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Reuters reports India plans to spend over $40 billion on food and fertilizer subsidies for fiscal 2022/23, according to sources. Fertilizer prices have surged over 200% in the past year after record rises in coal and natural gas costs.
Large Indian subsidy budgets support sustained fertilizer import demand, which underpins global urea and phosphate prices. Higher input costs continue to pressure feed grain production economics.
reuters.comNidhi Verma, Mayank Bhardwaj, Aftab AhmedJan 28, 2022After 129 past bullish policy events, Urea moved a median -0.1% over 5 sessions (47% higher; middle half -1.3% to +2.3%), and +1.4% over 20.
After 151 past bullish policy events, DAP moved a median +0.0% over 5 sessions (50% higher; middle half -0.6% to +0.9%), and +1.9% 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.
