Agviews Q2 2026

2026

Q2

AGVIEWS

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Bell Bank Director of Agribusiness Development

(undamental shiđ is underway in the . . (ood system, and itZs not dri=en by the usual suspects, like weather, trade, or tradiধonal economics.

Instead, itZs lar+ely bein+ dri=en by dru+s and pharmaceuধcals.

In this issue o( + iews, we look at how the rapid adopধon o( G Pf wei+htfloss dru+s, alon+ with a resur+ence o( people wanধn+ to +et healthier, is reshapin+ how mericans eat, and in turn, what (armers and ranchers produce.

G Pf dru+s are the products you see ad=erধsed on all the ধme, such as Aempic and We+o=y. hese dru+s claim to suppress appeধte and si+ni)cantly reduce caloric intake, ođen by 00 to ,000 calories per day.

ee( is considered a [complete protein,\ meanin+ it contains all nine essenধal amino acids the body cannot produce on its own. ItZs hard to replicate. ItZs natural and minimally processed. It supports muscle +rowth and repair, helps maintain stren+th as people a+e, aids reco=ery ađer e?ercise or physical labor, and helps people (eel (ull lon+er. imply put, it doesnZt +et much beħer than beef when it comes to quality protein.

sa+e o( G Pf dru+s has become common, and adopধon is no lon+er niche. Rou+hly 2¦ or more o( the . . populaধon is usin+ these medicaধons, accordin+ to a 202 study (rom FF Health, and that number is e?pected to +row si+ni)cantly in the comin+ years as the price o( the dru+s conধnues to (all. ddiধonally, protein intake is bein+ prioriধAed to preser=e muscle mass and help curb your appeধte, creaধn+ what some researchers call a [protein premium\ in the marketplace. hat chan+e, combined with a shiđ in dietary +uidance in recent years, has helped ele=ate protein (rom a supporধn+ dietary role to a centerpiece.

imply put, it doesnZt +et much beħer than beef when it comes to quality protein.

otal (ood consumpধon is declinin+, but the demand (or protein g parধcularly hi+hfquality, nutrientfdense, animalfbased protein g is risin+. nd that has impacts (or a+riculture.

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Pork has similar bene)ts. Interesধn+ly, pork has chan+ed dramaধcally over the past several years to meet consumer needs and preferences. Modern pork is now si+ni)cantly leaner, especially in cuts like tenderloin and loin chops. It can be a +reat addiধon to a hi+hfprotein diet.

mid this chan+e, bee(, poultry, pork, e++s and dairy are all bene)ধn+ (rom increased protein prioriধAaধon. =en in the (ace o( recordfhi+h prices (or some products, demand has remained stron+. For caħle producers in parধcular, ধ+ht supplies combined with stron+ demand ha=e pushed prices hi+her, creaধn+ one o( the more (a=orable pro)tability en=ironments in decades.

How about plantfbased meat subsধtutesS Companies like eyond Meat and Impossible Foods aħracted enormous interest several years a+o, and at the ধme were promoted as the future of food and a replacement for tradiধonal meat sources. hat was then, this is now.

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etween the diøerence in taste and texture, hi+h price, and hi+hly en+ineered and processed characterisধcs, plantfbased subsধtutes have failed to +ain market acceptance, and many are on life support )nancially. ItZs hard to replicate natural meats like beef, pork and chicken.

WhatZs interesধn+ is that G Pf users appear to be less sensiধve to price when purchasin+ proteinfrich foods like beef or pork. hatZs a si+ni)cant shiđ. Historically, protein demand g especially beef g has been hi+hly price elasধc. ut now, rather than eaধn+ a 2founce steak, for example, consumers will eat a hi+hfquality 6founce steak g and pay the hi+h price for it.

hatZs why I believe what weZre seein+ isnZt /ust another diet trend, like the many weZve seen over the years.

Instead, G Pf medicaধons represent a substanধal, fundamental shiđ in consumer preferences. hat ripple eøect *ows back to a+riculture, impacধn+ demand for in+redients ধed to those products.

Dairy has also been a bi+ winner with these recent chan+es. Products like yo+urt, whey protein and hi+hf protein bevera+es are all seein+ increased demand as consumers look for convenient protein sources.

W; v_o Ѵ7 u;l;l0;u |_-| -]ub1 Ѵ| u; _-v -Ѵ - v 0;;m 7o mv|u;-l =uol |_; 1omv l;uĺ ut whatZs diøerent today is the speed and ma+nitude of chan+e.

Crop producers havenZt been completely leđ behind, either, as weZve also seen a resur+ence in pulses, such as peas, beans, lenধls and chickpeas. hese crops are increasin+ly bein+ used as protein in+redients in food manufacturin+.

ll of this upside for protein and chan+in+ consumer behavior doesnZt come without some uncertainty and risk.

G Pf adopধon is sধll evolvin+, and its lon+fterm impact on consumer behavior remains unclear. What happens if paধents stop takin+ the dru+sS Will protein demand remain elevated, or normaliAeS hat is yet to be seen.

his extends well beyond the farm +ate into processin+, where valuefadded protein products are commandin+ premiums and aħracধn+ investments. ust about every food product is tryin+ to cash in on the protein craAe. Protein Doritos, proteinfinfused popsicles, protein Cheerios g the list +oes on.

Farmers and ranchers may be makin+ lon+fterm capital decisions, land purchases, herd expansion or crop rotaধons based on si+nals that may sধll be in *ux. ut one thin+ is for sure g the winners in this environment will not simply be those who produce more, but those who produce what the consumer values most. nd ri+ht now, that value is increasin+ly clearV protein.

Hi+hly processed, caloriefdense foods g many of which rely heavily on a+ricultural commodiধes like corn, su+ar and oils g are seein+ reduced demand. Consumers on G Pf s are cuষn+ back on snacks, sweets and fast food, while shiđin+ toward whole foods and nutrientf dense opধons.

3

2026

,!; ;3 ?6'$; Bell Bank is excited to once a+ain present + iews ive, our free annual a+ seminar. his is the 2th year of the en+a+in+, insi+hĤul event featurin+ ynn Paulson and a+ )nance author and speaker Dr. David ohl.

AgViews Live is a rare and exclusive opportunity to access unmatched experience in agricultural lending and economics with the duo of Lynn Paulson and Dr. David Kohl. Together, they cover current challenges and outlooks of the ag markets, paired with their decades of insights from dedicaࢼng their careers to serving farmers. This high-impact session is one any farmer or advisor won’t want to miss!

ynn and Dr. ohl will discuss how a+riculture is enterin+ a transiধon period, with producers facin+ stubbornly hi+h input costs, elevated interest rates, and a bifurcated a+ economy between the +rain and livestock sectors. mid this uncertainty, the ধme is now for clarity, acধon֗and hard decisions.

-Peggy o@een, host, &plevel Dairy Podcast

MONDAY, JULY 20: FARGO Hilton Garden Inn th ve. .

TUESDAY, JULY 21: MANKATO Courtyard by Marrioħ 0 Raintree Rd.

WEDNESDAY, JULY 22: WISCONSIN DELLS The Wisconsin Hotel & Conference Center 60 Gasser Rd.

All sessions 8 a.m. to noon. Breakfast and lunch included.

!egisteu onѲine at wwwĸbeѲѲĸbanhńagviewsňѲiveĸ We hope to see you there!

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330-2+ ,'!& ;3 + -'>9 -=' -;, 8W !=-& 3,£ brin+ their children and +randchildren to the event, and seein+ the next +eneraধon in aħendance always +ets me ener+iAed. ver 2 years of doin+ + iews ive, people started brin+in+ their kids when they were youn+, and now those kids are involved in the operaধon. I think thatZs amaAin+.

ver the )rst half of the year, Dr. David ohl has traveled across 2 states, speakin+ on a ran+e of topics and hearin+ from farmers, ranchers and producers about what theyZre seein+ on the +round.

With his )rsthand view of the challen+es facin+ a+riculture, Dr. ohl, professor emeritus of a+ricultural )nance and small business mana+ement and entrepreneurship at ir+inia Tech niversity, will once a+ain /oin ynn Paulson at our 2th annual + iews ive.

nd of course I always en/oy partnerin+ with ynn, and doin+ the audience quesধon porধon of the event. ynn and I arenZt )ltered g we tell it like it is. I think the audience really appreciates that.

head of this yearZs event, we cau+ht up with Dr. ohl to talk about whatZs chan+ed since last year, what aħendees can expect, and what he hopes they can take away.

What aue some o= the most signiC1ant 1hanges weĻve seen in the e1onomyĶ and in agui1uѲtuue in geneuaѲĶ sin1e the Ѳast AgViews Live?

What do you enjoy most about AgViews Live?

I would say the con*ict in Iran is the bi++est thin+. si+ni)cant share of farm expenses are connected to oil, and so ferধliAer and fuel costs are way up from a year a+o.

I appreciate the opportunity to work with Bell Bank every year. What I like about the Bell team is that theyZre very en+a+ed. TheyZre a returnfonfrelaধonship bank, and they know people are important.

I was asked the other day, whatZs diøerent about today compared to the 0sS We had an oil crisis then too, but the diøerence is, in this con*ict weZve blown up infrastructure, and you donZt replace that overni+ht. o

Beyond that, I en/oy the farmers and ranchers and the a+ribusiness people that come each and every year.

ItZs almost like a summer reunion. Many of them will

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that could mean weZll have tail risk into 202 or 202¥ that could impact the rest of the world. WeZre +oin+ to have volaধlity in the extremes around that. ThatZs the bi+ one ri+ht there.

What do you hore reorѲe tahe away =uom this year’s AgViews Live?

The bi++est thin+ is, I hope people can come in and hear both the posiধve and what you mi+ht call the reality check. I hope they think beyond their farm or ranch and beyond their individual business, and think +lobally and bi+ picture.

nd then beyond that we have tariøs, and Mother Nature throwin+ us curveballs in diøerent parts of the country, and the acceleraধon of I. There are a lot of thin+s, and weZll touch on all of these at + iews ive. ne of the thin+s weZre really +oin+ to stress is that with all of these factors, weZve +one from [/ustfinfধme\ mana+ement to [/ustfinfcase\ mana+ement. ThatZs a bi+ chan+e thatZs occurred in the last 2 months.

The second thin+ is, I hope thereZs somethin+ they can take back to implement in their business, family or personal life. I really stress the personal and family aspect of this, because you have to be deliberate in invesধn+ there.

And lastly, if they have a quesধon, brin+ it, write it out, and hopefully weZll have a forum for some of the quesধons that are top of mind.

$he ag e1onomy is 1uuuentѲy bi=uu1atedĶ with the ruotein se1tou doing weѲѲ whiѲe guain ruodu1eus =a1e headwindsĸ What aue some good management ࢼrs =ou both se1tous?

$he theme o= this year’s AgViews Live is ļ$he ࢼme is now =or 1ѲarityĶ a1ࢼonĶ and hard de1isionsĸĽ What does that mean?

Whether youZre at the top of the cycle or the boħom, takin+ ownership of your )nancials is so important. our )nancials arenZt /ust for your bank g theyZre for your ownership. And when I say take ownership, that means doin+ cash *ows to stay ahead of the +ame. ou know your cost of producধon and your breakfeven, and you establish +uardrails to help you make ob/ecধve decisions instead of emoধonal decisions.

ItZs all about knowin+ where you stand )nancially and takin+ ownership of your numbers, and about thinkin+ strate+ically about your business. omeধmes itZs not about your +rowth g someধmes you need to +et beħer before you +et bi++er. ast winter, I had a producer tell me how they lost 00,000 a couple years in a row. o, they started doin+ monthly and quarterly cash *ow, adhered to a markeধn+ and risk plan, and started seekin+ base hits instead of home runs. They talked to their family, cut their livin+ expenses, and ađer +eষn+ some +overnment payments, turned that ne+aধve 00,000 into a posiধve ,000.

The key across both sectors is a +ood markeধn+ and risk mana+ement pro+ram. A lot of people bra+ they have a +ood pro+ram, and they may talk up their plan, but they donZt execute or monitor. And then their plan doesnZt mean much.

The )nal thin+ IZd menধon is the importance of havin+ an advisory team, and that can ođen include a lender.

A lot of people say they pick their lender based on convenience or )ndin+ the lowest rate, but it should actually be about the return on their relaধonship.

Geষn+ input and askin+ advice when ধmes are +ood and when theyZre bad. ThatZs key.

That is a case illustraধon of a person who took the bull by the horns and didnZt wait around. They were proacধve vs. reacধve. ou canZt wait unধl next year hopin+ that ধmes will +et beħer. ou have to take accountability for yourself, and thatZs the mindset we hope people take away from this yearZs event.

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!20-2+ !8''8 33;'& -2 +8-$<£;<8' erry Arneson never thou+ht heZd work in an oăce.

erry Arneson, Pca+ commercial banker, is reধrin+ this summer ađer three decades in bankin+.

Ađer a childhood spent on a farm followed by an educaধon in a+ronomy, erry assumed heZd always be in a+riculture.

z erry has +oħen to know his customers on a deep and supporধve level,z said oe WatAke, Pca+riculture bankin+ director at Bell, who has worked with erry for years.

But when an opportunity in bankin+ came alon+, erry made a career chan+e and went on to spend the next three decades in an oăce. In uly, heZll reধre ađer a lon+ career in bankin+ servin+ farmers, ranchers and producers.

[ItZs been fun to come to work,\ said erry, Pca+ commercial banker in Bell BankZs Moorhead, Minn., branch. [IZve en/oyed my ধme.\

erry has seen si+ni)cant chan+e in a+riculture, not /ust over the 0 years heZs been on the bankin+ side, but since his childhood on the family farm.

[I can remember my mother comin+ out to the )eld when she brou+ht out lunch, brin+in+ out a liħle piece of paper that said how much wheat had +one up,\ erry said. zAt the ধme, you didnZt have the internet, or cell phones.

Informaধon today is so fast and so current.\

erry +rew up on a small +rain, +rass seed and livestock farm outside of Roseau, Minn., where he spent summers showin+ sheep and livestock at the local county fair throu+h fH.

TodayZs farm families are mana+in+ a +rowin+ business, with interconnected )nancial and operaধonal risk, he added.

[A bi+ part of who I am today is because of fH,\ he said.

In colle+e, erry studied diversi)ed a+ at the niversity of Minnesota, Crookston, and then a+ronomy at North Dakota tate niversity.

[ ou have to spend ধme in the oăce mana+in+ relaধonships with landlords, ferধliAer dealers, and crop insurance a+ents,\ he said. [ItZs +oħen to such a siAe and scale that you have to really know your costs and how to mana+e them.\

Ađer +raduaধn+, he +ot a /ob as an extension educator in Clay County, Minn., where he spent the next years.

In the midf 0s, he was contacted by a bank that was openin+ a branch nearby and lookin+ for someone with local connecধons to /oin their lendin+ department. The call represented a bi+ shiđ in his career.

Helpin+ farm families navi+ate those challen+es has led to stron+ relaধonships with his customers.

[IZve +one throu+h situaধons where itZs been the mom and dad I started workin+ with, and then their son or dau+hter +ot involved or took it over, and thatZs been +reat to see,\ he said.

[I went to school to farm,\ erry said. [I swore IZd never sit in an oăce.\ erry spent years at that bank, and then in 20 /oined Bell as an a+ and commercial lender.

No two days were ever the same, and thatZs what made his unexpected career rewardin+.

While he didnZt take a tradiধonal route into bankin+, his farm back+round helped him connect and empathiAe with his a+ customers.

zI learned somethin+ new every day, and that made it fun,z erry said.

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