Driven by the pace of fertilizer marketing and domestic supply, StoneX average forecast of shipping fertilizers in Brazil has risen, expecting now a growth of 5% in 2020, and a record number of 38.05 million tons. StoneX analyst, Gabriela Fontanari, said in a note that “the pace of imports results from strong negotiation considering the final consumer, a movement observed since December last year and reflected in the fertilizer commercialization indicator”. Until October, the incorporations of the NPK complex reached 25.15 million tons, which is an increase of 12.7%, when compared to that registered in the same period of 2019. ” “The greater optimism among grain producers and the annual advance compared to previous harvests are in consonance with the estimate of a new consumption record in 2020”. In addition, StoneX says there are signs that strong imports and marketing pace will persist for the next few months.
Sources: Globo / Reuters
*Translated by Ia Niani