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Saudi Arabia's Maaden and Morocco's OCP sold MAP and TSP to Latin America at higher prices, with MAP at $815-820/t cfr South America. Maaden's cargo ships through the Strait of Hormuz, which Iran has declared closed, and OCP sold to Brazil and Latin America excluding Brazil for April shipment.
Hormuz disruption threatens Gulf phosphate exports and supports higher prices for Latin American importers, which raises fertilizer costs for regional feed grain production.
argusmedia.comTom HampsonMar 25, 2024After 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.
