Delivering Value through Organic and Tuck-in Growth slide image

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, Nutrien
View entire presentation