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The US Commerce Department cut anti-dumping duties on Moroccan phosphate fertilizer from 19.97% to 2.12%. Agricultural groups, including the National Corn Growers Association, had requested the change.
Analysts said the cut will ease inventories but will not bring quick price relief, because shipments take weeks to arrive.
Lower import duties add phosphate supply to the US market, which could ease DAP and MAP prices once cargoes arrive in December or later.
brownfieldagnews.comLarry LeeNov 3, 2023After 40 past bearish trade events, DAP moved a median -0.1% over 5 sessions (38% higher; middle half -3.7% to +0.5%), and -2.4% 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.
