There has been no change in the fertiliser market according to the latest report from Gleadell.

In the week to Aug 20, values in the urea, potash and ammonium nitrate markets stayed the same as buyers show signs of returning to the market.

Tenders in Egypt may start givinging some direction to the price of urea according to Gleadell’s Fertiliser Manager, Calum Findlay.

“The feeling is the floor is approaching so potential upside is a lot greater than any further downside. We have seen plant shutdowns in the Ukraine as values approach production costs - prices are as low as we have seen for four years. On a cost-per-unit basis, urea offers excellent value,” he reckoned.

“Growers in a position to take delivery and who know their requirements have an excellent opportunity to take some cover,” he added.

In the Ammounium Nitrate market, values are unchanged and continue to trade sideways. European values are trading above the UK market, making imported product relatively expensive.

Potash values also remains unchanged reflecting the view that the market is unlikely to slide after Uralkali’s split from the Belarusian Potash Company last month.

Phosphate is finding a level at which demand is building and Indian business, even with a currency disadvantage, is also adding momentum to the market.

PK applications on low-index soils are the highest through Sept/October so demand is expected to be brisk through this period as more land is cleared in front of autumn drilling.