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Fertiliser Comment, 20 March

This week saw global urea prices rallied on the back demand from the US and Brazil.

US Nola prices rallied about $20 USD/ton, despite the declining energy markets and poor macro economic outlook. On paper fertiliser prices look cheap after recent sharp falls, but any rally will be demand led which normally takes longer than price rally on a supply shock. Phosphate prices are largely unchanged, slightly firmer. Still questions surrounding the availability of DAP and MAP for winter crop planting.

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