Every year, the U.S. agricultural system produces more than 16 billion bushels of corn, 4 billion bushels of soybeans, and billions more bushels of wheat, sorghum, and other crops. None of that value reaches processors, exporters, or consumers without freight. While agriculture often receives the spotlight, the logistics networks that move grain from farms to elevators, rail terminals, ports, and end markets are the critical infrastructure that keeps the industry operating. As an investor in the global food and agriculture supply chain, Fulcrum views freight not simply as transportation, but as an essential enabler of the entire agricultural economy.

Despite its scale, freight remains one of the most fragmented and operationally complex industries in the world. Every shipment passes through a series of handoffs between trucks, railroads, terminals, warehouses, and distribution centers, creating opportunities for delays, labor shortages, and information gaps. As freight volumes continue to grow, these bottlenecks have become increasingly expensive, driving demand for technologies that improve efficiency across the supply chain. We believe there are four major areas where innovation is reshaping the industry: reinventing rail through more flexible infrastructure, automating yard and terminal operations, advancing autonomous trucking, and building software that provides real-time visibility and coordination across transportation networks. Rather than replacing the freight system, these technologies are reducing friction at its most inefficient points by improving asset utilization, lowering operating costs, and enabling freight to move with greater speed and reliability.

For Fulcrum, these trends represent more than compelling technology, they represent strategic opportunities to strengthen the industries that feed and supply the world. Agriculture depends on efficient logistics, and improvements in freight create value throughout the supply chain, from producers and grain handlers to processors and exporters. As software, automation, and intelligent infrastructure continue to transform logistics, we believe freight will remain an important area of focus for identifying companies capable of delivering lasting operational impact across agriculture.