U.S. nitrogen fertilizer markets have seen an uptick to start the year due to global supplies. China, in particular, has curbed urea exports to the tune of a five million ton shortfall. “That is something that could change very quickly, but just not today,” said StoneX Vice President of Fertilizer Josh Linville. Iran, which tends to fly under the radar in the nitrogen sector, is also a factor. “They are about the same size as China and last year Iran exported 4.8 million tons, but their production is currently offline. Their natural gas supplies aren’t available, so production has had to shut down.” With European nitrogen production also taking a hit to start 2025, U.S. markets will feel the impact.
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