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Fertilizer Market Report – July 3, 2024
The Threat of Cheap Russian Fertilizers to European Food Security
In this week’s fertilizer report:
- Threat of Cheap Russian Fertilizers
- Urea Price Outlook
- June Was the Worst Month for Ag Futures
- North American Urea and MAP prices
- Industry Tidbits
News of the Week: Fertilizer Market Report
The Threat of Cheap Russian Fertilizers to European Food Security: A Financial Times Perspective
Ebrahim Argha does a great job of summarizing an article in the Financial Times about the influx of cheap Russian fertilizers.
“The import of certain types of Russian fertilizers to Europe has even increased amidst the sanctions imposed following the start of the special military operation in Ukraine. This raises concerns about the reliance on these imports and the potential implications for the European fertilizer industry.”
The Threat of Cheap Russian Fertilizers to European Food Security
Urea Price Outlook: Short-Term Uncertainty Grips the Market
Ebrahim Argha has an interesting view of the short term outlook for urea prices.
“Overall, the short-term urea price outlook remains uncertain, with various factors tugging at market sentiment. Supply disruptions, tender activity, and demand dynamics will continue to shape price movements.”
Urea Price Outlook: Short-Term Uncertainty Grips the Market
June Was the Worst Month for Ag Futures in Two Years
Interesting post from Peak Trading Research about Ag Futures performance in June.
June was the WORST month for agriculture futures in two years.
North America Urea Last Week
According to Green Markets, urea prices in Western Canada were up on the high end at C$625-$640, from a range of C$625-$630/mt the previous week.
Last week, NOLA urea price range tightened to US$303 – $308/st from a range of US$290-$309/st the previous week. The last five weeks, urea NOLA prices have been volatile.
According to Direct Hedge, this week started with urea Nola spreads of US$290/st bid and $300/st offer for July, US$295/st bid and US$305/st offer for August and US$295/st bid and US$305/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. This is the third week in a row with no movement in MAP prices in Western Canada.
MAP NOLA was up another 1% on average to US$645 – $650/st.
In the last eight weeks, MAP NOLA has risen 34% on average.
Industry Tidbits
- Saskatchewan has a ‘once-in-a-century’ economic opportunity | National Post
- Will the Canadian Dollar Soar This Summer? – Interchange Currency Exchange (interchangefinancial.com)
- Baltic Exchange Sea Freight Index Hits 1.5-Month High
- Grains vs Fertilizer Price Comparison Post | LinkedIn
- Egyptian fertilizer company turns to hydrogen amidist gas shortage | Arab News (ampproject.org)
