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Fertilizer Market Report – October 9, 2024
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In this week’s fertilizer report: Middle East tensions raise stakes in latest Indian urea tender; September Fertilizer Market Update: Shifts and Trends; Peak Trading Research Comment: BIG BUYING; Last Week’s North American Urea and Phosphate Action; and Other Industry Tidbits.
News of the Week
Middle East tensions raise stakes in latest Indian urea tender
Profercy outlines the impact on urea from tensions in the Middle East and China’s absence from the export market.
Middle East tensions raise stakes in latest Indian urea tender | Profercy
September Fertilizer Market Update: Shifts and Trends
Waypoint Commodities’ September fertilizer market update provides colour on the changes happening in fertilizers globally as well as commentary on freight rates and energy markets.
September brought significant changes to global fertilizer markets, driven by evolving supply dynamics, agricultural demand, and broader macroeconomic policies. Across key regions such as the Arabian Gulf (AG), Brazil, Egypt, and Nola (New Orleans), notable price increases occurred, likely due to supply chain constraints and heightened agricultural demand. Events like India’s NFL tender further influenced these market shifts.
September Fertilizer Market Update: Shifts and Trends | LinkedIn
Peak Trading Research Comment: BIG BUYING
Hedge funds bought +187k contracts (US$6.8B) during last week’s COT report window, the BIGGEST weekly inflows in four years. The drivers: Chinese stimulus, Brazil weather, CTA trader buying, bullish seasonal turns, and new Middle East geopolitical risks.
North America Urea Last Week
According to Green Markets, urea prices in Western Canada were flat WoW in a range of C$650-$655/mt. Early this week however we saw offers at retail move up to C$685/mt.
Last week, the NOLA urea price range widened to US$314-$332/st from US$315-$320/st the previous week. This week started with prices rising due to the conflict in the Arab Gulf.
As reported by Direct Hedge, Tuesday started with urea Nola spreads of US$330/st bid and US$340/st offer for October. November was quoted at US$335/st bid and US$345/st offer. December was US$340/st bid and $350/st offer and Q4 was US$350/st bid and US$360/st offer. These spreads were all up significantly WoW due to the conflict in the Arab Gulf..
North America Phosphate Last Week
According to Green Markets, the latest delivered Western Canada MAP prices were flat WoW in a range of C$1,090-$1,105/mt. MAP supply remains tight across North America and it could get worse due to Mosaic’s closure of its Riverview phosphate facility which was impacted by Hurricane Helene.
Due to the hurricane, MAP NOLA prices rose to a range of US$615-$625/st from US$610-$615/st the previous week.
Industry Tidbits
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