RIO DE JANEIRO, BRAZIL – Fears of fertilizer shortages are almost entirely slowing soybean expansion in Brazil, the world’s largest exporter.
According to a forecast by Itaú BBA (ITUBN), oilseed acreage is expected to increase by only 0.5% in the coming 2022-23 season, the slowest growth since 2006.
A slowdown in the world’s largest soybean producer, which feeds a large share of the world’s farmed animals, could contribute to global food inflation.
According to Guilherme Bellotti, an analyst at Itaú BBA, Brazilian farmers are unsettled this season because of rising production costs and concerns about fertilizer . . .