Feeding the Future
Global fertilizer prices near mid-cycle levels
Selected Fertilizer Prices
US$ per Unit
K
N
P
1,200
800
400
Brazil (Gran. US$/mt CFR)
US Midwest (Gran. - US$/st FOB)
Southeast Asia (Stan. - US$/mt CFR)
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
$1,800
$1,200
Tampa NH3 (US$/mt CFR)
NOLA Urea (US$/st FOB)
NOLA UAN (US$/st FOB)
$600
$0
Jun-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
$1,200
$800
$400
Dec-20
NOLA DAP (US$/st FOB)
Brazil MAP (US$/mt CFR)
As of June 1, 2023.
$0
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Fertilizer Market Drivers
•
•
Potash demand has strengthened in North America as the
spring application season has progressed.
Anticipate increased global potash demand in 2H23 as a
result of lower expected inventories and improved grower
affordability compared to 2022.
North American nitrogen supply has tightened during the
spring season due to strong demand and lower net imports.
Expect ammonia markets will strengthen as demand increases
and supply remains challenged with approximately 40 percent
of European capacity currently curtailed and Russian ammonia
exports are constrained.
•
•
North American dry phosphate prices firmed during the
spring season driven by tight supplies and strong demand,
while international prices have remained relatively stable,
supported by demand in Brazil and India.
Expect Chinese phosphate exports to increase moderately
year-over-year due to expected loosening of government
restrictions.
17
Source: Fertilizer Week, NutrienView entire presentation