Urea rose and Brazil imported 16% less fertilizer. The second-crop bill is getting pricier
Urea at US$470 to 488 per tonne; potash fell. January and September imports dropped 15.7%. Now add a R$5.65 dollar.
To save you time3
- What is the urea price?
- US$470 per tonne CFR Brazil (Itaú BBA, October) and US$476 to 488 per Nobel Trading, the only major fertilizer rising.
- And potash?
- Down from US$375 to US$355 per tonne (Itaú BBA); Nobel cites US$358 to 371.
- How much did Brazil import?
- 28.5 million tonnes in January and September, 15.7% less than 2025. Urea fell 21.5% to 3.5 million tonnes.
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Read the full analysis +
Urea was the only major fertilizer to rise, reaching US$470 per tonne CFR Brazil (Itaú BBA): Nobel Trading cites US$476 to 488.
The rest of the basket
- Potash (KCl): down from US$375 to US$355 (Itaú BBA).
- Urea drivers: Middle East geopolitical risk and higher freight.
Slower buying
Brazil imported 28.5 million tonnes of fertilizer in January and September, -15.7%. Urea: -21.5%, to 3.5 million tonnes.
The bill in reais
Add a R$5.65 dollar and nitrogen gets pricier twice: in dollars and in the exchange rate.
What I would watch
Second-crop corn uses the most nitrogen. Those who delayed buying are now more exposed, and the barter ratio (bags of corn per tonne of urea) worsens just as credit is expensive.
