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Rabobank analyst Wes Lefroy says global fertiliser benchmarks bottomed near 10-year lows, then moved back toward the 10-year average in the second half of 2020. Australia imports most of its fertiliser, so local farm-gate prices depend on global prices, the Australian dollar and ocean freight.
Heavy supply and growing capacity are expected to limit further price gains.
Rising global benchmarks raise Australian fertiliser costs, but expected supply growth should cap the increase. Movements in the Australian dollar will also affect local input prices.
theland.com.auWes Lefroy, Rabobank Agricultural AnalystNov 26, 2020Not 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.
