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Please enter the email address you used when registering.

Invalid email
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

Please check your email for password reset instructions.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We have sent an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We’ll send an authorization code to your email on file

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

That email address is already associated with an account.

Enter your password to login.

Invalid email
Invalid email
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Forgot password?

Two-step verification

To verify your identity, we need to send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Resend the email

Confirmed.
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An error occurred while processing your request. Please try again later.

Please enter a valid phone number.

We need a phone number to keep your account secure. We'll send you a code to validate your phone number right now.

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number

Forgot your password?

Please enter the email address you used when registering.

Invalid email
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

Please check your email for password reset instructions.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We have sent an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We’ll send an authorization code to your email on file

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Enter your email address

Invalid email
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.
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First name is required
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Firm is required
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Role is required
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Number is too short
Number is too long
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Passwords do not match
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Confirm your email address

We have sent an email to {0}. Click the link in the email to finish setting up your dashboard

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Forgot your password?

Please enter the email address you used when registering.

Invalid email
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. That user does not exist. This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

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Precision agriculture's role in the new era of the farmland sector

A new generation of agricultural systems addresses climate change adaptation alongside investors' usual goals of improving yields and reducing costs.

For the past several decades, agricultural technology (agtech) has made tremendous strides in fostering increased crop yields and more efficient use of inputs such as water and fertilizer. More recently, U.S. farms’ productivity trends have experienced fluctuations due to a plethora of factors, resulting in significant market responses and price reactions.1 Going forward, crop yield gains are projected to slow down.2 The recent recovery in agricultural commodity prices and farm income opens the potential for investment in a new tier of agtech, including precision agriculture (PA). This new generation of agricultural systems will help to address climate change adaptation alongside traditional goals of improved yields and reduced costs.

As climate change risks are recognized, increasing uncertainties cloud the outlook for the continuation of historical trends in the growth of crop yields. Success in securing sustainable food will be highly dependent on the deployment of PA technologies to improve the efficiency and resiliency of agricultural systems.

Precision agriculture allows for new efficiencies

Agtech is the use of technology in agriculture, horticulture, and aquaculture. PA is a major component of agtech focused on developing and enhancing the tools and processes to most efficiently use resources in crop production and reduce input use (water, fertilizer, seeds, herbicides, and insecticides). PA technologies and equipment such as soil and yield mapping using a GPS, laser land levelers, GPS tractor guidance systems, and variable-rate input application allow farm operators to calibrate their operations and achieve new levels of efficiency.

The availability and cost of water has been central to the successful growth of U.S. crop production, particularly in water constrained, arid regions and more widely in periods of insufficient precipitation. Irrigated acres in the United States grew from less than 3 million acres in 1890 to 58 million acres in 2017, at which time irrigated acres represented 24% of total U.S. cropland.3 Corn and soybean acreage accounted for the largest irrigated acreage in 2017, representing 21% and 16%, respectively, of the total. This major expansion in irrigated area has been enabled in recent decades by advances in water application technologies. Between 1969 and 2017, the average irrigation application rate dropped from 2.0-acre feet per acre to just under 1.5-acre feet per acre in the United States.4

The shift from gravity-powered irrigation methods such as flooding of fields to pressurized irrigation (such as drip and sprinkler) systems have been key to achieving the major reductions in per acre water use on irrigated lands over the last 30 years. Pressurized irrigation systems accounted for only 37% of all irrigated cropland in 1984, increasing to 72% in 2018.

Growth in pressurized irrigation acres in the United States

U.S. farmland (million acres) under gravity and pressurized systems 

A bar chart to show the growth in U.S. farmland acres using gravity systems and pressurized systems  from 1984 to 2018.
Source: USDA, 2021. U.S. irrigated farmland acres in gravity and pressurized systems, 17 Western states, 1984–2018 from Economic Research Services data from USDA, National Agricultural Statistics Service, Farm and Ranch Irrigation Survey (1984–2013), and Irrigation and Water Management Survey (2018). 

Irrigation technology and application methods continue to evolve and improve. Advances in PA technologies such as variable rate irrigation, GPS technology, and monitoring and automation systems are driving current improvements in irrigation efficiency.5 Drip irrigation has evolved over the years and pumps and valves can be manually or automatically adjusted to respond to the water needs of individual plants. Spatial variation in soils, nutrient availability, topography, and crop growth in the fields result in variable irrigation needs, and variable rate irrigation systems allow the grower to address these variations, conserving water resources and improving yields.

Remotely collecting and processing digital information from monitoring devices adds an additional layer of control and efficiency to the irrigation process. GPS software platforms in conjunction with soil moisture probes allow collection of field-specific information on topography, soil moisture, and other field conditions. Real-time data on weather conditions also helps growers make better water management decisions. These systems allow remote control of irrigation systems through tablets or phones, providing efficient water control from anywhere.

Precision agriculture and the third wave

PA is considered an important component of the third wave that is currently happening in modern agriculture. The first wave (i.e., mechanized agriculture) began in the 1700s and the second, the "green revolution," around 1964.6 The phenomenal yield growth that has occurred over the past two decades is due to a multitude of factors, particularly the application of improved genetics and the development of drought-tolerant varieties, but PA advances in agricultural production have also played an important role.

Increasing yields for corn and soybeans show a strong positive correlation with the expanded deployment of PA. The average yield for U.S. corn increased 28% from 1997 to 2010, while PA use in U.S. corn production more than tripled over the same period. Similarly, U.S. soybean average yields experienced a 10% increase, as the PA adoption percentage for soybean acres nearly quintupled.

Growing yields trend with increased precision agriculture (PA) application in soybean production (1996–2012)

USDA soybean yield (bushels/acre/year) and precision agriculture adoption rates (% of planted acres)

Line chart to show the correlation between growing USDA soybean yields and the application of precision agriculture since 1996.
Source: Agricultural Resource Management Survey (ARMS) farm financial and crop production practices, August 30, 2021. PA adoption includes the use of yield monitors, yield maps, guidance systems, as well as fertilizer, seed, and pesticide application with variable-rate technology. Missing years' values were replaced using extrapolated averages between data points in the ARMS survey. Average yield represents the average value of the trailing three years. USDA data is limited to 2012 for soybeans.

Growing yields trend with increased precision agriculture (PA) application in corn production (1997–2010)

USDA corn yield (bushels/acre/year) and precision agriculture adoption rates (% of planted acres)

Line chart to show the correlation between growing USDA corn yields and the application of precision agriculture since 1996.
Source: Agricultural Resource Management Survey (ARMS) farm financial and crop production practices, August 30, 2021. Precision agriculture adoption includes the use of yield monitors, yield maps, guidance systems, as well as fertilizer, seed, and pesticide application with variable-rate technology. Missing years' values were replaced using extrapolated averages between data points in the ARMS survey. Average yield represents the average value of the trailing three years. USDA data is limited to 2010 for corn.

In addition to PA irrigation applications, other PA applications that are being widely adopted include GPS guidance systems for farm equipment and GPS soil mapping and variable-rate input applications. Prior USDA rates of adoption on U.S. farms in 2013 were GPS guidance systems (45% to 55%), GPS soil mapping (25%), and variable-rate input application technology (VRT) (20%) of planted acres of corn, rice, soybeans, and peanuts.7 GPS-enabled guidance systems can save production cost by reducing over-and-under application of sprays and improving seeding. Soil mapping provides farmers with more actionable data, and VRT allows farmers to customize the application of fertilizer, chemicals, and pesticides using GPS data from yield and soil maps or guidance systems. The USDA hasn’t released the updated data for PA technology adoption rate since the 2013 publication of its Agricultural Resource Management Survey.

However, the 2020 Precision Agriculture Dealership Survey, an independent study, provides some measure of the continued deployment of PA on U.S. farms from 2017 to 2020. Although not completely consistent with the USDA survey, the survey estimated that adoption of three technologies continued to grow among U.S. farmers, with guidance systems reaching 66%, soil mapping at 52%, and VRT in fertilizer applications at 57%.8 Newer technologies that have still greater untapped potential for deployment, and are still being actively developed, are drone imagery, use of artificial intelligence, and robotics for harvesting and weeding.

Increasing use of precision technologies based on market area, as estimated by technology retailers

Precision technology farmer adoption

2017

2019

2020

Guidance/autosteer 60% 66% 66%
Yield monitor - 69% 65%
Sprayer section controllers - 56% 62%
Field mapping with geographic information systems (GIS) 45% 58% 57%
VRT fertilizer application 38% 39% 57%
Grid or zone soil sampling 45% 52% 52%
Planter row or section shutoffs - 45% 46%
VRT lime application 40% 41% 44%
Variable down pressure on planter 14% 29% 31%
Satellite or aerial imagery 19% 26% 31%
Cloud storage of farm data 14% 21% 29%
Any data analysis service 13% 26% 25%
Electronic records/mapping for quality - 20% 21%
Traceability      
VRT seeding 13% 19% 19%
Variable hybrid placement within fields 7% 11% 17%
Soil EC (soil electrical conductivity) mapping 9% 10% 14%
Telematics 5% 10% 13%
UAV or drone imagery 6% 9% 12%
Y drops on fertilizer applicator 6% 10% 11%
VRT pesticide application 3% 8% 7%
Selective harvest for quality - 4% 7%
Chlorophyll/greenness sensors for nitrogen management 3% 5% 5%
VRT irrigation - 4% 5%
Robotics/automation for harvesting - 0% 1%
Robotics/automation for weeding - 0% 0%
Adoption rates (%) among U.S. farmers. Source: 2020 Precision Agriculture Dealership Survey, Department of Agricultural Economics and Agronomy, Purdue University. *“Y-drop” refers to versatile nutrient placement systems.

 

The environmental benefits of precision agriculture

The ongoing robust adoption of PA technology in the U.S. farm sector has resulted in the improved efficiency and cost reductions that these technologies deliver to the farm community. Furthermore, the expanded use of PA also generates nonfinancial, environmental benefits through reduced use of water, fossil fuels, fertilizer, and herbicides. Optimal fertilizer use reduces nutrient runoffs and decreased application of herbicides slows the development of weed varieties resistant to existing control methods. Greenhouse gas emissions are also lowered; fuel savings are enabled by GPS guidance systems that reduce machine field passes; and water scarcity issues are addressed using need-based application of water.

The report, “The Environmental Benefits of Precision Agriculture in the U.S.,” published by the Association of Equipment Manufacturers in 2021, states that, based on the further application of PA technologies, U.S. level annual crop production could increase by another 6%, while concurrently, fossil fuel use in the agricultural sector could drop by 16%, and water usage could decline by 21%.9 The study estimates a potential increase in fertilizer placement efficiency of 14% and 15% for herbicides. The associated environmental and climate change mitigation benefits of PA provide another rationale for an acceleration in future adoption rates, and the possibility of government funding, particularly in development research and training programs and the collection and distribution of information for prospective users.

Wider adoption of more advanced agtech is critical for future agricultural production

Looking forward, continued commitment to investment in advancing agtech and wider adoption of PA technologies should be a crucial element in meeting the challenges of the next few decades for the global agriculture community. PA technologies have the potential to add increased resilience to the financial health of farm operators, contribute to the solution of regional food insecurity issues, while improving the environmental profile and supporting adaptation to climate change for the agricultural sector.


 

Q2 2021: farmland market indicators

 

Global corn production is forecast to reach a new record in the 2021 marketing year according to August WASDE

Annual corn production estimates, major producers (million metric tons)

Bar chart displays the growth in annual corn production estimates for Argentina, Brazil, China, the U.S., and the rest of the world.
Source: USDA World Agricultural Supply and Demand Estimates (WASDE), as of August 2021. 2020 is estimated and 2021 is projected. Years are marketing years. Corn production is charted on a calendar year basis and updated on a marketing year basis. The corn marketing year is from September to August for the United States, from May to April for South Africa, and from October to September for China. The corn marketing year is from March to February in Argentina and Brazil. Corn production data and forecasts are updated on a monthly basis by the USDA WASDE report.

Global corn production is expected to reach a new record 1,186 million metric tonnes (MMT), 6% higher in the 2021 marketing year, driven by gains in the United States and Brazil. In 2021, U.S. corn production is forecast to increase by 4% to 375 MMT, primarily driven by yield returning to trend line marketing year (MY-September 2021 to August 2022). Brazil 2020 (MY March 2021 to February 2022) production is estimated to decrease by 15% from MY 2019 to 87 MMT because of dry weather causing a delay in planting of the second crop. Brazil’s 2021 marketing year (March 2022 to February 2023) production is forecast to increase by 35% to 118 MMT because of greater planting area and recovery from drought conditions. Argentina’s corn production is forecast to decline by 8% to 48 MMT in the 2020 MY (March 2021 to February 2022) before rebounding 9% to 51 MMT after yields return to normal in the 2021 MY. China’s production is forecast to increase slightly from last year to 268 MMT (MY May 2021 to April 2022).

Global soybean production to reach new record in 2021 marketing year according to August WASDE

Annual soybean production estimates, major producers (million metric tons)

Bar chart displays the growth in annual soybean production estimates for Argentina, Brazil, the U.S., and the rest of the world.
Source: USDA World Agricultural Supply and Demand Estimates (WASDE), as of August 2021. 2020 is estimated and 2021 is projected. Years are marketing years. Soybean production is charted on a calendar year basis and updated on a marketing year basis. The soybean marketing year is from September to August for the United States, from February to January for Brazil, and from April to March for Argentina. Soybean production data and forecasts are updated on a monthly basis by the USDA WASDE report.

Global 2021 MY soybean production is expected to increase by 6% from the previous MY to 384 MMT. U.S. soybean production is forecast to increase by 5% to 118 MMT due to an increase in area and average yields (MY September 2021 to August 2022). Brazilian production is forecast to increase 7% to 137 MMT in 2020 (MY February 2021 to January 2022) before increasing 5% in 2021 (MY February 2022 to January 2023) to 144 MT due to a greater planted area. Brazil’s weakened currency has made soybean production highly profitable. Argentina’s soybean production is forecast to decline by 6% in 2020 (MY April 2021 to March 2022) to 46 MMT before rebounding by 13% in 2021 (MY April 2022 to March 2023) to 52 MMT.

USD depreciates slightly against competing currencies

Quarterly exchange rates between USD and agricultural currencies (indexed to 1 at 2006: Q1)

Line chart displays the slight depreciation of USD versus the currencies of Australia, Canada, Brazil, Russian, and Argentina since approximately 2011.
Source: Macrobond, June 2021. Note: Exchanges rates are updated on a daily basis by Macrobond Financial AB.

The U.S. dollar depreciated slightly in the second quarter as measured by the U.S. Federal Reserve Board’s broad Trade Weighted U.S. Dollar Index as a result of smaller differences in interest rates between the United States and its trading partners. The U.S. dollar fell 1.5% against the Canadian dollar, and 3.3% against the Russian ruble, with both currencies gaining strength from the revival in energy markets. The Brazilian real strengthened early in the second quarter, reflecting the uptick in global commodity markets as well as growth in Brazil’s GDP, beating expectations. The Australian dollar tracked the recent downshift in currencies against the U.S. dollar during the second quarter yet regained some of its value after the Reserve Bank took tentative steps to taper policy in early July. The U.S. dollar also appreciated slightly against the Argentinian peso. The U.S. dollar is expected to remain volatile in 2021, as global economic activity revives, effective vaccines are deployed, and interest rates remain accommodative across most competing currencies. 

U.S. corn exports continued to increase in Q2 2021

Four-quarter moving average corn exports, major producers (million metric tons)

a bar chart displays  the four quarter moving averages of the corn exports of Argentina, Brazil, and the U.S.
Sources: Foreign Agricultural Services Global Agricultural Trade System, Comexstat, and Argentina Ministry of Agroindustry, June 2021. Argentina’s agricultural exports are published on a monthly basis by the Argentinian Ministry of Agroindustry. Brazil export data is published on a monthly basis by Comexstat. U.S. exports are published on a monthly basis by the U.S. Census Bureau. Export data is reported on a four-quarter moving average to adjust for seasonality.

Global corn exports rose in Q2 2021, driven by stronger demand from China and tight supplies in Brazil due to dry weather conditions. U.S. corn exports drove the increase at 17 MMT, up by 66% from last year and 12% higher than last quarter. Brazil’s four-quarter moving average exports were down 6% from last year at 9 MMT and 5% lower than last quarter, as record exports in the previous year and drought conditions in the 2020 MY depleted Brazil’s corn stocks. A major tailwind for Brazil’s grain exports in the future is the paving of the BR-163, a highway that runs through Mato Grosso and Para, and ends at the river terminals of Miritituba, the site of several major grain trading companies. Argentina’s four-quarter moving average exports, also at 8 MMT, were down 10% from last year and slightly down from last quarter.  

U.S. soybean exports decrease in Q2 2021

Four-quarter moving average soybean exports, major producers (million metric tons)

Bar chart displays the four quarter moving average of annual soybean exports for Argentina, Brazil, and the U.S.,
Sources: Foreign Agricultural System Global Agricultural Trade System, Comexstat, and Argentina Ministry of Agroindustry, June 2021. Argentina’s agricultural exports are published on a monthly basis by the Argentinian Ministry of Agroindustry. Brazil export data is published on a monthly basis by Comexstat. U.S. exports are published on a monthly basis by the U.S. Census Bureau. Export data is reported on a four-quarter moving average to adjust for seasonality.

In Q2 2021, U.S. soybean exports decreased slightly from last quarter. On a four-quarter moving average basis, at 17 MMT, U.S. soybean exports were down 3% from last quarter and 41% higher than last year. The four-quarter moving average of Brazil soybean exports was at 210 MMT, up slightly over last quarter and 8% lower year over year. Lower profitability of Chinese hog producers has decreased soybean exports to China. Argentina’s soybean exports at a four-quarter moving average of 0.9 MMT were down by 39% from last quarter and down 65% from last year. Farmers have been reluctant to sell soybeans in Argentina to avoid the devaluation of their profits in Argentina’s high inflation economy. 

Prices for row crops rise on demand from China

Row crop prices (USD per bushel)

A line chart shows the recent growth in prices for row crop soybeans, wheat and corn, in response to Chinese demand.
Source: USDA National Agricultural Statistics Service (NAAS), June 2021. Note: Row crop prices are published on a monthly basis by the USDA NAAS.

In Q2 2020, U.S. corn, wheat, and soybean prices all rose on strong export demand from China and tight global supplies. Corn prices rose most and at US$5.74 per bushel (bu), were up 78% since last year. Soybean prices were up 73% since last year, at US$14.40 per bu. Wheat prices rose by 32% from last year to US$6.25 per bu. 

MY 2020/2021 tree nut prices mixed as markets seek balance

Annual U.S. average grower tree nut prices (USD per lb.)

This chart shows volatile tree nut prices, with prices for almonds, walnuts and pistachios dipping recently on production increases.
Sources: USDA National Agricultural Statistics Service (NAAS), August 2021. MY 2020 nut prices are USDA estimates. Years are marketing years. Permanent crop prices are published on an annual basis by the USDA NASS. Almond, pistachio, and walnut price estimates for the current year are calculated by using the percent annual changes for the crop year in the prices from Hancock Natura Resource Group sources. Export volume data per USDA Economic Research Service. 

MY 2020/2021 almond prices declined because of abundant crops. U.S. almond production is estimated at 3.0 billion pounds in 2020, followed by a projected 3.2 billion pound year in 2021. Prices have moved lower despite strong shipment numbers in MY 2020/2021 (August 2020 to July 2021). Exports through June 2021 were 31% higher than the previous marketing year’s exports through March. Walnut prices declined 38% to US$0.61/lb. in the 2020 marketing year. The USDA estimates the 2020 walnut crop (MY September 2020 to August 2021) to increase 20% over the previous year. Walnut exports have also been strong, with exports through June 2021 up 18% from the previous marketing year. The pistachio crop reached a milestone billion-pound crop (in shell basis) (MY 2020 September 2020 to August 2021). A relatively less mature tree nut, pistachio prices are estimated to increase despite continued production increases. Pistachio production is more concentrated and as a result, more likely to set prices in the market than almond or walnut producers. Pistachio exports through June 2021 were up 14% from the prior marketing year. 

Q2 2021 NCREIF row crop returns and cash receipts rise

NCREIF row crops total return (% per year)

A bar chart to demonstrate the highest Q2 quarterly returns for NCREIF row crops since 2008.
Source: National Council of Real Estate Investment Fiduciaries (NCREIF), June 2021. Note: USDA cash crop receipts data is published three times a year in February, August, and November by the USDA’s Department of Agriculture Economic Research Service. The U.S. level calendar-year forecast is first published in February. The August release converts the previous year’s forecast to estimates and the November release updates the current year forecast. NCREIF Farmland total return data is published on a quarterly basis. NCREIF quarterly total row crops returns are aggregated to form the total return for the year. The total return as seen on the bar chart may not equal the annual total return as reported by NCREIF because the NCREIF annual return is calculated by multiplying instead of adding quarterly returns together.

Q2 2021 NCREIF row crop returns were 2.2%, the highest Q2 quarterly return since 2008. Strong export demand from China and high prices helped boost farmers’ returns. USDA farm income and wealth statistics projects 2021 row crop cash receipts to rise by 20%, the largest increase in cash receipts since 2007. 

 

USDA, National Agricultural Statistical Service, August 31, 2021. 2 World Agriculture towards 2030/2050,” ESA Working Paper No. 12-03, FAO, June 2012. 3 Crop Acreage Data, USDA Farm Service Agency, September 10, 2021. 4 Irrigation and Water Use, ERS-USDA, September 6, 2021. 5 “4 Important Ways Precision Agriculture is Impacting Irrigation,” PrecisionAg, October 12, 2017. 6 “Digital agriculture: helping to feed a growing world,” Performance by Ernst and Young, February 2017. 7 “Precision Agriculture Technologies and Factors Affecting Their Adoption,” ERS USDA Amber Waves, December 5, 2016. 8 2020 Precision Agriculture Dealership Survey, CropLife Magazine and Purdue University, August 2020. 9 Study shows Precision Agriculture improves environmental stewardship while increasing yields,” CropLife, February 1, 2021. 

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions and closures, and affect portfolio performance. For example, the novel coronavirus disease (COVID-19) has resulted in significant disruptions to global business activity. The impact of a health crisis and other epidemics and pandemics that may arise in the future could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other preexisting political, social, and economic risks. Any such impact could adversely affect the portfolio’s performance, resulting in losses to your investment.

Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. These risks are magnified for investments made in emerging markets. Currency risk is the risk that fluctuations in exchange rates may adversely affect the value of a portfolio’s investments.

The information provided does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person. You should consider the suitability of any type of investment for your circumstances and, if necessary, seek professional advice.

This material is intended for the exclusive use of recipients in jurisdictions who are allowed to receive the material under their applicable law. The opinions expressed are those of the author(s) and are subject to change without notice. Our investment teams may hold different views and make different investment decisions. These opinions may not necessarily reflect the views of Manulife Investment Management or its affiliates. The information and/or analysis contained in this material has been compiled or arrived at from sources believed to be reliable, but Manulife Investment Management does not make any representation as to their accuracy, correctness, usefulness, or completeness and does not accept liability for any loss arising from the use of the information and/or analysis contained. The information in this material may contain projections or other forward-looking statements regarding future events, targets, management discipline, or other expectations, and is only current as of the date indicated. The information in this document, including statements concerning financial market trends, are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Manulife Investment Management disclaims any responsibility to update such information.

Neither Manulife Investment Management or its affiliates, nor any of their directors, officers or employees shall assume any liability or responsibility for any direct or indirect loss or damage or any other consequence of any person acting or not acting in reliance on the information contained here.  All overviews and commentary are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment or legal advice. Clients should seek professional advice for their particular situation. Neither Manulife, Manulife Investment Management, nor any of their affiliates or representatives is providing tax, investment or legal advice. This material was prepared solely for informational purposes, does not constitute a recommendation, professional advice, an offer or an invitation by or on behalf of Manulife Investment Management to any person to buy or sell any security or adopt any investment strategy, and is no indication of trading intent in any fund or account managed by Manulife Investment Management. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Diversification or asset allocation does not guarantee a profit or protect against the risk of loss in any market. Unless otherwise specified, all data is sourced from Manulife Investment Management. Past performance does not guarantee future results.

Manulife Investment Management

Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship to partner with clients across our institutional, retail, and retirement businesses globally. Our specialist approach to money management includes the highly differentiated strategies of our fixed-income, specialized equity, multi-asset solutions, and private markets teams—along with access to specialized, unaffiliated asset managers from around the world through our multimanager model.

This material has not been reviewed by, iand s not registered with, any securities or other regulatory authority, and may, where appropriate, be distributed by the following Manulife entities in their respective jurisdictions. Additional information about Manulife Investment Management may be found at manulifeim.com/institutional.

Australia: Hancock Natural Resource Group Australasia Pty Limited., Manulife Investment Management (Hong Kong) Limited. Brazil: Hancock Asset Management Brasil Ltda. Canada: Manulife Investment Management Limited, Manulife Investment Management Distributors Inc., Manulife Investment Management (North America) Limited, Manulife Investment Management Private Markets (Canada) Corp. China: Manulife Overseas Investment Fund Management (Shanghai) Limited Company. European Economic Area Manulife Investment Management (Ireland) Ltd. which is authorised and regulated by the Central Bank of Ireland Hong Kong: Manulife Investment Management (Hong Kong) Limited. Indonesia: PT Manulife Aset Manajemen Indonesia. Japan: Manulife Investment Management (Japan) Limited. Malaysia: Manulife Investment Management (M) Berhad  200801033087 (834424-U) Philippines: Manulife Investment Management and Trust Corporation. Singapore: Manulife Investment Management (Singapore) Pte. Ltd. (Company Registration No. 200709952G) South Korea: Manulife Investment Management (Hong Kong) Limited. Switzerland: Manulife IM (Switzerland) LLC. Taiwan: Manulife Investment Management (Taiwan) Co. Ltd. United Kingdom: Manulife Investment Management (Europe) Ltdwhich is authorised and regulated by the Financial Conduct Authority United States: John Hancock Investment Management LLC, Manulife Investment Management (US) LLC, Manulife Investment Management Private Markets (US) LLC and Hancock Natural Resource Group, Inc. Vietnam: Manulife Investment Fund Management (Vietnam) Company Limited.

Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.

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Keith A. Balter

Keith A. Balter, 

Senior Advisor, Strategic Initiatives, Timberland and Agriculture

Manulife Investment Management

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Jaspreet Aulakh

Jaspreet Aulakh, 

Senior Natural Resource Economist

Manulife Investment Management

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Weiyi Zhang, Ph.D.

Weiyi Zhang, Ph.D., 

Senior Agricultural Economist

Manulife Investment Management

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