of oil will haveless of an impact on the sector than in other countries. Furthermore, ethanol productionderived from sugar is more efficient than from corn and the recent increase in the ethanolblending mandate in Brazil will help ethanol production in the country. That said, exportdemand for ethanol from Brazil will be limited, which will depress prices.

Low Global Demand For Ethanol ImportsBrazilian Ethanol Exports (litres mn)

Source: Bloomberg

Sub-Sector Out look: Gra in HandlersGrain handlers will benefit from low oil prices and high global grain stocks over 2015.

Core assumptions:

Grain production will be strong by historical standards in major producing states inthe 2015 calendar year.

Oil prices will remain low across 2015.



Core risks:

Grain production could be much lower in key producing regions for a variety ofreasons, such as lower than expected plantings or very poor weather.

Downstream acquisitions could be deemed to not provide shareholder value.

Grain handlers will benefit from low oil prices and high global grain stocks over 2015.While we forecast a deep y-o-y decline in US soybean and corn production for 2015/16 (of13.1% and 7.0% respectively), we still forecast the second largest soybean crop and thirdlargest corn crop on record for the US. High volumes of grain will benefit grain handlerssuch as Bunge and Archer Daniels Midland (ADM). We also forecast a large wheatcrop in the EU in 2015/16 and the largest corn crop on record for China.

Still A Significant Corn CropUnited States - Corn Production ('000 tonnes)

e/f= BMI estimate/forecast. Sources: USDA, BMI

A broad theme across global grain handlers is downstream expansion. Downstreamoperations generally have much higher profit margins than grain trading, but attractivesynergy opportunities exist for both. ADM, for example, bought natural ingredients firmWild Flavours for around USD3.0bn in July 2014. We believe that this will be an ongoingtheme over the next few years for upstream grain handlers, similar to upstream palm oilcompanies . Whether shareholders view such acquisitions as value for money will largelyinfluence share price performance.

Sub-Sector Out look: Agricultura l MachineryPoor results over 2015, but potential for share price appreciation from H215.

Core assumptions:


Argentina and Russia will enter recession in 2015, while Brazil will record subduedeconomic growth. Credit conditions will generally worsen in these countries.

Core risks:

Grain prices could prove to be weaker than we expect over 2015, which will be bearishfor agricultural machinery companies.

Key international markets such as Brazil could record better than expected economicperformance over 2015, which would be bullish for machinery companies.

Agricultural machinery companies will continue to perform poorly over H115 and into2016. Major machinery companies Deere and AGCO, makers of John Deere and MasseyFerguson tractors respectively, have posted declining revenue since Q214. Bothcompanies have guidance for y-o-y revenue to decline at an accelerating rate over thenext several quarters.

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Decline In 2014United States - Farm Net Cash Income Growth (%)

Source: Bloomberg, USDA

Machinery companies will perform poorly in a context of low grains prices relative to thelast several years and increasing fiscal and economic problems in several majormarkets . In the US, reduced farm incomes are likely to lead to reduced revenues. Indeed,the USDA forecasts US net farm income to fall by 6% in 2014, despite recording a larger y-o-y grain crop in 2014/15. Sales growth in key international markets such as Brazil,Argentina, the EU and Russia will also be poor. BMI forecasts Argentina and Russia toenter recession in 2015, while economic growth in the eurozone and Brazil will be weak atbest. Growth concerns in these countries will weigh on the ability and desire for farmersto purchase new machinery, while currency depreciation in key international markets(most notably Brazil and Russia) will make imports more expensive.

Weakness In Sales To ContinueSelect Countries - Tractor Sales Growth (% y-o-y)

Sources: BMI, Bloomberg

We believe that the results of machinery companies will improve later in 2015 and willconsider entering a bullish view on the sub-sector sometime over the year. In our view,negative sentiment is at an extreme, while problems regarding economic and agriculturalsector performance in key markets are well-known. As said, machinery companies areforecasting significant y-o-y declines in both top and bottom line growth over the comingquarters. Valuations for agricultural machinery companies are also near multi-year lows.Deere, for example, is trading at a price/earnings ratio of 10.2x, around its lowest since2008. Such low valuations increase a potential bullish case towards agriculturalmachinery companies. We are above consensus on grain prices for 2015, which suggestswe may expect greater share price appreciation in machinery companies over the nextyear than expected by the market. Furthermore, access to credit in the US and EU willremain ample over the next few years.

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Near Mult i-Year LowsDeere & Company - P/E & P/B Ratios

Source: Bloomberg

Sub-Sector Out look: SeedmakersSubdued growth outlook for 2015, but top- and bottom-line results will be better thanmachinery companies.

Core assumptions:


Grain plantings will decline in the calendar year 2015 in the Americas region.

Argentina will enter recession in 2015, while Brazil will record subdued economicgrowth. Credit conditions will generally worsen in these countries.

China will not allow commercialisation of GM corn in 2015.

Core risks:

Grain prices could prove to be weaker than we expect over 2015, which will be bearishfor GM seed companies.

Policy in key Asian countries such as China and India towards genetically modifiedorganism (GMO) usage could soften, which would be bullish for global seedmanufacturers.

GM seeds companies will register lacklustre growth in 2015 compared to the previous fewyears. This is primarily due to our belief that the area devoted to grains will decline y-o-yin the Americas region, which is by far the most important for GM seeds. Furthermore,declining farm incomes in 2014, coupled with currency depreciation in Brazil andArgentina, will reduce the purchasing power of many farmers in the Americas region.Nonetheless, we do not believe seed companies will record top-line growth as poor asagricultural machinery companies, as farmers need to replenish seed stocks every year, incontrast to new machinery sales which can be delayed.

Over the next several years, we believe that the Americas will continue to be the stand-outopportunity for globally-focussed GM seed companies, as we see few growth prospects inother regions. Combined, North and South America make up just under 90% of total GMcrop plantings. Africa remains a very small player and we believe this will continue to bethe case given the continent's inherent problems in the agricultural sector, coupled withrecent currency depreciation across the continent . The outlook for GM adoption inEurope has deteriorated in light of 2014 reforms, which allow individual EU member statesto ban seed use on no scientific grounds . Public opinion towards GM usage remainsoverwhelmingly negative.

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Americas DominatesSelect Regions - GM Crop Plantings In 2012 (% of global)

Source: BMI, ISAAA

Outside of the Americas, Asia represents one of the best opportunities for growth for GMseed companies. However, the adoption rate of GM crops in the region will remain slow inthe coming years, as many countries are still in the early stages of field trials, whichusually take years to complete. While we expect China to allow commercialisation of GMcorn in the longer term (five-plus years), recent actions by the government suggest this isnot likely to come in the very short term. We believe that India is unlikely to allow the useof GM seeds for food crops over the next three to five years . Furthermore, we believethat Asian-domiciled companies are likely to take advantage of developing GMO policy inthe continent. This is especially true for China, where the government is trying to promotehome-grown research and GM companies.

On the company-specific level, we believe that Monsanto, the world's largest GM seedsmanufacturer, will underperform the US benchmark S&P 500 . In our view, the company'sexpectation for double-digit growth in gross profits over 2015 is somewhat unrealistic.

Sub-Sector Out look: Fert iliserFertiliser consumption will be subdued over 2015, but higher prices could boostmargins for key players.

Core assumptions:

Fertiliser application growth will be low due to a reduction in grain area planted in keyregions and low grains prices.

Application of nitrogen-based fertilisers is likely to outpace potash and phosphateapplication.

Global oil and gas prices will remain low.

Core risks:

Greater than expected fertiliser application would be bullish for companies.

Potential risks particularly relevant to potash and phosphate demand in the form ofunforeseen mine closures and the re-emergence of the Belarusian Potash Companyfor potash.

Global fertiliser demand growth will be fairly subdued over 2015, as crop area will declinein key grain producing regions and the fertiliser/crop price ratio is high, making fertiliserapplication expensive relative to potential revenue. Despite the potential for low revenuegrowth, we believe that profit margins could improve for fertiliser companies on the backof lower oil and gas prices . In particular, companies with a high exposure to nitrogenproduction, relative to phosphate or potash, have the potential to outperform. In contrastto phosphate and potash fertilisers, nitrogen-based fertilisers are not mined, but createdvia an energy-intensive process involving a number of gases. Lower oil and gas prices willtherefore be a particular boon to such companies .

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Furthermore, we expect nitrogen demand growth to outpace that of potash and phosphateover 2015. Nitrogen-based fertilisers are generally cheaper and more available than potashand phosphate, which will act as a boon in a period of lower crop prices and subsequentlylower farm incomes.

Fertiliser Application Expensive By Historic StandardsPrice Ratio - Front-Month CBOT Corn/Fertiliser Average Price

Note: An increase in the ratio implies greater affordability of fertiliser relative to crop prices. Dotted line isfive-year average. Average fertiliser price is an equally weighted average of US Cornbelt Granular Potash,North African Phosphoric Rock, US Gulf NOLA Urea and Tampa CFR Ammonia (all Green Market). Sources:Bloomberg, Green Market, BMI

Footnotes1. Monthly Softs Strategy, December 10 2014

2. Monthly Grains Strategy, December 11 2014

3. Global Assumptions - December 2014, December 12 2014

4. Global Company Strategy - Tyson Foods, December 30 2014

5. Global Company Strategy - Charoen Pokphand Foods, December 1 2014

6. Bright Sugar Sector Outlook Several Years Away (Brazil), November 20 2014

7. Pricing Reform Necessary For Sugar Sector Recovery (India), November 26 2014

8. Growth To Disappoint Again In 2015 (Brazil), November 5 2014

9. Global Company Strategy - Khon Kaen Sugar Industry PCL, October 21 2014

10. Consolidation Ahead For EU Sugar Producers, October 7 2014

11. Global Company Strategy - Saputo, January 8 2015

12. Global Company Strategy - Barry Callebaut, January 15 2015

13. Palm Oil: No Significant Rally In Sight, December 5 2014

14. Lacklustre Meat Demand In China Limiting Soy Imports, January 15 2015

15. Upstream To Benefit From Modest Palm Oil Price Recovery, November 11 2014

16. Global Company Strategy - Golden Agri Resources, October 8 2014

17. Global Company Strategy - Felda Global Ventures, December 10 2014

18. Global Company Strategy - Wilmar International, December 18 2014

19. Monthly Company Performance, July 4 2014

20. Global Company Strategy - Bunge, November 19 2014

21. Global Company Strategy - Deere & Company, December 31 2014

22. Africa GM Outlook, December 18 2014

23. Europe GM Outlook, November 26 2014

24. Asia GM Outlook, November 20 2014



2015 Business Monitor International Ltd. All rights reserved.

25. Global Company Strategy - Monsanto, December 22 2014

26. Global Company Strategy - Potash Corp, January 6 2015

27. Americas Fertiliser Outlook, December 12 2014



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