North America

Strong Grains & Oilseeds Exports

Soybean supply issues in Argentina and Brazil made the US the primary soybean exporter to the world, at increased margins. US corn exports also became more competitive following crop failures in Brazil. Canadian business led with board crush positions prior to oil sales, as this provided a profitable hedge for the asset.

Cotton Bounceback

After early 2020 shutdowns, the cotton market saw a sharp rise in demand as retail and mill operations normalized, which led to a surge in prices. In this context, we successfully leveraged our US logistic network, benefiting from large inventories on hand at the beginning of 2021.

Investment in Innovation

To capture market share in a fast-growing alternative protein market, we hired a research and development (R&D) team to develop our plant-based proteins and ingredients business, both organically and in collaboration with multiple technoeconomic partners, such as private companies and regional universities. During 2021, we began construction of a state-of-the-art R&D laboratory and pilot plant center in Livermore, California, US, inaugurated in March 2022.

Manoj Kumar
Vice President, Plant Proteins

“As the global population grows and demographics change, the world needs more food – protein in particular. We have entered the plant proteins business to meet growing food demand safely, sustainably and responsibly, and to develop new innovative proteins and ingredients as the building blocks for tomorrow’s food. With our strong agri-commodities position, solid operational base and processing capabilities, we are well-positioned to build a robust plant proteins business.”

More Regional Highlights

Widening ocean freight spreads (US Gulf vs Pacific Northwest) led to improved elevations for west coast assets and a 10-year record high for grains and oilseeds exports through our terminal in Seattle (Washington), up 10% year on year.

Import supply chain issues led to stronger refined glycerin prices in the US. With fewer imports competing with domestic production, this resulted in increased margins for LDC.

Achieved record production run rates at our facilities in Norfolk (Nebraska), Grand Junction (Iowa) and Claypool (Indiana) in the US, and in Yorkton (Saskatchewan) in Canada.

Completed canola oil distribution infrastructure works at our Claypool (Indiana) facility in the US, to serve our existing customer base with an expanded product portfolio.

Increased cotton logistic capabilities in Arkansas, US, with the acquisition of a new warehouse facility in this key origination region.

Despite higher costs across the value chain, our Imperial Sugar business continued to serve customers, delivering stable volumes for the year versus 2020.