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CRU estimates that phosphate rock production costs fell in 2020, with the largest declines in Russia and Brazil. The drop is driven by sharp currency depreciation against the US dollar and lower hydrocarbon fuel prices.
Currencies in Russia, South Africa and Brazil fell sharply, while India and China moved less.
Lower producer costs in Russia and Brazil can weigh on phosphate rock and downstream fertiliser prices over time, though the effect may be offset by tight supply. Brazil's weaker real also makes imported inputs cheaper for Brazilian buyers.
prnewswire.comCRUSep 7, 2020Not enough comparable past events yet for a historical read.
After 45 past macro events, DAP moved a median -0.1% over 5 sessions (31% higher; middle half -1.1% to +1.1%), and -0.6% over 20.
After 301 past bullish macro events, Brazilian Real (BRL per USD) moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.7%), and +1.0% 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.
