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Rabobank says Australian growers have faced steep phosphate costs, with global DAP benchmarks up 37 to 47 per cent year to date. Global urea benchmarks in Asia have risen about 23 per cent and Middle East urea about 39 per cent this year.
The article attributes the urea rally mainly to demand, and says about 90 per cent of locally sold urea is imported.
Higher phosphate and urea costs raise input expenses for grain and feed producers, and Australian growers remain exposed to global fertilizer prices and freight. The rally has been demand-led, so prices may stay firm while winter-crop demand continues.
theland.com.auWes Lefroy, RabobankApr 15, 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.
