Fertilizer Market Report – April 3, 2024 

Fertilizer Market Insights: Planting Report, YTD Urea NOLA Prices, Indian Tender Results, North American Price

In this week’s fertilizer report: David Rosenberg calls for action by Bank of Canada; USD/CAD chart tells a story; North American urea and MAP prices; and industry tidbits.

News of the Week: Fertilizer Market Report


Last Week’s Prospective Planting Report Slightly Bullish New-Crop Corn

USDA’s latest planting estimates were slightly bullish corn, neutral for soybeans and slightly bearish for wheat, according to DTN Senior Analyst, Todd Hultman.

Corn Planted Acre Estimate Put a Bit of Pressure on Urea NOLA

With USDA corn planted acres estimate coming in at 90 million acres, down 5% or 4.61 million acres, urea NOLA felt some pressure last week due to the reduced corn acres YoY. Urea NOLA prices fell 3.7% WoW to a range of US$340-$392/st on the back of that corn planting estimate. However, do note that YTD prices are up US$66/st or 22% largely due to tight supplies and demand from an early planting season this year in the US.

Indian Tender Closed on March 27 

The Indian tender closed on March 27 with a total of 3.2 million metric tonnes offered with prices ranging from US$339 to $375.25/MT. Indian inventories are comfortable at this time. International urea prices could be impacted if India decides to take less than 1 million MT because supply would be floating around. 


North America Urea Last Week

According to Green Markets, urea prices in Western Canada were flat WoW in a range of C$770-$780/mt DEL. These prices are up C$110/mt or 17% since the recent trough of C$665/mt seen in early January.  

Offers are still at C$800/mt for prompt and May at C$830/mt FOB Gravelbourg SK. 

Urea prices in Eastern Canada fell to C$640-$725/mt. That low end fell C$60/mt from the last report. 

NOLA urea prices fell to a wide range of US$340-$392/st from the previous week’s range of US$354-$406/st.  April traded at US$340/st FOB. 


North America Phosphate Last Week


According to Green Markets, the latest delivered MAP prices were flat WoW in Western Canada in a range of C$1,140-$1,145/mt. MAP prices have risen 40% since early July 2023 in Western Canada.  

We heard again of two MAP offers in Southern SK at C$1,165/mt for prompt and C$1,190 for Spring FOB. 

Map prices in Eastern Canada were quoted at C$985-$995/mt FOB, down C$8/mt on the low end. 

MAP barges were down by US$5/st at the high end versus a week-ago at $620-$635/st FOB.