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15 Biggest Agriculture Stocks in 2024

In this piece, we will take a look at the 15 biggest agriculture stocks in 2024. If you want to skip our overview of the agriculture industry and what can be classified as an agriculture stock, then you can take a look at the 5 Biggest Agriculture Stocks in 2024.

Despite having been replaced by industrialization, services, and now information technology, agriculture is nevertheless indispensable when it comes to maintaining and growing modern day societies. At the same time, since it’s the one industry that has accompanied modern day civilization since its start, agriculture has also evolved with the ages. Now, companies that we can characterize as agriculture stocks no longer need to be involved either directly in the process of farming, in the process of storing food, or even in providing products such as pesticides and fertilizers to make a farmer’s life easier.

Instead, agriculture stocks such as the industrial behemoth Deere & Company (NYSE:DE) are manufacturing firms that make complex equipment capable of carrying out the tasks of hundreds of workers at a lower cost. Machines such as the ones made by Deere have transformed the way human beings have been able to grow, matching the impact by pureplay agriculture stocks such as Pacific Biosciences of California, Inc. (NASDAQ:PACB) and Corteva, Inc. (NYSE:CTVA).

In fact, technologies that agriculture stocks such as Pacific Biosciences rely on would be classified as nothing short of science fiction at the very least or even magic by farmers of previous centuries. PacBio sells systems that enable scientists and researchers to sequence the code of biological organisms. So, while farmers of 1900 would have to contend with seeing their crops die in the face of disease, today’s farmers can rely on crops that have been genetically engineered to be resistant to the same attackers. Similarly, ranchers or cattle farmers can rely on livestock capable of meeting modern day production needs of both milk and meat.

All these factors combined mean that agriculture stocks are quite lucrative. While they might not be as glitzy as high end artificial intelligence firms such as Microsoft Corporation (NASDAQ:MSFT), agriculture stocks provide investors with the comfort of knowing that the demand for their products will continue as long as humans rely on biological food for sustenance. This makes the stocks attractive during periods of economic downturn, like their counterparts in the consumer defensive stock sector.

At the same time, agriculture stocks are nevertheless vulnerable to the same market weaknesses as other stocks. Like broader commodity prices, agriculture stocks also rely on global supply chain stability to act as the backbone of their valuation. For instance, companies like Corteva that sell seeds might have a large portion of their customers located in an international country. If the shipping lines to that country are threatened, or if domestic conditions make spending money difficult for locals, then Corteva might see its investors become worried – causing the share price to drop.

Broadly speaking, we can break down agriculture stocks into several categories depending on the supply chain. At the backend of the chain, or upstream as analysts would like to call it, are seed, fertilizer, and medicine companies such as Nutrien Ltd. (NYSE:NTR), Corteva, and the well known Bayer Aktiengesellschaft (OTC:BAYRY). Then, after the farmers have grown the crops, firms such as Archer-Daniels-Midland Company (NYSE:ADM) pop in and buy their products to act as a middle party between the farmer and the market. Agriculture stocks such as Lamb Weston Holdings, Inc. (NYSE:LW) procure products such as potatoes and sell them in the form of finished products such as fries further down the supply chain. From here on, agriculture stocks see the end of the road as retailers like Walmart Inc. (NYSE:WMT) deliver the product in the consumer’s hands.

With these details in mind, let’s take a look at the biggest agriculture stocks as we head into 2024. Some of the biggest agriculture stocks are Archer-Daniels-Midland Company (NYSE:ADM), Corteva, Inc. (NYSE:CTVA), and Deere & Company (NYSE:DE).

A close-up shot of a cannabis leaf on a cannabis cultivation farm.

Our Methodology

To make our list of the biggest agriculture stocks, we ranked the U.S. listed top 21 holdings of the iShares MSCI Agriculture Producers ETF by their latest market capitalization and picked out the biggest stocks.

For this list of the biggest agriculture stocks, we used hedge fund sentiment. Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). That’s why we pay very close attention to this often-ignored indicator.

15 Biggest Agriculture Stocks in 2024

15. Sime Darby Plantation Berhad (OTC:SDPNF)

Latest Market Capitalization: $6.32 billion

Sime Darby Plantation Berhad (OTC:SDPNF) is one of the biggest agricultural companies in the world. It is a dominant player in the global palm oil industry and the firm’s market capitalization in the U.S. dollar is reflective of this since it has been converted from the Malaysian Ringgit. Along with Corteva, Inc. (NYSE:CTVA), Archer-Daniels-Midland Company (NYSE:ADM), and Deere & Company (NYSE:DE), it is one of the biggest agriculture stocks in the world.

14. Darling Ingredients Inc. (NYSE:DAR)

Latest Market Capitalization: $6.65 billion

Darling Ingredients Inc. (NYSE:DAR) is an American company that provides food products to the broader industry as well as raw materials to fertilizer companies. Despite the fact that the firm has missed analyst EPS estimates in three of its four latest quarters, the shares are rated Strong Buy on average and have an average share price target of $68.06.

As of Q3 2023 end, 35 out of the 910 hedge funds tracked by Insider Monkey had bought a stake in Darling Ingredients Inc. (NYSE:DAR). Ian Simm’s Impax Asset Management was the firm’s biggest hedge fund shareholder due to its $297 million investment.

13. Ingredion Incorporated (NYSE:INGR)

Latest Market Capitalization: $7.19 billion

Ingredion Incorporated (NYSE:INGR) is a diversified corn company that processes the crop into several end forms and products. The firm is currently busy divesting its businesses to focus on core areas, and to this effect, it sold a South Korean division in February 2024.

During September 2023, 29 out of the 910 hedge funds covered by Insider Monkey’s research had invested in the firm. Ingredion Incorporated (NYSE:INGR)’s largest investor in our database is Donald Yacktman’s Yacktman Asset Management through its $218 million investment.

12. FMC Corporation (NYSE:FMC)

Latest Market Capitalization: $7.51 billion

FMC Corporation (NYSE:FMC) sells fertilizers, pesticides, insecticides, and other associated products. Its investors were in for some bad news in January 2024 when Bank of America downgraded the stock to Underperform from Neutral, and cut the share price target to $57 from $60.

By the end of last year’s third quarter, 30 out of the 91 hedge funds surveyed by Insider Monkey were FMC Corporation (NYSE:FMC)’s shareholders. Israel Englander’s Millennium Management owned the biggest stake which was worth $108 million.

11. AGCO Corporation (NYSE:AGCO)

Latest Market Capitalization: $9 billion

AGCO Corporation (NYSE:AGCO) is an industrial company best known for its tractors. The firm made a big announcement in January 2024 when it significantly upgraded its dealership network and added new features such as retail outlets that cater to the demand of the area served as opposed to a standardized operating model.

Insider Monkey dug through 910 hedge fund portfolios for 2023’s third quarter to find that 26 had invested in the firm. AGCO Corporation (NYSE:AGCO)’s largest hedge fund investor is Cliff Asness’s AQR Capital Management due to its $121 million stake.

Archer-Daniels-Midland Company (NYSE:ADM), Corteva, Inc. (NYSE:CTVA), and Deere & Company (NYSE:DE) are met by AGCO Corporation (NYSE:AGCO) in our list of the world’s biggest agriculture stocks.

10. The Toro Company (NYSE:TTC)

Latest Market Capitalization: $9.52 billion

The Toro Company (NYSE:TTC) makes and sells irrigation equipment. Its fourth quarter and full year 2023 results provided a mixed picture, since while high inflation affected its residential sales, the business segment grew even as borrowing costs were high.

As of Q3 2023 end, 17 out of the 910 hedge funds part of Insider Monkey’s database had bought The Toro Company (NYSE:TTC)’s shares. Robert Joseph Caruso’s Select Equity Group was the biggest investor as it held $474 million worth of shares.

9. The Mosaic Company (NYSE:MOS)

Latest Market Capitalization: $9.85 billion

The Mosaic Company (NYSE:MOS) is headquartered in Florida, and it is one of the biggest fertilizer companies in the U.S. It has been struggling on the financial front as of late by having missed analyst EPS estimates in all four of its latest quarters. However, the shares are rated Buy on average and the average analyst share price target is $39.13.

For their September quarter of 2023 shareholdings, 35 out of the 910 hedge funds tracked by Insider Monkey’s research were the firm’s shareholders. The Mosaic Company (NYSE:MOS)’s largest hedge fund stakeholder is Cliff Asness’s AQR Capital Management through its $115 million investment.

8. Bunge Global SA (NYSE:BG)

Latest Market Capitalization: $13 billion

Bunge Global SA (NYSE:BG) is a diversified agriculture and food company that engages in commodity trading, processing, and other operations. It has beaten analyst EPS estimates in all four of its latest quarters, and with institutional investors holding more than 90% of the shares, the stock offers a semblance of stability.

By the end of last year’s third quarter, 31 out of the 910 hedge funds covered by Insider Monkey’s survey had held a stake in Bunge Global SA (NYSE:BG).

7. CF Industries Holdings, Inc. (NYSE:CF)

Latest Market Capitalization: $14.57 billion

CF Industries Holdings, Inc. (NYSE:CF) sells ammonia and urea for fertilizer and other use cases. February 2024 is shaping up to be an important month for the firm as not only has it seen a new CEO brought on board, but CF Industries Holdings, Inc. (NYSE:CF) is also heading to its financial results for the fourth quarter.

During September 2023, 38 out of the 910 hedge funds surveyed by Insider Monkey had bought the firm’s shares. Ken Griffin’s Citadel Investment Group was the biggest CF Industries Holdings, Inc. (NYSE:CF) investor as it owned 1.6 million shares that are worth $141 million.

6. Lamb Weston Holdings, Inc. (NYSE:LW)

Latest Market Capitalization: $15.12 billion

Lamb Weston Holdings, Inc. (NYSE:LW) is a food company that sells potatoes, dairy, and other food products. It’s one of the strongest rated stocks on our list, as analysts have rated the shares as Strong Buy on average and set an average share price target of $129.25.

46 out of the 910 hedge funds polled by Insider Monkey for their Q3 2023 shareholdings had bought and owned Lamb Weston Holdings, Inc. (NYSE:LW)’s shares. Ken Griffin’s Citadel Investment Group was the largest shareholder through its $350 million investment.

Its market capitalization ensures that Lamb Weston Holdings, Inc. (NYSE:LW) joins Archer-Daniels-Midland Company (NYSE:ADM), Corteva, Inc. (NYSE:CTVA), and Deere & Company (NYSE:DE) as one of the biggest agriculture stocks in the world.

Click here to continue reading and check out 5 Biggest Agriculture Stocks in 2024.

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Disclosure: None. 15 Biggest Agriculture Stocks in 2024 is originally published on Insider Monkey.

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