11/29/2024 Mid-Day Fertilizer Market Update
Recently, my wife has more a bit more vocal about my vacation time…or lack of.
I started at StoneX a little over 6 years ago. In that time, I have taken vacation time…well, vacation’ish time.
We obviously take trips to Disney in Orlando annually for marathon weekend, but every year sees me doing calls/e-mails while in the parks. You might have been lucky enough to listen Disney music while we discussed markets!!!
Last spring, we took a trip to Breckenridge where I worked on my laptop all day. Part of this I was thankful for. Being 45 is not a great age to start skiing, but I worked most of the trip.
Last year, we went to visit family in Hawaii. Yep. Brought my laptop/work phone with me.
Angela finally convinced me to take some actual time off. Mike and Quan are going to be watching the markets closely. Kristen has done a great job of learning the fertilizer trade desk role. Combined, they are going to make sure the daily mid-day/end of day reports go out. They just might be a little shorter than normal. I hope everyone understands. This time off has been a long time coming.
Not going to lie, I’m a little nervous about doing it but it must be done!!!
International
- Markets are finishing the week very quiet as the market likely contemplates the next round of demand
- Doesn’t appear to be anyone who “has” to step forward before 2025
- However, that doesn’t mean someone will not step in to take advantage
- If the markets are going to be dead, that might be the best time to step in
- Get ahead of the rush
- Paper trades today
- January Middle East Urea @ $335 (traded $3 less than Wednesday's trade)
North America
- Seems a lot of farmers didn’t have to worry about working thru Thanksgiving as another round of rain and some snow blew thru the Midwest
- Now we continue to watch the forecast and hope we can get one or two more application windows before Christmas
- We need those windows to appear, still a lot of work to do
- If they do not appear, then we will be starting 2025 in anticipation of a hard spring coming…
- Yearend/beginning prepays will be interesting to watch
- Current farm economics will not have farmers excited
- However, the FARM Act 2024 might be the hope farmers need to spend some cash
- If the FARM act continues to gain momentum, it could mean a much-needed injection of funds for farm operations
- I still have faith that D.C. will screw it up and somehow pass a bill that ends with the funds going someplace other than farmers
- At this point, we just have to hope that they mess up and it actually ends up in farmers hands…
- Paper trades today
- No trades observed
- Physical trades today
- No trades observed
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