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US phosphate prices have reached their highest levels since 2022 as the effective closure of the Strait of Hormuz disrupts seaborne fertilizer flows. Elevated US phosphate exports in the first quarter, including Mosaic shipments of about 201,000 metric tons of DAP and MAP outside North America, have tightened domestic supply.
Lawmakers and the president have raised concerns about fertilizer affordability.
Strait disruption removes a large share of seaborne urea and phosphate supply, pushing global prices up and leaving US farmers with higher input costs. Continued re-exports could keep domestic phosphate and nitrogen prices firm through spring.
argusmedia.comTaylor ZavalaMar 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.
After 205 past bullish geopolitics events, Urea moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.0%), and -0.4% over 20.
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.
