12/11/2024 Mid-Day Fertilizer Market Update
International
- Global urea strength continues this morning on both physical and paper markets
- January Middle East urea saw several traded $5+ higher than yesterday settlement
- Also saw that an Egyptian producer sold another block of Jan ship tons at $378 or $2 higher than last done yesterday
- Trend remains bullish as the market awaits India offers
Paper trades today
- January Middle East Urea @ $358/$358/$358/$358/$358/$358 (up $5.5 from yesterday's settlement)
North America
- While a little chilly, it is another beautiful day in Kansas City
- Farmers should have little reason to not be in the fields if they do not want to be
- This morning saw a January urea barge trade at $328
- When compared against Dec ’25 corn at $4.44, that sits the ratio at 74
- While on the higher end of recent years, I would still consider it “in” recent years (unlike 2021/22)
- Given the supply issues globally, it makes sense that it should be on the higher end
- Might help put it into perspective for some skeptical farmers
Paper trades today- February NOLA Urea at $340/$340 (down $3 from yesterday's trade)
- March NOLA Urea at $345 (up $2 from yesterday's trade)
- Physical trades today
- January NOLA Urea at $328 (up $1 from yesterday's trade)
- January TSP at $460 (unchanged from Monday's trade)
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