By Roberto Samora
SAO PAULO, Oct 5 (Reuters) – Driven by heated demand, deliveries of fertilizers in Brazil should reach a record 43.8 million tonnes in 2021, an increase of 8% compared with last year, according to a presentation from agribusiness consultancy StoneX on Tuesday.
In April, StoneX had projected fertilizer delivers at 42.3 million tonnes in Brazil, which is the world’s largest producer and exporter of agricultural commodities like soybeans, sugar and coffee.
Brazilian farmers, some of whom plant as many as three crops a year, have already acquired 39% of their fertilizer needs for the first half of 2022, according to StoneX data, in line with historical levels.
But estimates confirm Brazil is on track to harvest yet another bumper crop of products like soybeans and corn in the year ahead.
According to government estimates, the country’s grain crop will reach almost 290 million tonnes in the 2021/2022 cycle, with soybean output accounting for about 141 million tonnes and corn reaching about 116 million tonnes.
According to StoneX’s presentation, despite the expectation of record fertilizer demand this year, its new estimate for deliveries is still a “conservative” and may be revised again for the year.
Brazil relies on imports for most of its fertilizer needs, and those rose by 12% higher between January to August, StoneX said.
(Writing by Ana Mano Editing by Marguerita Choy)
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