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Midwest DAP and lower-concentration phosphate fertilizer prices jumped 29% and 34% in the third quarter, the largest quarterly gains in a decade. The surge followed Mosaic's June petition alleging subsidized phosphate imports from Morocco and Russia, which prompted a US investigation and the prospect of countervailing duties.
PhosAgro has stopped shipping to the US and rerouted volumes to Canada, Brazil and Russia.
Expected countervailing duties and supply rerouting keep US phosphate import supply tight, pushing fertilizer costs higher for crop and feed producers. Higher input costs can support corn and soybean price expectations while raising production costs.
ajot.comBloombergOct 1, 2020
farmprogress.comBloombergOct 3, 2020After 480 past neutral trade events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
After 193 past bullish trade events, DAP moved a median +0.4% over 5 sessions (54% higher; middle half -0.3% to +1.8%), 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.
