Fertilizer Market Report – June 26, 2024 

Surprise Indian Urea Tender

In this week’s fertilizer report:  

  • Surprise Indian Urea Tender 
  • Heavy Rains in the US Push Crop Prices Down 
  • North American Urea and MAP prices 
  • Industry Tidbits 

News of the Week: Fertilizer Market Report

Surprise Indian Urea Tender

India issued a tender for urea on Monday. This is interesting and we believe it comes on the back of lower global urea prices. India is sitting on a historical high 11 million mt of urea which is substantial. IPL issued the tender for an unspecified volume of urea closing on 8 July, for shipment by 27 August.  

Globally, urea prices did not react to the tender announcement. The industry will now sit and wait for pricing and volumes.  

Tender Notice for Import of Granular/Prilled Urea

Heavy Rains in the US Pushed Crop Prices Down

Agriculture traders are gaining more confidence that we’ll see a good U.S. summer production cycle and U.S. crop prices are falling fast.

David Whitcomb, CFA –  

North America Urea Last Week 

According to Green Markets, urea prices in Western Canada were flat WoW in a range of C$625-$630/mt.  

In Eastern Canada, urea was quoted in a wide range at C$592-$700/mt FOB. 

Last week, NOLA urea prices fell on limited trade, to a range of US$290-$309/st from a range of US$308-$330/st the previous week. The last few weeks, urea NOLA prices have been volatile. 

According to Direct Hedge, this week started with urea Nola spreads of US$295/st bid and $305/st offer for July, US$300/st bid and US$310/st offer for August and US$305/st bid and US$315/st offer for September. 

North America Phosphate Last Week

According to Green Markets, the latest delivered Western Canada MAP price range was flat WoW at C$1,030-$1,040/mt.  

MAP NOLA was up another 5% on average to US$643/st from a range of US$600-$620/st the previous week.  

In the last seven weeks, MAP NOLA has risen 33% on average. 

Industry Tidbits