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Fertilizer Market Report – September 4, 2024
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Fertilizer Market Report – September 4, 2024
In this week’s fertilizer report: National Fertilizers Limited Indian Tender Results, U.S. Corn Growers Could Sink Deeper into Red on Downturn, Canola Famers Say China Retaliatory Probe ‘One More Thing’ to Worry About, Last Week’s North American Urea and Phosphate Action, and Other Industry Tidbits.
News of the Week
National Fertilizers Limited Indian Tender Results
NFL awarded 1.2 million metric tons (mmt) in its most recent India Urea Tender at an average price of US$349.88/mt CFR to the East Coast and US$340/mt CFR to the West Coast.
The volume and prices appear to have put a bottom under the NOLA Urea market near term as physical and paper markets firmed up following announcement of the awards.
U.S. Corn Growers Could Sink Deeper into Red on Downturn
Argus’ insightful analysis reveals how U.S corn growers could be in financial trouble again this year.
“A more than 10% drop in new-crop corn futures since early May has chipped away at early-season sales revenue estimates, potentially pushing domestic growers deeper into the red amid another season of elevated expenses.”
U.S. corn growers could sink deeper into red on downturn | Latest Market News (argusmedia.com)
Canola Farmers Say China Retaliatory Probe ‘One More Thing’ to Worry About
“China’s announcement Tuesday was in response to Canada planning to impose increased tariffs on Chinese-made electric vehicles, steel and aluminum. While the federal government says those tariffs are meant to protect Canadian jobs, the agricultural sector is worried it may end up paying the price.”
https://globalnews.ca/news/10731139/canola-canada-china-dumping-ev-tariffs-farmers/
North America Urea Last Week
According to Green Markets, urea prices in Western Canada remained flat week-on-week (WoW) for the fourth consecutive week, closing at C$640 -$645/mt. Urea movement is stagnant in Western Canada as farmers began harvesting, with yields uncertain in some areas and commodity prices are down.
Last week, NOLA urea prices were down to a range of US$303-$309/st from the previous week’s of US$303-$313/st.
According to Direct Hedge, this week started with urea Nola spreads of US$306/st bid and US$315/st offer for September. October was quoted at US$300/st bid and US$310/st offer. Q4 is US$304/st bid and US$306/st offer. All were higher WoW. After the Indian tender closed, Wednesday bids and offer at NOLA moved up. September was quoted US$310/st bid and US$315/st offer, October moved up to US$310/st bid and US$315/st offer. November was also US$310/st bid and US$315/st offer. Q4 is now also up to US$310/st bid and US$315/st offer.
North America Phosphate Last Week
According to Green Markets, the latest delivered Western Canada MAP price was flat WoW in a range of C$1,080 – $1,085/mt for the third week in a row. MAP supply remains tight across North America.
MAP NOLA prices also remained flat WoW in a range of US$635 – $640/st.
China’s decision to restrict phosphate exports by extending the inspection process timeline from 14 days to 40 – 70 days has essentially halted exports, which will undoubtedly tighten the already strained global phosphate supply.
Industry Tidbits
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