The Andersons is a North American agricultural supply chain and renewable fuels company operating across two segments: Agribusiness and Renewables. Agribusiness — the larger segment — buys grain (primarily corn, wheat, and soybeans) from farmers, stores it in a network of grain elevators, and sells it to end users including feed mills, food processors, ethanol plants, and exporters. The Andersons earns margin through basis appreciation, storage fees, and carry spreads, as well as through active grain merchandising. The company also sells fertilizers and crop nutrients to farmers, a business that complements grain origination given The Andersons' embedded presence in farming communities. The Skyland Grain acquisition (completed late 2024) expanded The Andersons' footprint into southwest Kansas and the Texas Panhandle, adding sorghum and hard red wheat origination. The Renewables segment produces and sells ethanol and co-products — distillers dried grains and distillers corn oil — from four wholly owned plants in Iowa, Indiana, Michigan, and Ohio, with combined nameplate capacity of 405M gallons per year. The Andersons acquired full ownership of these plants in mid-2025. Renewables earns primarily from the crush margin between ethanol prices and corn and energy input costs, augmented by co-product sales and ethanol merchandising. Federal 45Z production tax credits, tied to the carbon intensity of ethanol produced, are a meaningful and growing earnings contributor. The Andersons' integration of grain origination and ethanol production is a core claimed advantage, enabling the company to source corn at competitive prices for its own plants.