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Sulfur prices hit all-time highs of $815-$820/mt FOB Middle East and $1,200/mt CFR Brazil on May 28 after the Middle East war trapped about half of seaborne sulfur exports. Egypt's EFIC halted single superphosphate output, and Mosaic temporarily halted phosphate rock production at its Catalão mine in Brazil.
Production curtailments in phosphate rock and fertilizer reduce supply and support higher DAP and phosphate rock prices.
spglobal.comMarina Silveira Lima, Leia VelardeMay 29, 2026After 114 past bullish geopolitics events, DAP moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +1.2%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
