In February, the last moldboard plow is set to roll off John Deere’s assembly line, closing the curtain on a farming icon. Ranked by the Smithsonian among the tools that made America, the impact of Deere’s plow is difficult to overstate. Simply, when Deere’s fledgling shop forged its first moldboard plow — agriculture and American history changed forever.
The 2022/23 crop season could post two records in Brazil. First, it could produce a record 313 million tons of soybeans, corn, cotton, rice and wheat. Second, that record production would cause a record storage deficit of more than 100 million tons.
Ongoing drought and volatile weather remain additional risk factors for crop production. Grain elevators and merchandisers will likely face a mixed picture for the year ahead.
