Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ASIX	ADVANSIX INC	100,000	$2.44M	2.1%	—	—	COM	00773T101
ANDE	ANDERSONS INC	30,000	$2.153M	1.8%	—	—	PUT	034164103
GPRE	GREEN PLAINS INC	100,000	$1.645M	1.4%	—	—	CALL	393222104
GPRE	GREEN PLAINS INC	89,731	$1.476M	1.3%	—	—	COM	393222104
TITN	TITAN MACHY INC	64,674	$1.081M	0.9%	—	—	COM	88830R101
SHW	SHERWIN WILLIAMS CO	2,447	$784K	0.7%	—	—	COM	824348106
RYAM	RAYONIER ADVANCED MATLS INC	60,526	$670K	0.6%	—	—	COM	75508B104
DOW	DOW HLDGS INC	10,000	$417K	0.4%	—	—	COM	260557103
MOS	MOSAIC CO	10,000	$255K	0.2%	—	—	COM	61945C103

Increased Positions (3)

DAR DARLING INGREDIENTS INC 19.7%

Value $23.19M (+390.7%) Shares 375,000 (+185.6%) Est. Cost — Unrealized —

CE CELANESE CORP DEL 3.9%

Value $4.604M (+1351.9%) Shares 70,000 (+833.3%) Est. Cost — Unrealized —

APD AIR PRODUCTS AND CHEMICALS I 3.3%

Value $3.92M (+86.8%) Shares 13,495 (+58.9%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DAR	DARLING INGREDIENTS INC	375,000 (+185.6%)	$23.19M (+390.7%)	19.7%	—	—	PUT	237266101
CE	CELANESE CORP DEL	70,000 (+833.3%)	$4.604M (+1351.9%)	3.9%	—	—	COM	150870103
APD	AIR PRODUCTS AND CHEMICALS I	13,495 (+58.9%)	$3.92M (+86.8%)	3.3%	—	—	COM	009158106

Exited Positions (7)

AVNT AVIENT CORPORATION 5.7%

Value $6.678M Shares 213,749 Est. Cost — Unrealized —

ANDE ANDERSONS INC 3.0%

Value $3.562M Shares 67,000 Est. Cost — Unrealized —

USO UNITED STS OIL FD LP 2.9%

Value $3.458M Shares 50,000 Est. Cost — Unrealized —

FUL FULLER H B CO 2.9%

Value $3.419M Shares 57,505 Est. Cost — Unrealized —

JBS JBS N.V. 1.9%

Value $2.193M Shares 152,048 Est. Cost — Unrealized —

SW SMURFIT WESTROCK PLC 1.4%

Value $1.617M Shares 41,813 Est. Cost — Unrealized —

OEC ORION S.A. 0.6%

Value $722K Shares 136,700 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AVNT	AVIENT CORPORATION	213,749	$6.678M	5.7%	—	—	—	05368V106
ANDE	ANDERSONS INC	67,000	$3.562M	3.0%	—	—	CALL	034164103
USO	UNITED STS OIL FD LP	50,000	$3.458M	2.9%	—	—	PUT	91232N207
FUL	FULLER H B CO	57,505	$3.419M	2.9%	—	—	—	359694106
JBS	JBS N.V.	152,048	$2.193M	1.9%	—	—	—	N4732M103
SW	SMURFIT WESTROCK PLC	41,813	$1.617M	1.4%	—	—	—	G8267P108
OEC	ORION S.A.	136,700	$722K	0.6%	—	—	CALL	L72967109

Decreased Positions (12)

ANDE ANDERSONS INC 4.3%

Value $5.022M (-72.9%) Shares 69,968 (-79.9%) Est. Cost — Unrealized —

AVO MISSION PRODUCE INC 0.2%

Value $219K (-97.6%) Shares 15,934 (-98.0%) Est. Cost — Unrealized —

SFD SMITHFIELD FOODS INC 1.2%

Value $1.424M (-83.3%) Shares 50,915 (-86.6%) Est. Cost — Unrealized —

BG BUNGE GLOBAL SA 2.7%

Value $3.18M (-64.3%) Shares 25,000 (-75.0%) Est. Cost — Unrealized —

MEOH METHANEX CORP 8.8%

Value $10.34M (-35.3%) Shares 173,725 (-56.8%) Est. Cost — Unrealized —

BG BUNGE GLOBAL SA 8.0%

Value $9.419M (-34.2%) Shares 74,045 (-53.9%) Est. Cost — Unrealized —

EMN EASTMAN CHEM CO 1.9%

Value $2.29M (-32.1%) Shares 30,000 (-43.2%) Est. Cost — Unrealized —

PPG PPG INDS INC 0.7%

Value $802K (-48.2%) Shares 7,504 (-50.3%) Est. Cost — Unrealized —

DAR DARLING INGREDIENTS INC 12.3%

Value $14.51M (-4.8%) Shares 234,533 (-44.6%) Est. Cost — Unrealized —

OLN OLIN CORP 1.0%

Value $1.189M (-26.8%) Shares 40,000 (-48.7%) Est. Cost — Unrealized —

WLK WESTLAKE CORPORATION 1.0%

Value $1.168M (+38.5%) Shares 10,000 (-12.3%) Est. Cost — Unrealized —

ESI ELEMENT SOLUTIONS INC 0.3%

Value $341K (+4.8%) Shares 10,000 (-23.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ANDE	ANDERSONS INC	69,968 (-79.9%)	$5.022M (-72.9%)	4.3%	—	—	COM	034164103
AVO	MISSION PRODUCE INC	15,934 (-98.0%)	$219K (-97.6%)	0.2%	—	—	COM	60510V108
SFD	SMITHFIELD FOODS INC	50,915 (-86.6%)	$1.424M (-83.3%)	1.2%	—	—	COM	832248207
BG	BUNGE GLOBAL SA	25,000 (-75.0%)	$3.18M (-64.3%)	2.7%	—	—	PUT	H11356104
MEOH	METHANEX CORP	173,725 (-56.8%)	$10.34M (-35.3%)	8.8%	—	—	COM	59151K108
BG	BUNGE GLOBAL SA	74,045 (-53.9%)	$9.419M (-34.2%)	8.0%	—	—	COM SHS	H11356104
EMN	EASTMAN CHEM CO	30,000 (-43.2%)	$2.29M (-32.1%)	1.9%	—	—	COM	277432100
PPG	PPG INDS INC	7,504 (-50.3%)	$802K (-48.2%)	0.7%	—	—	COM	693506107
DAR	DARLING INGREDIENTS INC	234,533 (-44.6%)	$14.51M (-4.8%)	12.3%	—	—	COM	237266101
OLN	OLIN CORP	40,000 (-48.7%)	$1.189M (-26.8%)	1.0%	—	—	COM PAR $1	680665205
WLK	WESTLAKE CORPORATION	10,000 (-12.3%)	$1.168M (+38.5%)	1.0%	—	—	COM	960413102
ESI	ELEMENT SOLUTIONS INC	10,000 (-23.3%)	$341K (+4.8%)	0.3%	—	—	COM	28618M106

Unchanged Positions (15)

AGRO ADECOAGRO S A 2.5%

Value $2.979M Shares 198,317 Est. Cost — Unrealized —

TROX TRONOX HOLDINGS PLC 1.5%

Value $1.759M Shares 180,000 Est. Cost — Unrealized —

REX REX AMERICAN RES CORP 2.8%

Value $3.243M Shares 71,172 Est. Cost — Unrealized —

STKL SUNOPTA INC 1.8%

Value $2.106M Shares 325,000 Est. Cost — Unrealized —

CTVA CORTEVA INC 2.8%

Value $3.348M Shares 40,000 Est. Cost — Unrealized —

CF CF INDUSTRIES HOLD 1.1%

Value $1.298M Shares 10,000 Est. Cost — Unrealized —

HUN HUNTSMAN CORP 1.0%

Value $1.131M Shares 85,000 Est. Cost — Unrealized —

DD DUPONT DE NEMOURS INC 1.2%

Value $1.374M Shares 30,000 Est. Cost — Unrealized —

MP MP MATERIALS CORP 1.6%

Value $1.93M Shares 40,000 Est. Cost — Unrealized —

AXTA AXALTA COATING SYS LTD 0.4%

Value $485K Shares 17,500 Est. Cost — Unrealized —

PPC PILGRIMS PRIDE CORP 2.1%

Value $2.454M Shares 65,000 Est. Cost — Unrealized —

IFF INTERNATIONAL FLAVORS&FRAGRA 0.4%

Value $480K Shares 6,614 Est. Cost — Unrealized —

ECL ECOLAB INC 1.7%

Value $2.001M Shares 7,523 Est. Cost — Unrealized —

INGR INGREDION INC 0.5%

Value $563K Shares 5,000 Est. Cost — Unrealized —

CNH CNH INDL N V 0.1%

Value $80,000 Shares 80,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AGRO	ADECOAGRO S A	198,317	$2.979M	2.5%	—	—	COM	L00849106
TROX	TRONOX HOLDINGS PLC	180,000	$1.759M	1.5%	—	—	SHS	G9087Q102
REX	REX AMERICAN RES CORP	71,172	$3.243M	2.8%	—	—	COM	761624105
STKL	SUNOPTA INC	325,000	$2.106M	1.8%	—	—	COM	8676EP108
CTVA	CORTEVA INC	40,000	$3.348M	2.8%	—	—	COM	22052L104
CF	CF INDUSTRIES HOLD	10,000	$1.298M	1.1%	—	—	COM	125269100
HUN	HUNTSMAN CORP	85,000	$1.131M	1.0%	—	—	COM	447011107
DD	DUPONT DE NEMOURS INC	30,000	$1.374M	1.2%	—	—	COM	26614N102
MP	MP MATERIALS CORP	40,000	$1.93M	1.6%	—	—	COM CL A	553368101
AXTA	AXALTA COATING SYS LTD	17,500	$485K	0.4%	—	—	COM	G0750C108
PPC	PILGRIMS PRIDE CORP	65,000	$2.454M	2.1%	—	—	COM	72147K108
IFF	INTERNATIONAL FLAVORS&FRAGRA	6,614	$480K	0.4%	—	—	COM	459506101
ECL	ECOLAB INC	7,523	$2.001M	1.7%	—	—	COM	278865100
INGR	INGREDION INC	5,000	$563K	0.5%	—	—	COM	457187102
CNH	CNH INDL N V	80,000	$80,000	0.1%	—	—	SHS	N20944109