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CRU reports that years of stagnant demand and aggressive low-cost exports have consolidated the inorganic feed phosphate market. China's African swine fever epidemic has led to culls of an estimated 30-55% of its swine herd, cutting dicalcium phosphate demand and pushing Chinese product into export markets.
Reduced Chinese DCP demand and extra Chinese exports into Asia weigh on feed phosphate prices and force high-cost producers to close capacity. Recovery in livestock output could eventually restore demand.
crugroup.comAuthor Chris Lawson, Jay Morrod PhosphatesOct 23, 2019Not enough comparable past events yet for a historical read.
After 12 past disease events, DAP moved a median +0.8% over 5 sessions (58% higher; middle half -0.1% to +2.3%), and +2.1% over 20.
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.
