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Brazilian farmers are delaying fertilizer purchases for the second crop amid a strong dollar, economic uncertainty and high interest rates. Nitrogen imports are down about 20% year on year, with urea down 20%, ammonium sulfate down 11-12% and nitrate down 33%.
Delayed buying and tighter nitrogen supply raise the risk of missed application windows for Brazilian second-crop corn, which can cut yields. Higher nitrogen costs also worsen the input-to-crop price ratio for growers.
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