-UREA PRICES ARE UNDER ENORMOUS PRESSURE WITH PROSPECTS FOR FURTHER DECLINES UNTIL INDIA DECIDES TO BUY MORE UREA
-PROCESSED PHOSPHATE PRICES ARE ALSO UNDER PRESSURE AFTER MONTHS OF INCREASING PRICES
-GRANULAR POTASH PRICES IN BRAZIL UNDER PRESSURE BUT STANDARD MOP PRICES IN SOUTH EAST ASIA ARE GOING UP
-AMMONIA PRICES BULLISH ON SUPPLY CONSTRAINTS ON BOTH SIDES OF THE SUEZ
UREA
India’s latest foray into the market has proved to be a letdown for several suppliers, many of whom still have end-September and October availability. National Fertilizer Limited’s (NFL) inquiry was oversubscribed. Despite initial hopes that 2.52m. tonnes would be booked, the state agency issued awards for 2.03m. tonnes, in line with the official target. With authorities giving the green light to business, Chinese product will play a significant role. Major volumes were booked by tender participants either side of $430pt fob late last week. Precise volumes are unclear, especially with negotiations ongoing elsewhere, but estimates range from 700-900,000t. Supply from other origins will still be significant, but Chinese participation has limited the extent to which suppliers in the Middle East, SE Asia, Russia and Nigeria can build forward order books. Last week’s tender forced a major global price reset with fob values dropping by $60- 70pt, returning them to mid-June levels. Global fob prices are still high relative to those in the first half of the year. In North Africa, in excess of 150,000t of granular urea has been sold at levels ranging from $425-450pt fob. Traders and producers had initially cut offers to secure business across Europe and Turkey before others stepped in and both cfr and fob quotes advanced. Producers elsewhere have found business more challenging with Nigerian business pending and values approaching $400pt fob. Russian suppliers have also accepted lower levels, even sub $400pt fob Baltic for prilled urea. Yet, the reset has spurred rounds of business in Europe, Turkey and Latin America, while aiding producers in North Africa and elsewhere in finding liquidity. Deferral and the earlier slow pace of imports saw those in western and eastern Europe active. In Latin America, Argentine demand emerged with up to 20,000t sold around $460pt cfr, while Brazilian business has been taking place at $430pt cfr with reasonable volumes placed. Elsewhere, business was also concluded in Canada. While the dust has yet to settle following the latest tender, producers still holding material are hopeful India will not stay out of the market for long and that the latest price reset will stimulate further demand in Latam and Europe. This remains to be seen.
Price outlook is soft until Indian reaffirms next requirement and China redefines what is available to whom. Europe and Brazil are starting to show interest which will help to support the market but Iran is still struggling to place September tonnes.
PHOSPHATES
Prices for phosphate fertilizers across the globe were stable to lower this week, as sentiment was increasingly bearish amid slower demand and greater buyer resistance to prevailing prices given poor affordability. Although some market participants are awaiting next week's import tenders from Ethiopia and Bangladesh for a clearer picture of the market situation, the current trend is clearly downwards, albeit slowly. India DAP prices declined further this week, with the spot assessment down to $799-806/t CFR from $806-809/t based on latest deals and offers. One trade was concluded around the mid-point, while at least one offer was indicated as low as the low end. The assessment had been stable at $810/t CFR flat for three weeks before starting to decline two weeks ago. It is still up from $632-634/t CFR at the end of February and $690-700/t CFR at the start of May. The assessment for DAP exports from China decreased to $770-790/t FOB from $780-790/t. Although the official export price floor was recently raised to $780/t FOB, last sales on the previous Bangladesh import tender suggest netbacks in the $770s/t FOB, and there are now no markets that will provide higher netbacks on spot business. The only potential outlet to provide higher prices would be Ethiopia, and that will depend on how competitive next week's tender is. There were also further declines in prices for DAP barges at New Orleans, despite a severe lack of availability in the US. Elsewhere, TSP prices across the globe were stable to lower over the past month, as DAP and MAP prices recently reached a peak and began declining, creating pressure on TSP as buyer resistance to current prices increased further. Meanwhile, SSP prices in Brazil continued to decline as availability appeared to far outstrip current demand. Though DAP demand from Ethiopia adds some support to the market, the importer was expected to return with a tender around this time, while market participants were less confident of additional China export quotas until they were announced. The lack of supply from China has been the main reason for market tightness this year. India's offtake deals with Morocco and Saudi Arabia have sated the key demand driver of this year's DAP/MAP price rally. Buyers are pushing back against phosphate fertilizer prices that are exceptionally high when compared with downstream agricultural commodities, as well as with other fertilizer nutrients. Suppliers will point to increasing prices for raw materials sulphur and ammonia as justification for stable or higher DAP/MAP prices, but most major producers outside China are still on exceptionally good margins at current levels. Potential outlet to provide higher prices would be Ethiopia, and that will depend on how competitive next week's tender is.
A price ceiling appears to have been reached as buyer resistance to high prices grows across the globe. Further price declines are expected over the coming months, though prices are likely to remain historically high given limited overall global availability.
POTASH
Potash prices diverged this week, with Brazil continuing its downward trend, falling $5/t, while prices in Southeast Asia edged up by $7/t, buoyed by strong palm oil and a modest recovery in demand. Despite the increase in Southeast Asia, the broader market sentiment remains bearish, with most participants anticipating price declines in the coming months. Southeast Asian standard MOP prices firmed by $7/t CFR to $360–390/t CFR as tenders in Indonesia and Malaysia began to materialise. Deals at $380-390/t CFR for small volumes of 3,000-5,000 t supported the uptick, with only the 5,000 t volume factored into the index. Despite uncertainty around the sustainability of the lower end of the price range, most expect prices to stabilise or soften in the near term, with limited upside at the higher end. Strong palm oil prices continue to support this region, positioning it for potentially record potash imports in 2025, especially in Malaysia and Indonesia. Brazilian potash prices came under downward pressure this week, with spot prices dropping to $350-360/t CFR, the lowest levels since May. While offers held firm at $360/t CFR, actual sale prices slipped, with bids now ranging from $340-350/t CFR. Despite the price correction in recent weeks, demand remains limited at the CFR level.
Potash prices are expected to continue declining in key global markets, with Brazil leading the downward trend. Southeast Asia may see prices at the lower end of the range increase slightly, supported by strong palm oil prices and improving demand. However, the potential for higher prices remains limited, with overall upside in the region constrained.
AMMONIA
Sentiment remains bullish on both sides of the Suez on supply constraints in a relatively quiet week for the market. While several spot deals emerged, parties were reluctant to share any prices or details. The loss of at least 300,000t of export volume from Saudi Arabia continues to weigh heavily on players East of Suez. Ma’aden has yet to confirm a reason for the four-month plant shutdown but appears to have secured fob spot tonnes from Southeast Asia. Talk of a spot sale into Taiwan at a hefty premium has yet to be verified, with buyers there rarely active in that market. Whether such a deal involves a player affected by the Saudi plant issue is also unclear. In the West, at least three cargoes changed hands, but pricing details were elusive for deliveries to France and Brazil. In addition, no number was declared for the latest fob spot sale by Gemlik of 15-20,000t. That lifting by a Trammo carrier freed up tank space for the delivery of a spot cargo from the Middle East; at least three other vessels are currently making similar voyages to Turkey with a combined 40,000t. In the Americas, liftings from Point Lisas have slowed slightly ahead of upstream maintenance, though US Gulf export availability appears decent for now. North African export volumes remain lower on some plant issues in Algeria – where sales were done earlier this month – and a focus on urea production in Egypt.
As of September 11, 2025 (the 37th week), the sample inventory level of urea at China's ports stood at 549,400 tons, a decrease of 71,500 tons from the previous period, representing a decline of 11.52%. During this cycle, there was an acceleration in the departure of cargo from ports. Large-granule urea from ports such as Jinzhou, Longkou, and Yantai, as well as small-granule urea from ports like Rizhao, Tianjin, and Huanghuagang, departed from the ports. Meanwhile, large-granule urea from Tianjin and urea from ports such as Qingdao and Lianyungang gathered at the ports. Other ports experienced minor fluctuations, with both departures and arrivals occurring simultaneously. Overall, the trend of port inventory levels shifted from an increase to a decrease.
In the coming month, as the companies that produce urea for parking repair gradually resume operations, the industry's daily production will show a gradual upward trend, with the possibility of reaching approximately 200,000 tons by the end of this month. Additionally, a new production capacity is expected to come online within the same month, which will not alleviate the pressure on urea supply.
In the international urea market, Indian demand has become a key driving force, and there is a significant price arbitrage opportunity.
In India, the demand for urea is highly concentrated during the monsoon season from June to September, which accounts for around 70% of the total demand for the year. However, in July of this year, the inventory of urea in India saw a significant year-on-year decline, exacerbating the contradiction between supply and demand. Although India is the second-largest producer of urea globally, its production in the second quarter of 2025 saw a year-on-year decrease, primarily due to a shortage of natural gas and the aging of equipment, which resulted in a low capacity utilization rate. Coupled with the fact that it is currently the planting season, the rate at which inventory is being consumed is accelerating. As a result, India has had to resort to frequent tendering to replenish its inventory.
Against this backdrop, the domestic policy on the export of urea has gradually been relaxed, and market expectations for cooperation between China and India in the field of fertilizers have continued to rise. Currently, some domestic practitioners have already started supplying India through participation in international tenders in India or by leveraging the channels of third-party traders. This export route has effectively alleviated the surplus capacity of domestic urea production. Based on the results of the two recent Indian urea tenders, there has been a notable increase in domestic participation, which can be attributed to the expectation of policy relaxation and the significant price arbitrage opportunities.
Looking to the future, if the domestic urea export policy is further relaxed, China is likely to become a major source of urea imports for India. However, it is important to note that while promoting exports and generating profits, it is crucial to balance the domestic agricultural demand for urea with the goal of ensuring domestic supply and achieving a balance between export profits and domestic needs.
((China Morning Brief) for September 12, 2025
—
❤ Urea:
Yesterday, domestic urea factories continued to lower their offers, with some mainstream regional factories adjusting prices to around ¥1600/ton. However, the effect of low prices in stimulating demand was limited. Downstream performance remained sluggish overall, and traders were cautious in entering the market and following orders. Although exports are gradually being shipped from ports, the situation of insufficient domestic demand remains difficult to break. In the short term, the market needs clear positive drivers, and prices are fluctuating at low levels.
❤ Synthetic Ammonia:
The supply and demand atmosphere in the synthetic ammonia market has turned average. With port shipments completed and ammonia enterprises resuming operations after maintenance, supply is sufficient. Demand improvement is limited, and the market atmosphere appears tense. Attention is on new orders, and the market shows a downward pressure trend.
❤ Ammonium Sulfate:
Yesterday, the ammonium sulfate market saw a correction from high price levels. After a prolonged period of price decline and adjustment, some granular factories made purchases based on rigid demand and rare earth requirements, suggesting a possible narrowing of the adjustment range. However, overall demand has not shown clear improvement, and the short-term market will continue to be weak.
❤ Ammonium Chloride:
Yesterday, the domestic ammonium chloride market continued to operate at low levels. Temporary or guaranteed pricing policies from some enterprises had limited stimulating effect on downstream compound fertilizer companies. These companies still showed low purchasing intent, and short-term demand remained weak. The ammonium chloride market continues to trend weakly.
❤ Melamine:
Yesterday, the domestic melamine market operated sluggishly. The supply-demand relationship is difficult to ease in the short term, and raw material prices continue to decline with pessimistic sentiment. New order transactions from enterprises were weak, and the market trend is steadily weakening.
❤ Potash Fertilizer:
The domestic potash fertilizer market saw relatively light overall transactions. Downstream demand support appeared insufficient. The mindset for shipping imported potassium chloride has recently increased, with prices varying. 62% white potash was mostly priced between ¥3150–¥3500/ton, with southern prices higher than northern ones. The potassium sulfate market saw slow shipments, and operating rates of production facilities were below 40%.
❤ Phosphate Fertilizer:
Yesterday, the domestic monoammonium phosphate market continued to show weakness. New orders were rarely followed up, and factories remained under pressure. Downstream compound fertilizer raw material replenishment enthusiasm was low, with only small quantities purchased as needed, and intended prices were relatively low. Although costs remain high, weak demand persists, and short-term fatigue is hard to reverse.
Yesterday, the domestic diammonium phosphate market showed limited fluctuations. Raw material prices remained high, and production cost pressures were difficult to alleviate. Enterprise ex-factory prices were mostly stable. Supply of high-content products was relatively tight, and end-users generally held a wait-and-see attitude with low operational enthusiasm. The short-term market will continue a stalemate and consolidation trend.
❤ Compound Fertilizer:
Yesterday, the compound fertilizer market was generally stable with minor fluctuations. Some upstream major raw materials are expected to soften, affecting the sentiment for replenishment orders. Enterprises showed low intention to adjust offers, but for actual orders, some may be negotiated case-by-case. In the short term, the compound fertilizer market may trend steadily with slight softness, with some negotiated transactions.
LONDON (ICIS)—In Egypt, AlexFert sold 8,000 tonnes of granular urea at 445 FOB for October loading to Europe.
As of September 11, 2025 (the 37th week), the sample inventory level of urea at China's ports stood at 549,400 tons, a decrease of 71,500 tons from the previous period, representing a decline of 11.52%. During this cycle, there was an acceleration in the departure of cargo from ports. Large-granule urea from ports such as Jinzhou, Longkou, and Yantai, as well as small-granule urea from ports like Rizhao, Tianjin, and Huanghuagang, departed from the ports. Meanwhile, large-granule urea from Tianjin and urea from ports such as Qingdao and Lianyungang gathered at the ports. Other ports experienced minor fluctuations, with both departures and arrivals occurring simultaneously. Overall, the trend of port inventory levels shifted from an increase to a decrease.
Morning. As NFL book 2.03m tonnes (in-line w/ original target, but below rumoured suggestions this week), Urea mkts reacted y'day with values moving lower in both Brazil & Nola. In contrast, higher phys sales in Egypt ($440 fob) saw sellers cautious on paper there. Mkts framed:
AG
Sep $430//$446
Oct $420//$438
Q4 $410//$430
Jan $380 Buyer
Cfr Brazil
Sep $433//$447
Oct $420//$430 – traded $440, $430, $427
Nov $410//$430 – traded 428
Egypt
Sep $440//$456
Oct $433//$450
Nov $416//$435
Nola
Phys: Nov traded $380. Dec $380, $385, $388, $390. Jan $380
Paper:
Sep $398//$410
Oct $387//$400
Nov $378//$387 – traded $380
Dec $384//$390 – $380,$375, $384
Jan $383//$390 – traded $384
UAN Nola
Sep $300/$345
Oct $300//$330
DAP Nola
Sep $765//$780
Oct $735//755
Q4 $725//$750
Q1 $665//$715
MAP Brazil
Sep $660//$705
Oct $645//$685
Nov $630//$675
China domestic market 11/09/2025
❤ Sulfur:
Yesterday, domestic sulfur spot market prices remained stable. Despite support from high USD prices, end-user demand was not enthusiastic. With falling sulfuric acid prices, slow fertilizer export under domestic price controls, and other factors, the short-term sulfur market may continue its high-level fluctuations. The reference price for granular sulfur at Yangtze River ports is ¥2,620/ton. The overall domestic market remains steady with only localized adjustments. In Northeast China, demand is weak and the market is declining. Reference prices for liquid sulfur are ¥2,350–2,480/ton, and for solid sulfur ¥2,340–2,440/ton. In Shandong, high prices remain firm, with mainstream prices fluctuating slightly around ¥2,600/ton. Today’s focus is on spot market transactions and the results of a major refinery’s tender.
❤ Urea:
Yesterday, the domestic urea market remained lukewarm. Although small granular urea in major production and sales areas was near ¥1,600/ton ex-factory, transactions did not significantly improve. Urea inventories remain high, export momentum is gradually weakening, and downstream expectations for receiving goods continue to decline—putting further pressure on the urea market. Without large orders to support the market, urea prices are expected to continue falling.
❤ Synthetic Ammonia:
The synthetic ammonia market shows mixed supply and demand dynamics and is generally mediocre. Although some areas face tight supply, most markets are hitting new lows, widening regional price gaps and increasing pressure on high prices. Attention is on the recovery of ammonia producers after maintenance, with overall supply continuing to trend upward steadily.
❤ Ammonium Chloride:
Yesterday, domestic ammonium chloride trading was sluggish, with prices running weak and stable. Although some companies are implementing temporary or guaranteed pricing policies, downstream compound fertilizer producers remain mostly in a wait-and-see mode with low purchasing intent. Short-term demand shows no improvement, and the market continues its weak trend.
❤ Ammonium Sulfate:
Yesterday, ammonium sulfate prices continued to decline. Due to weak end-user demand, domestic transaction sentiment remains subdued. However, after a prolonged period of price declines, some granular factories are making essential purchases, and rare earth demand is emerging—potentially narrowing the scope of price adjustments. In the short term, partial price corrections may continue, with a strong atmosphere of market observation.
❤ Melamine:
Yesterday, the domestic melamine market remained weak and stable. Industry capacity utilization slightly declined, but new order transactions were still poor. Most companies focused on actively shipping products. Downstream end-users and traders were cautious, with low market participation. The short-term trend remains weak.
❤ Phosphate Fertilizer:
Yesterday, the domestic monoammonium phosphate market remained sluggish. The ex-factory price for 55% powder in Hubei was around ¥3,350/ton, subject to actual negotiation. Although factories still have some pending shipments, trade channel flows are poor, and new orders are weak—leading to growing pressure. Downstream compound fertilizer producers are mainly focused on dispatching goods, with raw materials purchased in small batches as needed. Market momentum is insufficient, and the short-term outlook remains weak and consolidative.
Yesterday, the domestic diammonium phosphate market was overall stable, with subdued trading sentiment. Companies are focused on fulfilling pending orders. The market continues to be in a stalemate. High-content supply is insufficient, and demand for low-content products is weak. Downstream buyers mostly continue purchasing as needed. The short-term market will likely remain in a state of consolidation and observation.
❤ Potash Fertilizer:
Recently, the domestic potassium chloride market has shown a weak trend. High-end market prices have slightly retreated. Imported potassium chloride supplies have been modestly replenished, but with unstable industry sentiment, sellers are eager to move goods. Potassium sulfate producers have mostly maintained previous price quotes, but new order transactions remain inactive.
❤ Compound Fertilizer:
Yesterday, the compound fertilizer market continued narrow-range consolidation. Companies are currently focused on promoting autumn fertilizer shipments. Due to weak nitrogen fertilizer price trends, some compound fertilizer new orders are affected, with flexible handling of current orders. As grassroots fertilizer usage approaches, downstream distributors are continuing to restock. At present, companies are prioritizing new order transactions and shipments. In the short term, the compound fertilizer market will continue to consolidate.
Midgulf top of the list, first loss best loss
LONDON (ICIS)—In Egypt, Abu Qir sold 6,000 tonnes of granular urea at $435/tonne FOB for September loading.
LONDON (ICIS)—In Egypt, MOPCO sold 7,000 tonnes of granular urea at 435 FOB for Oct shipment. The producer is now offering $440 FOB.
Morning. Buyers on Urea paper stepping back in y'day, as values moved higher. Oct Brazil traded to $442cfr (up $17-$19 from Mon), while Nola also saw gains, but to lesser extent – Sep Phys just shy of $410, Oct paper $403 (+$11).
AG
Sep $435//$450
Oct $432//$448
Q4 $410//$430
Jan $380 Buyer
Cfr Brazil
Sep $440//$460
Oct $436//$450 – traded $440, $442, $440
Nov $415//$430
Egypt
Sep $440//$456
Oct $435//$450
Nov $415//$433
Nola
Phys: Sep traded $405, $408, 407
Paper:
Sep $398//$410
Oct $397//$405 – traded $403
Nov $385//$395
Dec $385//$395
Jan $385//$395 – traded $385
Options: Oct $410 Call traded $5; Oct $415 Call $5
UAN Nola
Sep $300/$345
Oct $300//$330
DAP Nola
Sep $765//$780
Oct $735//755
Q4 $725//$750
Q1 $665//$715
MAP Brazil
Sep $660//$705
Oct $650//$690
# *Urea Fertilizer Market – Long‑Term Outlook Report
Source: Argus Urea Webinar & Corresponding Slides
Date: September 2025
—
## Executive Summary
The global urea market is entering a structurally tight phase through 2027, driven by India’s exceptional import demand, constrained production in key exporting regions, and policy‑driven trade distortions. While new capacity additions from 2028 onward will begin to ease the shortage, prices are expected to remain firm in the near term, supported by supply risks, geopolitical tariffs, and seasonal demand surges.
—
## 1. Current Market Conditions (2025)
Price Trends
– August 2025 saw a modest $20–30/t decline in most markets, but prices remain historically high for the season.
– Middle East FOB prices averaged just under $490/t in July–August, up ~$65/t from 2024.
– A two‑tier market is emerging:
– India‑bound cargoes: ~$490/t FOB China.
– Other markets: ~$390–450/t FOB, reflecting weaker demand.
Demand Patterns
– India is the dominant demand driver, purchasing over 6 Mt in recent tenders, with further tenders likely before year‑end.
– Other major markets (13 countries representing >⅔ of global trade) saw imports fall ~900,000 t in H1 2025 (down 25% YoY).
—
## 2. Regional Market Dynamics
### India
– Domestic production down >900,000 t/month (Apr–Jul 2025).
– Consumption up 13% YoY; July set a record monthly high.
– Imports projected to approach 8 Mt by 2030.
– Policy constraints: inefficient plants remain open; gas‑based investment unattractive; coal‑based production challenged.
[Insert Slide: Indian Urea Production vs Imports, 2020–25 & Import Outlook to 2030]
—
### China
– Export quotas relaxed in 2025; expected exports ~4 Mt.
– India is the main destination; other markets receive discounted cargoes.
– Export window closes mid‑October; likely to resume mid‑2026.
[Insert Slide: Chinese Production Trends, Export Destinations, and Capacity Additions]
—
### United States
– Q3 2025 production losses >400,000 t due to turnarounds.
– Tariffs (10–30%) on most suppliers shifting flows toward Russia, Canada, Saudi Arabia, Qatar.
– FY import requirement revised up to 5.5–5.7 Mt.
[Insert Slide: US Cumulative Imports & Trade Risk Matrix]
—
### Egypt
– Gas shortages cut urea production ~27% YoY in H1 2025.
– LNG imports sustaining operations but at high cost.
– Export ceiling ~4 Mt/year; Europe primary destination.
[Insert Slide: Egyptian Gas Production vs Imports, Urea Exports by Region, and Production Forecast]
—
## 3. Global Supply Outlook
– 12.4 Mt of new capacity expected by 2030 (ex‑China).
– Concentrated in low‑cost gas regions: Sub‑Saharan Africa, Russia/Central Asia, Southeast Asia.
– Few large‑scale additions before 2027; major wave from 2028 will ease tightness.
[Insert Slide: Urea Capacity Forecast (Ex‑China), 2025–30]
—
## 4. Price Forecast
– 2025–27: Firm prices supported by limited capacity, Indian demand, controlled Chinese exports, gas‑constrained production, and tariffs.
– 2028–30: Prices ease as new capacity comes online, converging toward LRMC.
[Insert Slide: Urea Price Forecast, 2025–27]
—
## 5. Key Risks & Uncertainties
Upside Risks:
– Prolonged Chinese export restrictions.
– Extended gas shortages in Egypt.
– Stronger‑than‑expected US or Indian demand.
Downside Risks:
– Affordability‑driven demand destruction.
– Substitution toward alternative nitrogen sources.
– Weakening global gas prices reducing costs.
—
## 6. Trade Balance Outlook
– Persistent export supply deficit through Q1 2026.
– Seasonal peaks in US (Q4–Q1) and India (Rabi season) will keep market tight.
[Insert Slide: Trade Balance as of 4 September]
—
## Conclusion*
The urea market will remain tight and volatile through 2027, with India’s import needs, Chinese export policy, and structural supply constraints as the main drivers. From 2028, a significant capacity wave will rebalance the market, but until then, volatility and regional price spreads will remain defining features.
Morning. Int'l paper focused on Oct Brazil again y'day, trading $423cfr ($2 under last done Fri). Nola Urea values largely sideways – Sep Phys in low-$400s, Dec paper low-$380s, as DAP phys & paper centred on Sept ($785-$775). NFL awards still awaited – mkts framed:
AG
Sep $430//$443
Oct $422//$435
Q4 $410//$430
Cfr Brazil
Sep $435//$448
Oct $420//$430 – traded $423
Nov $410//$418
Egypt
Sep $440//$456
Oct $420//$440
Nov $410//$433
cfr Brazil Amsul
Sep $170//$180
Oct $165//$175
Nov $160//$175
Nola
Phys: Sep traded $404, $405. Nov $382
Paper:
Sep $398//$405
Oct $390//$395 – traded $392
Nov $380//$387
Dec $380//$388 – traded $380, $382
Jan $380//$390
Options: Sep $410 Call traded $5; Oct $390 Call $16; Dec $400 Call $11.5
UAN Nola
Sep $300/$345
Oct $300//$330
DAP Nola
Phys: Sep traded $785,$782,$780,$780
Sep $765//$780 – traded $775
Oct $735//755
Q4 $725//$750
Q1 $665//$715
MAP Brazil
Sep $660//$705
Oct $650//$690
Nov/Dec $680 Offer