Delivering Value through Organic and Tuck-in Growth
Global Crop Economics
Prospective grower cash margins continue to be historically strong driven by high crop prices and yields
Key Crop Grower Cash Margins1
Local Currency Margin/Acre
US Corn Cash Selling Price & Costs³
US$/bu
US Corn
600
US Soybean
500
400
W. Can Canola
300
US Cotton
US Wheat
200
100
0
-100
BRZ
4,500
8.00
Soybean²
4,000
7.00
3,500
6.00
3,000
5.00
2,500
2,000
4.00
1,500
3.00
1,000
2.00
500
0
1.00
0.00
1234
1.
Brazil is local currency margin/hectare.
2.
3.
Due to crop year timing in Brazil the 2022F references the 2021/2022 crop year, which is planted in Q3-2021 with growers realizing returns in Q1-2022.
Annual cash costs on a per bushel basis are impacted by both realized inflation/deflation and by the annual corn yield.
Cash rent is included in other costs.
N 20
Margin
($/bu)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020E 2021F 2022F
4
Other Costs
Fertilizer
Seed
Chemicals
-Corn Price
March 2022
Source: USDA, IMEA, Bloomberg, ICE, FAO, IFA, NutrienView entire presentation