By PJ Huffstutter and Zuzanna Szymanska
CHICAGO/BERLIN (Reuters) – US farmers are buying seeds and chemicals they need earlier than usual in a bid to secure supplies for next spring amid supply chain problems across the industry, a top executive at the agricultural and pharmaceutical company Bayer AG said on Tuesday.
Bayer also estimates that its average seed prices will rise by about 5% in 2022, Liam Condon, president of Bayer’s agricultural unit, told Reuters on Tuesday.
“What we are seeing is a very robust backlog,” said Condon. “As this is extensive, it is too early to determine from our point of view. But it’s clearly noticeable.”
US farmers are gearing up for an increase in the cost value of producing their corn and soybean crops next year amid rising fertilizer, chemical and seed prices due to labor issues, exports and rising demand.
Bayer sees no impact on its annual guidance of changes in customers’ planting habits or a five-week shutdown of its main glyphosate herbicide production facility in Louisiana after Hurricane Ida, the German life sciences group said Tuesday. -fair.
Bayer had to close the Louisiana plant after the hurricane hit the Gulf Coast in late August, further complicating supply chain and logistical problems that had already affected global supplies of fertilizers and chemicals.
Prices in the fertilizer market, which was also hurt by rising energy costs in Europe and China, are now rising to levels seen during the global financial crisis.
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