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

Granular urea

Egyptian manufacturers are running all lines at full capacity. Despite moving supplies to the domestic market, they still need to export.

After a period of sideways trading and a lack of new export demand we are now starting to see a reduction in Egyptian FOB prices. However, this dip is expected to be minimal as European traders will need to re-enter the market to cover tonnes for later applications.

UK stocks of urea are at an all-time low as we approach first applications.

Ammonium nitrate

CF has released new terms this week for March and April delivery.

A discount is now available for those that can take delivery in the first half of March so, to avoid forecasted logistical problems, booking now is advisable. Stocks of AN are limited in the UK, with further demand still to come for top-ups and from the grassland sector.

AN prices have continued to rise across Europe. The UK is trading at lower levels, so further price rises here look possible once applications start.

NPK

Demand is limited, so blenders are competing to secure limited business. As the market picks up, prices are likely to rise to reflect the firmness of raw material costs.

With nitrogen also looking firm, this would appear to be a good time for growers to secure NPK requirements.