MS-Global Agriculture Brazil Soybean 202526 – Input Purchases Lagging Ahead of Planting-20250819

With planting set to begin in mid-September, input purchases for the 2025/26soybean crop in Brazil remain significantly delayed. Despite a seasonal rebound inJuly, when Mato Grosso imported 617.15 thousand tons of fertilizers (+8.86% YoY),cumulative imports from January to July totaled just 2.97 million tons—a 18.51%decline versus 2024 and the lowest volume in six years as shown in the Exhibit1 .

This shortfall reflects producers’ hesitation amid rising costs and lower cropaffordability. The cost of soybean production continued to increased in July to R$4,183.04/ha, 5,4% YoY higher. The exchange ratio worsened, requiring more soybeansacks to acquire key inputs Exhibit 2 .

These dynamics suggest mounting risks for the 2025/26 soybean crop, includingpotential logistical bottlenecks and reduced investment levels, as manyproducers have yet to secure essential inputs.