Fertilizer Market Update

In the latest update from StoneX Fertilizer Specialist Josh Linville, North American urea markets are moving higher. China surprised the market by increasing its urea export quota from two million tons to three million. The ceasefire between Israel and Iran is holding, which has allowed nitrogen production in Iran and Egypt to restart. Linville estimates both countries were offline for two weeks, which represents 600,000 tons of lost production. North American phosphate supplies remain tight when compared to expected demand. The summer fill programs for potash have been released and Linville is not seeing the price break that farmers and retailers were hoping for.