This document discusses challenges and opportunities for the global agricultural economy given rising food prices and constraints on resources like land and water. It notes that productivity growth is slowing while demand continues to grow, putting pressure on food prices. Countries that can farm with less fossil fuel intensity and more reliable production may benefit. The document also summarizes challenges facing Australian agriculture, including slowing productivity growth and increased land exposure to extreme heat. It argues that improving soil health through practices like no-tillage cropping and maintaining pasture can boost yields and farm profits. Further innovation is needed to adapt farming to climate change and match practices to local conditions to increase productivity. Investment in natural capital and knowledge sharing across landscapes can maintain healthy soils and land over the long term