N.A. Chems & pkg‘g Monthly Crop Chem Pricing & Brazil Imports

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N.A. Chems & pkg‘g Monthly Crop Chem Pricing & Brazil Imports

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N.A. Chems & pkg'g Equities

AmericasMonthly Crop Chem Pricing & Brazil Imports

Chemicals, Commodity

Joshua Spector, CFA

May CPC pricing trends continue to point to MSD% global declines & more Analyst

positive trends in LatAm joshua.spector@ubs.com

Using UBS Evidence Lab data we update our trackers for Crop Chem pricing (based +1-212-713 6188

on China export data > Access Dataset) & Brazil crop chemicals (CPC) imports (> Lucas Beaumont

Access Dataset). This data is important for our analysis of CTVA (Neutral rated) & Analyst

FMC (Neutral rated), for crop chem pricing trends globally/LatAm, and for lucas.beaumont@ubs.com

demand/inventory trends in Brazil as a larger & more dynamic market for crop +1-212-713 4809

chems. Nicole Grueneberg

Associate Analyst

Overall this latest update shows a continuation in crop chemical price trends from nicole.grueneberg@ubs.com

last month. On a global basis, pricing is pointing to MSD% declines in 2026, while +1-212-713-2469

on Latam, pricing has strengthened from up LSD% to up MSD% Y/Y. This is a

Christopher Perrella

mixed read for CTVA/FMC, which could mean more pricing risk in crop chems in

Analyst

2Q, but could set up for a better price environment in 2H. Though higher crop christopher.perrella@ubs.com

chem exports could also mean higher costs for Latam inputs, and may not reflect +1-212-713 1443

sales prices (negatively impacting margins). On the global data, insecticide pricing

Anojja Shah

is the main source of declines (-25% Y/.Y), negative for FMC, while herbicides and

fungicide pricing is up on both a global and Latam basis. anojja.shah@ubs.com