10/28/2024 Mid-Day Fertilizer Market Update
International
- "We come to you live from India watch 2024. So far we haven't seen or heard anything definitive but tensions are high that they could announce at anytime!!!"
- So yeah, not much happening out there while we sit around and wait.
- Of course, the Israeli retaliatory attack is certainly worthy attention.
- The question now is how it progresses
- Will we see Iran do another barrage of missiles?
- Will other Iranian backed groups ramp up attacks?
- Ultimately, the question is whether or not the Persian Gulf waterway stays open to passage
- That is a step that would have the most impact on markets
- Paper trades today
- November Middle East Urea Paper - $370
- December Middle East Urea Paper - $360
- January Middle East Urea Paper - $355
- December Egypt Urea Paper - $374 / $371
- January Egypt Urea Paper - $370
North America
- A few rain events have been hitting parts of the Midwest, but unfortunately they need to be a lot more widespread to ease our concerns around NH3 application
- However, we have to start somewhere
- Otherwise, harvest continues to wrap up and paves the way for applicators to begin
- Paper trades today
- December NOLA Urea Paper - $325
- January NOLA Urea Paper - $330
- Physical trades today
- 1H November NOLA Urea Physical - $320
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