Reuters is reporting that the Brazilian fertilizer manufacturer, Yara Brasil Fertilizantes SA, has opened its first foliar fertilizer plant in Brazil today.
Approximately R$100 million (US$30.73 million) was invested in the plant, which will produce foliar fertilizer for crops such as corn and soybeans.
The construction of the plant near the port of Santos reflects the company’s ambition to strengthen its presence in one of the world’s fastest growing agricultural market – at an average rate of 3% in recent years according to data from national fertilizers group Anda cited by Yara. 25% of Yara’s global sales already come from Brazil.