Feeding the Future
Crop prices remain elevated while fertilizer costs have eased,
supporting healthy grower margins
Key Crop Grower Cash Margins1
Local Currency Margin/Acre
US Corn Cash Selling Price & Costs³
US$/bu
US Corn US Soybeans
US Wheat
US Cotton
CAN Canola BRZ Soybeans²
700
5,000
$8.00
4,500
600
$7.00
4,000
500
3,500
$6.00
400
3,000
$5.00
2,500
Margin
($/bu)
300
2,000
$4.00
200
100
1,500
$3.00
1,000
500
$2.00
$1.00
-100
2019
2021
2023F
2019
2021
2023F
2019
2021
2023F
2019
2021
2023F
2019
2021
2023F
2019
2020
2021
2022E
$0.00
2023F
2011
2013
2015
2017
2019
2021
2023F
4
Chemicals
Seed
Fertilizer
Other Costs
-Corn Price
...
Brazil is local currency margin/hectare on right-hand side vertical axis, while the rest of the crops reference US dollar margin/acre on the left-hand side vertical axis.
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2.
3.
Due to crop year timing in Brazil the 2022 references the 2022/23 crop year, which was planted in Q3 & Q4 2022 with growers realizing returns in 2023. The 2023F references the 2023/24 crop year.
Annual cash costs on a per bushel basis are impacted by both realized inflation/deflation and by the annual corn yield.
Includes cash rent and with other variable costs such as fuel, energy, and repairs.
16
Source: USDA, IMEA, Bloomberg, ICE, FAO, IFA, NutrienView entire presentation