Soybeans Outpace Corn in Fertilizer Purchases as Credit Costs Bite

Brazilian soybean producers have secured 90% of their fertilizer needs for the 2026/27 crop, while corn growers have locked in only 45%, according to recent reporting by Notícias Agrícolas. The gap between the two crops is attributed to a shift from high fertilizer prices to expensive and harder-to-access credit as the main bottleneck limiting input purchases.

The market narrative has changed since mid-2026, when tight credit conditions and elevated borrowing costs began weighing on the pace of input procurement across Brazil's row-crop sector. Soybean producers have a head start over corn growers due to Brazil's planting calendar and financing structure. The country is preparing to plant around 50 million hectares of soybeans for the 2026/27 season, while second-crop corn is typically financed and purchased later in the cycle.

The 90% versus 45% gap is an early signal worth tracking into the fourth quarter for global agribusiness readers. Fertilizer suppliers, distributors, and international nutrient exporters selling into Brazil will price and plan shipments partly around how quickly Brazilian growers commit to purchases each season. The soybean book being largely filled suggests demand for phosphate and potash tied to the soy crop is unlikely to move prices further this cycle.