Andersons CEO Says US Farm Production ‘Really Good’ Despite Heat

Source: By Sonali Basak, Bloomberg • Posted: Tuesday, August 9, 2022

US farmers will have “really good” production this fall despite scorching heat in some areas, according to one of the five largest US grain handlers.

While parts of the western grain belt have been hot and dry, the main part of the corn belt across the central Midwest is “in pretty good shape,” The Andersons Inc. Chief Executive Officer Pat Bowe said in an interview on Bloomberg Television. “We won’t have a record crop, but we’ll have a really good US production this fall.”

Grains, crop nutrients and ethanol have all rallied over the past year, helping fuel profits at the Maumee, Ohio-based company’s core businesses. Bowe has said the outlook for the rest of 2022 is strong even as still elevated prices have cooled.

“We have high farmer income, we have high fertilizer prices and with these kind of corn prices you still want to be giving pretty ample supply of nutrients to your soil,” Bowe said in an interview last week.

— With assistance by Kim Chipman, and Caroline Hyde