Calum Findlay, Gleadell’s fertiliser manager, comments on the markets

Urea

Market activity remains slow and there is little demand for July shipments.

The latest sale out of Egypt saw prices slip to $192/t FOB, only a few dollars off the historic lows seen a year ago.

Only the strength of the dollar against the pound is preventing UK on-farm prices reaching last year’s lows. This presents an excellent opportunity for growers to take advantage of some keen values.

Ammonium nitrate

Yara issued new prices for 33.5% in France last week at €228/t bulk delivered, up €3/t on the June levels.

CF has held prices and October terms remain some of the keenest in the market. This has maintained pressure on importers, who are struggling to bring in product at competitive numbers.

P&K

Potash markets have firmed recently as blenders have moved onto new stocks and ICL have indicated that there are potentially further price increases for potash out of Cleveland.

Phosphate prices have remained flat as sellers look to move old stock, but as demand increases for autumn applications levels are likely to firm to reflect replacement values, which have traded $6-8/t higher.