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The US Department of Commerce cut countervailing duties on Moroccan phosphate from 19.97% to 2.12%, and raised them on Russian Phosagro from 9.19% to 28.5%. India also cut its DAP subsidy by 31%, lowering importer break-even to about $485/t CFR against a $595/t market price.
More Moroccan supply into the US and lower Indian import demand create a bearish outlook for DAP prices.
czapp.comStein Chingen HauganNov 6, 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.
