In this week’s fertilizer report: Daily Urea Prices; Daily DAP Prices; and North American Urea and Phosphate Price Action.
News of the Week
Global urea activity has been subdued through November as the world awaited the results of the recent Indian urea tender. The indicated netbacks from the November 20th tender were below market expectations therefore the market weakened slightly. Producers were careful therefore traders were on the edge of seats.
The results of the tender the morning of November 26th indicated only 1.4mmt of the requirement of 2.5mmt was filled. India is struggling to secure volume due to China’s lack of participation in exporting to India.
On phosphates, markets are stable as Chinese exports are down significantly for the first 10 months of the calendar year.
We are in the midst of a market in which price moves are dominated by geopolitics and subsidies vs. supply and demand driving prices.
It is much more difficult to trade a market like this.
DTN Retail Fertilizer Trends
Average retail fertilizer prices continued to be mostly higher during the second week of November 2025, according to sellers surveyed by DTN.
Prices for six fertilizers were higher once again, while prices for the other two were slightly lower. No fertilizer had a sizeable price move, which DTN designates as anything 5% or more.
The six nutrients that were higher in price: DAP, which had an average price of $929/ton; potash $490/ton; urea $597/ton; 10-34-0 $667/ton; anhydrous $857/ton; and UAN28 $416/ton.
Two fertilizers were slightly lower looking back to the prior month. MAP had an average price of $930/ton, and UAN32 was $465/ton.
On a price per pound of nitrogen basis, the average urea price was $0.65/lb.N, anhydrous $0.52/lb.N, UAN28 $0.74/lb.N and UAN32 $0.73/lb.N.
(Source: Alissa Phan)
Six of Eight Fertilizers Cost More than a Month Ago
On 14 November, The White House Quietly Made a Very Loud Move
On 14 November, the White House quietly made a very loud move: the United States has exempted nearly all major fertilisers from the reciprocal tariffs introduced earlier this year under Executive Order 14257.
For the global fertiliser market, this is not a minor administrative adjustment – it is a kind of structural shift.
What exactly has been exempted?
Nitrogen products: Urea, AS, UAN, AN. CAN. But Ammonia – not exempted (a rather deliberate act of protecting domestic producers)
Phosphates and potash: DAP, MAP. NP/NPS, TSP, SSP (and previously exempt: MOP, SOP, NPK, phosphate rock)
In short: the vast majority of globally traded fertilisers can now enter the US tariff-free. Why has the US done this? Officially – to curb food inflation and support American farmers. In practice – to stabilise input costs ahead of the 2026 season and re-establish the US as a competitive import destination. The message is rather clear: “Send us the product. We want lower prices.”
(Source: Iliy Motorygin)
Fertilizer Industry Calls for Practical Policy Solutions to Support Farmers & Strengthen Supply
As farmers continue to navigate a period of tight margins and volatile global markets, The Fertilizer Institute (TFI) is urging policymakers to focus on practical solutions that strengthen U.S. agriculture, expand markets for producers, and ensure farmers have access to fertilizer exactly when and where it is needed.
“America’s farmers are the most productive in the world, and we’re proud to stand with them through the challenging market conditions we are currently experiencing,” said TFI President and CEO Corey Rosenbusch. “Global factors from all sides continue to drive fertilizer costs, including geopolitical instability, export restrictions, supply chain disruptions, and energy markets. The best way Washington can help farmers is by expanding market access for their products, cutting red tape, and strengthening domestic fertilizer supply.”
(Source: TFI)
Global Urea: A Market Heroically Doing the Bare Minimum
The Big Picture?
India remains the market’s reluctant protagonist: buying because it must, setting the tone whether it wants to or not, and absorbing global oversupply while everyone else packs up for the year. If IPL ultimately secures less than its top-end target, the market may find a flimsy reason to firm. If it secures more, sellers will sigh with relief while pretending it was their plan all along.
In the meantime, producers are recalibrating, buyers are procrastinating, and the global urea market is doing what it does best: hovering in a state of polite uncertainty while pretending to be dynamic.
(Source: Ibrahim Argha)
Daily Urea Prices
Urea traded flat at 370 USD/T on November 26, 2025. Over the past month, Urea’s price has fallen 6.09%, but it is still 17.46% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity.
(Source: Trading Economics)
Daily DAP Prices
Di-ammonium fell to 640 USD/T on November 26, 2025, down 2.66% from the previous day. Over the past month, Di-ammonium’s price has fallen 16.56%, but it is still 11.30% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity.
(Source: Trading Economics)
North America Urea Last Week
According to Direct Hedge, urea NOLA swaps started November at US$98.50/st and dropped to US$370.50/st on Tuesday Nov 25.
Direct Hedge framed up the urea NOLA market on Thursday morning as follows: Dec was bid/offer US$360/$370/st. Jan was bid/offer US$360/$370/st, Feb was bid/offer US$365/$375/st and Q1 was bid/offer US$365/$375/st.
North America Phosphate Last Week
According to our sources, the delivered Western Canada MAP delivered price was still C$1,180/mt offer this week which is down in the last few weeks.
We continue to believe that these prices will remain elevated through 2025 in Canada, however there has been a bit of a shift at NOLA with the bid/offer spreads falling. Let’s sit and wait to see how this plays out and how it might affect Canadian prices as we approach calendar 2026.
Direct Hedge framed up the urea DAP market on Thursday morning as follows: Dec was bid/offer US$640/$680/st. Jan was bid/offer US$635/$645/st, Feb was bid/offer US$635/$645/st and Q1 was bid/offer US$640/$650.
Industry Tidbits
India’s Fertilizer Landscape is Changing: Post | LinkedIn
Global Urea Snapshot: Post | LinkedIn
Josh Linville Fert Market Update: Post | LinkedIn
Peak Trading Research, Ag Hedge Fund Flows: Post | LinkedIn
The future of agriculture: Empowering the next generation of Canadian farmers | FCC
