The Demeter Ag Aggregate (DAA) universe tracks 123 listed agricultural companies worldwide. This monthly bulletin analyses the themes present in their public disclosures. The bulletin measures how the share of DAA companies flagging each theme over the trailing twelve months compares with the prior twelve, and whether it is presented as a headwind or a tailwind to the business.
| Δ share of companies | Theme | ||
|---|---|---|---|
| ▲ | +28.6 pp | Middle East Conflict Supply Chain Disruptions | ██████████ |
| ▲ | +14.3 pp | Geopolitical Tensions Impacting Commodity Prices | █████ |
| ▼ | -10.1 pp | Russia-Ukraine Conflict Supply Chain Disruptions | ████ |
| ▲ | +8.4 pp | Strong Consumer Demand Growth | ███ |
| ▲ | +7.6 pp | Impact Of New Labour Codes | ███ |
| ▲ | +7.6 pp | Weaker Customer Demand Impact | ███ |
| ▲ | +6.7 pp | Rising Ocean Freight Costs | ██ |
| ▲ | +6.7 pp | La Niña Weather Impact on Agriculture | ██ |
Middle East conflict supply-chain disruptions recorded the largest year-over-year rise across the Demeter Ag Aggregate (DAA) universe, climbing +28.6 percentage points in the share of DAA companies raising the theme. Two of the next three fastest-rising themes are also geopolitical, underscoring how conflict-linked risk language has spread through agricultural disclosures over the past twelve months.
# Biggest Movers
Geopolitical supply-chain and demand themes dominate the risers, while Russia-Ukraine conflict language is the sole notable retreater.
- Middle East Conflict Supply Chain Disruptions (+28.6 pp) — the single largest year-over-year gain across all tracked themes.
- Geopolitical Tensions Impacting Commodity Prices (+14.3 pp) — the second-fastest riser, also geopolitical in character.
- Russia-Ukraine Conflict Supply Chain Disruptions (−10.1 pp) — the only meaningful decliner, moving in the opposite direction to Middle East conflict language.
- Strong Consumer Demand Growth (+8.4 pp) — rising alongside, not instead of, the weaker-demand theme below.
- Weaker Customer Demand Impact (+7.6 pp) — gaining at nearly the same rate as the strong-demand theme.
- Impact of New Labour Codes (+7.6 pp) — the fastest-rising regulatory theme in the period.
- Rising Ocean Freight Costs (+6.7 pp) — tied with La Niña weather impact as the next-fastest risers.
These percentages reflect shares of the 123 covered DAA companies, not of the industry as a whole.
# Notable Flips
Six themes switched majority direction between the two twelve-month periods; each rests on a base of between six and seventeen companies, so the direction readings are sensitive to individual disclosures.
Flipped to mostly tailwind
- Biodiesel Market Dynamics — headwind share 61% → 15% (base: 9 companies / 33 claims → 6 companies / 13 claims).
- Oilseed Crushing Margins — headwind share 62% → 26% (base: 7 companies / 29 claims → 7 companies / 35 claims).
Flipped to mostly headwind
- Pork Segment Pricing Dynamics — headwind share 24% → 69% (base: 6 companies / 122 claims → 8 companies / 89 claims).
- Brazilian Agricultural Market Conditions — headwind share 25% → 56% (base: 15 companies / 24 claims → 17 companies / 27 claims).
- Favourable Net Price Realisation — headwind share 30% → 58% (base: 10 companies / 20 claims → 9 companies / 12 claims).
- Rising Feed Ingredient Costs — headwind share 48% → 70% (base: 6 companies / 21 claims → 11 companies / 20 claims).
# Below the line
Shifts that did not make this month's report:
- Middle East Agricultural Revenue Dynamics: +6.7 pp
- Net Farm Income Impact: -5.9 pp
- North America Operating Income Declines: +5.9 pp
- Foreign Currency Translation Impact: -5.0 pp
- Supply Chain Cost Inflation: -5.0 pp
- Inflationary Cost Pressures: +5.0 pp
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