Adecoagro

Pricing largely reflects global or regional commodity curves. Fertilizer prices track global urea and gas dynamics, though Argentina’s import dependence and logistics create some local tightness. Sugar prices are global and volatile; ethanol is set by Brazilian fuel dynamics and RenovaBio incentives, with some hedging and storage optionality.

Branded dairy and rice provide pockets of margin control but are a small share of value. The company can improve realized prices via mix, hedges and timing, but structural pricing power is limited, as evidenced by management’s frequent use of hedges and inventory strategies to smooth cycles.