10/08/25 Afternoon CommStock Report – Soaring Fertilizer Costs Continue to Squeeze Profit Margins

Soybean planting continues at rapid pace in Brazil, but more rainfall will be needed to maintain their accelerated pace. One grower in Mato Grosso felt that some growers in the central part of the state may have to replant, as they were nearly half done by October 1st, well ahead of schedule. This despite the short-term rainfall outlook turning dry. It does seem that rainfall begins to fill in more next week, however, we are unsure that the seed can wait that long. Temperatures are above average, well into the 90’s, and storms are needed to cool things off. Until then, the seed bakes in the soil, compromising germination. Growers are in two groups. One group of growers who started early, stopped planting to wait for rain to catch up. They will check their stands before making any replant decisions later this month. Another group of farmers that have not yet started, will advance planting leading up to the showers next week.   The bulk of the planting has taken place in the state of Parana where they are nearly 45% complete, and Mato Grosso where they are 20% complete. The northeast has not received a rain yet and will…