Brazil's safrinha second corn crop accounts for 78 percent of Brazil's total corn output.

Brazil imports approximately 80 percent of its fertilizer. 76 percent of nitrogen. 55 percent of phosphorus.

The safrinha is planted January through March. Harvest is June through August.

The fertilizer cost spike from the Hormuz closure hit during the planting window. The yield hit shows up at harvest. Brazilian corn enters the global market in June.

The food inflation story is not a 2027 story.

It is a Q3 2026 story. Three months from now.