Deliveries of fertilizers to farmers in Brazil are expected to grow to 44.5 million tons in 2023 from 42.75 million tons in 2022, with lower prices helping farmers to invest in fertilization, said Rabobank on Wednesday. The volume consumed will still be below last year’s volume of 45.8 million tons. In 2022, farmers reduced demand for higher costs amid concerns about supply because of the war in Ukraine. However, as fertilizers arrived in Brazil this year, building up inventories, prices came under pressure. With carry-over stocks for 2023 quite high, the bank claims that consumption should grow in 2023.
Sources: Global Fert/ Notícias Agrícolas (*Translated by Ia Niani)