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Morocco's export revenue from phosphates and derivatives rose 45% in the first eight months of 2021 versus the same period in 2020, according to Office des Changes data. The increase was largely price-driven, following a global rally in phosphate prices.
Supply was cut after Hurricane Ida hit US production in late August, and US countervailing duties on Moroccan and Russian phosphate also constrained imports.
Tight phosphate supply and strong demand keep fertilizer costs elevated, which raises input costs for feed grain and oilseed growers and supports DAP and phosphate rock prices into the short term.
whyafrica.co.zaLeon LouwOct 24, 2021Not enough comparable past events yet for a historical read.
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.
Hurricane Ida supply losses and US duties on Moroccan and Russian phosphate restricted US imports, tightening supply and supporting DAP prices.
