MOS - Fertilizers piling up at Brazil ports signal further price drop - Bloomberg

A glut of fertilizers at Brazilian ports signals that prices of the nutrients may need to drop further before farmers start buying, Bloomberg reported Tuesday. Private warehouses in Paranagua reached their maximum storage capacity of 3.5M tons, according to the port's operations director, and one of two terminals that stores fertilizers at the Santos port also us full, the report said. The big three fertilizer producers are trading sharply lower: (NYSE:MOS) -5.4%, (NYSE:NTR) -3.3%, (NYSE:CF) -2.1%. Fertilizer prices surged to records after Russia's invasion of Ukraine caused fears of a shortage; Brazil imports nearly 85% of its fertilizer and Russia is the main origin. Prices have dropped in recent weeks, but farmers still are not buying, choosing to wait for further declines, Bloomberg analyst Marina Cavalcante said. "Farmers have the expectation that prices will keep falling after declines last week and in the previous one. So they'll wait for further

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Fertilizers piling up at Brazil ports signal further price drop - Bloomberg