Consultants and banks estimate that fertilizer consumption in Brazil will increase this year. Projections suggest a range of 2.5% to 10% growth in deliveries. This movement is driven by producers’ need to replenish the volumes used in their crops as input prices have fallen. For 2023, the market expects an increase in deliveries compared to 2022. The decline in fertilizer prices throughout the year, averaging 40% in imported input costs, and the fact that producers utilized part of the reserves accumulated in the soil in the previous year are contributing factors. StoneX consultancy anticipates an increase of 2.5% to 5% in deliveries compared to 2022, reaching between 42 million and 43 million tonnes. Nevertheless, the numbers are subject to revision, according to Marcelo Mello, Director of Fertilizers at StoneX.
Sources: Canal Rural/Datamar News