Weekly review _ Week 50'25

#fertilizer #fertilizers #urea #ammonia #ammoniumnitrate #phosphate #sulphate #agriculture #naturalgas #shipping #wheat #corn #soyabean #soybean #bdi #ttf
Review of the Week 50'25 in fertilizers, agriculture, natural gas market and shipping.
CBAM theoretical charges leaked last week imply, that charges for urea will be in line with previous expectations, while those for nitrates will be prohibitively high, as well as for Chinese sulfate. NPKs especially with high nitrogen content remains the most problematic segment due to high extra charges and limited supply options.
Urea price continued slipping across the globe, and hopes for the fresh Indian tender supporting the market waned after the annual meeting of Indian fertilizers industry.
Ammonium sulfate price fixated at the level similar to granular product, but urea might become a better option in terms of cost per nutrient content for Brazilian buyers in December-January.
Ammonium nitrate demand was subdued amid full warehouses in Europe in front of the season, and the prices were unchanged.
Ammonia price was stable, but further supply from Gulf Coast Ammonia plant, as well as start up of production at Woodside Energy is under question.
Phosphates bearish price trend might reverse amid news that China will not supply to the international market until August 2026.
Natural gas price in Europe hovered at the low level similar to last week on the back of warm weather and ample LNG flows. US price corrected significantly downwards due to warmer weather arriving after a spell of cold.
Wheat futures slipped again amid updated forecast for global higher supplies. Corn futures, on the contrary, increased due to worse than expected harvest in the key producing regions. Soybean futures dropped more as uncertainty regarding Chinese purchases prevailed.
Container shipping rates increased a bit mainly due to active trade on Asia – Europe route. Bulk shipping registered subdued activity across segments and basins.

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