Mar. 20 at 2:27 PM
$AGRO In 2025, China accounted for approximately 26.1% of Brazil's total fertilizer imports. Specifically for urea, China is typically the second or third largest supplier after Russia and Qatar.
As of March 2026, the "China-to-South America" pipeline is facing two major friction points that you should track for your trading models:
Dynamic Guidance Policy: The Chinese government recently implemented a "dynamic guidance" policy on urea exports to ensure domestic food security. This has capped total 2026 exports at roughly 5 million tons globally. Because India usually takes the lion's share of this (via RCF tenders), South America is seeing a tightening of Chinese supply.