ADM's Calum Findlay comments on the markets

UK AN Manufacturer CF withdrew AN terms this week. Expectations are for another significant price rise given spikes in UK and European gas markets.

The European gas benchmark, TTF, is currently trading at levels not seen since the Russian invasion of Ukraine. This is once again supportive of higher nitrate prices in the region.

Granular urea is currently stable with little change on the week. Firmer prices are expected as we enter the autumn, given the European natural gas and nitrate complex.

TSP and MOP have seen minor corrections of around 5% in the UK, given weak demand for the products in the UK and currently falling global markets.

Nitrogen/sulphur products remain stable, despite falls in global sulphur prices due to high nitrogen costs. High sulphur-consuming crops in the UK will potentially support current prices.

Liquid UAN terms will be withdrawn today given changes in European nitrate pricing and potential rises in the UK urea market.