Eduardo de Souza Monteiro, the head of Mosaic's operations in Brazil, stated on Monday that the total fertilizer demand in Brazil for 2024 is expected to reach a record-breaking 46 million tons. This is higher than the 45 million tons from the previous year and surpasses the historical peak of 45.8 million tons in 2021.
The increase in demand is attributed to the recovery of rainfall in some production areas and an optimistic outlook for Brazil's second-season corn crops.
Monteiro serves as the chairman of the Brazilian Fertilizer Industry Association (ANDA). He mentioned that the fertilizer demand in 2024 is projected to set a new record. He explained that as rainfall returns to regions like the Midwest and the Matopiba area in Brazil, the mood among corn farmers has improved.
Analysts had previously estimated that due to insufficient rainfall and high temperatures leading to a delay in soybean planting in some regions of Brazil, the planting area for second-season corn would decrease.
However, Monteiro believes there is no reason for a 5% to 10% reduction in the planting area for second-season corn, as previously estimated by the market. Due to the higher-than-expected corn planting area, the demand for fertilizers is also expected to increase accordingly.
Attention: The above information is only for commercial reference and Kelewell is not responsible for the authenticity of the data.
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