Harvest Minerals Ltd (AIM:HMI, OTC:HMIFF) said orders for its multi-nutrient, direct application fertiliser KP Fértil for delivery in 2023 now amount to 70,000 tonnes (t).
Most of this is expected to be invoiced by the end of 2023, Harvest added, with 22,500t invoiced by the end of September.
Fertiliser demand is also expected to rise in 2024 again but conditions remain volatile, it added, as the market adjusts after the surge in prices caused by the war in Ukraine, a major supply source.
A fall in the price of soybean, a big crop in Brazil where Harvest operates, has also seen demand for fertiliser drop.
Harvest added it is still delivering 33,000t orders invoiced in 2022, with 10,000t of these shipped so far though it said it is unlikely all of the orders will be dispatched before this year-end.
Brian McMaster, chairman said: "2023 continues to be a challenging year for fertiliser companies globally as prices of fertiliser fell.
“Sales of KP Fértil have been impacted by farmers reducing spending on fertilizer in anticipation of further price drops and hopes for improved crop conditions.
“While ultimately, we expect fertiliser demand to improve in 2024, given the level of uncertainty experienced year to date, we do not have a sensible read on when that turnaround in conditions might come.”