11/20/2024 End of Day Fertilizer Market Update
International
- If you haven't seen it yet, Mike sent out the October China trade report earlier today
- Certainly some things that caught our attention
- Urea exports were 3,500 tons...no that is not a typo. I am not missing a 0. Only 3,500 tons. Continues to back our massive supply hole due to their export approach.
- DAP/MAP exports fell to "only" 551K tons. That is about 30% lower than their average October.
- They continued to gobble up potash, bringing in 974K tons and keeping them well ahead of cumulative schedule.
- Certainly some things that caught our attention
- Otherwise, we continue to sit and wait.
- Paper trades today
- January Middle East Urea Paper - $330 / $330
North America
- "insert very little fall run/application done across the Midwest here"
- The calendar does not say we will not have a fall run, it just says it is going to be harder
- Over 22 years, I have seen this industry do some pretty amazing things
- Give the industry 2 weeks and it will knock your socks off
- Paper trades today
- January NOLA Urea Paper - $317
- March NOLA UAN Paper - $236
- Physical trades today
- None observed
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