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Fertilizer Market Report – September 25, 2024
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In this week’s fertilizer market report: Quick Fire Indian Tender Awakens Urea Market With Global FOB Values Firming; Metro Vancouver Grain Terminal Workers Begin Strike; Last Week’s North American Urea and Phosphate Action; and Other Industry Tidbits.
News of the Week
The big news of the week was a surprise Indian urea tender which the market did not anticipate. This put a solid foundation under global urea prices. The week beginning Monday September 16, the urea NOLA forward market was pricing in a bid of US$305/st and offer of $315/st from September through Q4 of this year. After the tender was announced the forward urea NOLA market climbed on Tuesday to a bid/offer spread of US$315/st – US$320/st from September through Q4.
Quick Fire Indian Tender Awakens Urea Market With Global FOB Values Firming
India’s surprise early-return has ended the malaise that had emerged in many areas of the market. News of the tender midweek spurred a round of fob activity in the east and west with Profercy’s Nitrogen Index subsequently advancing a further 2.63 points. The Index stands at 162.11, returning above 160 points for the first time since March.
Quick fire Indian tender awakens urea market with global fob values firming | Profercy
Source: Profercy Nitrogen
Metro Vancouver Grain Terminal Workers Begin Strike
Grain Growers of Canada warns ‘devastating’ work action will cost about $35M daily in lost exports.
Members of the Grain Workers Union Local 333 headed to picket lines at 7 a.m. PT, three days after serving strike notice, in what one industry group says could be “devastating” job action.
Both the union and the employer, the Vancouver Terminal Elevators Association (VTEA), say they could not come to an agreement on a new contract.
The affected facilities are in Vancouver and North Vancouver, and include Viterra’s Cascadia and Pacific Terminals, Richardson International Terminal, Cargill Limited Terminal, G3 Terminal Vancouver and Alliance Grain Terminal, according to the VTEA.
Metro Vancouver grain terminal workers begin strike | CBC News
North America Urea Last Week
According to Green Markets, urea prices in Western Canada were flat WoW in a range of C$645-$650/mt. As we progress through harvest in Western Canada, farmers will be looking at fertilizer prices to determine when to begin filling bins.
Last week, the NOLA urea price range widened to US$308-$323/st from US$311-$322/st the previous week.
As reported by Direct Hedge, this week started with urea Nola spreads of US$310/st bid and US$320/st offer for September. October was quoted at US$310/st bid and US$320/st offer. November was US$310/st bid and $320/st offer and Q4 was US$310/st bid and US$323/st offer. These spreads were all up WoW due to the surprise Indian tender.
North America Phosphate Last Week
According to Green Markets, the latest delivered Western Canada MAP prices were flat WoW in a range of C$1,080 – $1,100/mt for the third week in a row. MAP supply remains tight across North America.
MAP NOLA prices were flat WoW in a range of US$625-$635/st.
India is starving for DAP. Green Markets reported that India has only about 30 days to cover all of its Rabi season phosphate requirements. With the country being short phosphate with such a short time to cover its needs, prices will likely remain firm. Canada is fully dependent on phosphate imports. This tight supply of phosphates will support prices in Western Canada.
Industry Tidbits
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