Supply Chain Research

Brazilian fertilizer sales may be helped by increased exports of soybeans to China – resulting from the latest downturn in U.S.-China relations – as well as increased cereal sales. Brazilian soybean exporters including Bunge and Cargill have yet to see an uplift in exports to China. Panjiva data shows they likely fell 30.4% year over year in 2Q. Exports of cereals may have surged 5.5x over the same period, potentially due to an earlier harvest. Brazilian imports of fertilizer have only increased by 3.2% year over year in 2Q after a decline in June. The largest importers, Mosaic and Yara,...