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Fertilizer Market Report – October 16, 2024
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In this week’s fertilizer report: Last Week’s North American Urea and Phosphate Action; and Other Industry Tidbits.
News of the Week
How a hurricane in Florida affects phosphate prices in Saskatchewan
Shaun Haney, founder of RealAgriculture, hosts Real Ag on the Weekends on Saturday afternoons from 4 p.m. to 5 p.m. and Sundays from 11 a.m. to 12 p.m on 980 CJME and 650 CKOM. On Saturday he spoke to Josh Linville, vice president of fertilizer for StoneX Financial Inc. about the impact Hurricane Milton has on phosphate production.
Josh Linville stated, “We have already seen a phosphate market that’s been incredibly high. The retailer has been feeling that, and the farmer economics have been tough, so everything has slowed way down all this year, and everybody’s been taking a much more conservative approach. That means less tons that are in place ready to roll.
Now, we have these issues like hurricanes coming through that are reducing supply and production — and doing it just before the start of fall application season just made a bad situation worse.”
How a hurricane in Florida affects phosphate prices in Saskatchewan | 650 CKOM
Peak Trading Research
Friday’s COT positioning report showed a SEVENTH consecutive week of hedge fund buying across the agriculture complex. Funds sold back futures through the end of last week as the dollar strengthened, export demand dropped, and farmers sold.
North America Urea Last Week
A fertilizer trader at a urea producer indicated to us last week that urea inventory is tight all the way up the Mississippi which is expected to support prices through Q4.
According to Green Markets, urea prices in Western Canada were flat WoW in a range of C$650-$655/mt.
Last week, the NOLA urea price range increased to US$330-$334/st from US$314-$332/st the previous week due to the conflict in the Arab Gulf.
Urea Middle East was up 4% on average to a range of US$364-$369/mt as the conflict continued.
According to Direct Hedge, Tuesday started with urea Nola spreads of US$330/st bid and US$335/st offer for October. November was quoted at US$338/st bid and US$342/st offer. December was US$338/st bid and $342/st offer and Q1 was US$340/st bid and US$350/st offer.
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 for the third consecutive week. 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
- How will climate change affect crop yields in the future? – Our World in Data
- Farmers Talk Landlords, Inputs and Bucket Lists (dtnpf.com)
- What is a Conspiracy of Awesomeness and why our country needs one « Kristjan Hebert
- Canola-wheat yield difference widens this year | The Western Producer
- Brazil Fertilizer Use: (3) Post | LinkedIn
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