RUSSIAN WHEAT HARVEST UNDER PRESSURE AS DIESEL SHORTAGES AND RAIN FORECASTS COMPOUND MARGIN SQUEEZE.
Russian winter wheat farmers are entering the July harvest window short on fuel. Ukrainian strikes on energy infrastructure since late 2025 have disrupted diesel supply across growing regions, and a Bloomberg survey of eight producers found only two with sufficient fuel to complete the harvest. Small and medium-sized operations, which account for the bulk of Russian grain output, are most exposed.
Wet weather adds a second constraint. IKAR is forecasting rain in southern regions at end-June and into early July, which will slow combining and extend the harvest window, amplifying diesel demand at precisely the point supply is tightest. The government has signalled a possible diesel export ban to protect domestic availability; the fact that option is on the table confirms the pressure is real.
On volume, estimates range from 88Mt (USDA) to 91.5Mt (IKAR), all below last season. The harvest will clear, but at higher cost.
The fertiliser read: farmers squeezed on fuel and margin are already flagging intentions to cut autumn planting area and rotate more land to spring crops in 2027. If that materialises at scale, it is a demand signal worth watching. Reduced winter wheat area means lower nitrogen application in autumn. Spring crop expansion partially offsets that but with a later consumption profile. Russia’s domestic urea and AN demand pattern in Q3 and Q4 may come in softer than seasonal norms if the planting reduction follows through.
FUDAO (highest quality gran urea in China) rumoured to have been sold to Australia are circulating at USD 460 FOB
Earthquake in Venezuela…
**Nexus Weekly Update**
*25/06/26*
In the Far East, the Supramax market continued to push up. The market was supported by a healthy flow of backhaul enquiries into the Mediterranean and Black Sea, alongside steel cargoes bound for the West Coast South America and a steady volume of intra-Pacific business. For this reason, owners with vessels able to transit the Gulf of Aden have been able to command a premium. However, sentiment is beginning to dampen. Reduced coal and mineral exports from Australia have weighed on outbound demand, placing downward pressure on ex-Australia rates. At the same time, the Panamax market has softened considerably, with earnings falling sharply over the past weeks. While this has yet to materially impact the Supramax sector, a prolonged downturn in the larger sizes could begin to weigh on rates seen for supras/ultras.
In the Indian Ocean, the main talking point remains the cautious reopening of the Strait of Hormuz. While vessels are gradually resuming transits, movements are predominantly one-way, with laden ships exiting the Gulf. Owners remain hesitant to ballast into the region given the fluid security situation and the potential for conditions to deteriorate again at short notice. Further south, activity in South Africa has slowed as charterers and owners alike adopt a wait-and-see approach despite softer bunker prices. Even so, we expect the market to retain a firm undertone in the near term, as uncertainty surrounding Gulf transits is likely to keep effective tonnage supply tight while owners reassess Middle East loading prospects.
On the Continent, the market has lost some of the momentum seen over the past couple of weeks. With the ECSA market coming off and more tonnage building in the basin, owners’ ideas have started to soften. Activity remains largely limited to a small number of scrap stems, with little else in the market to provide meaningful support. In the Mediterranean and Black Sea, it has been a quiet week. Port congestion in Morocco and Algeria has continued to absorb some tonnage, while a steady flow of clinker cargoes has helped prevent a large drop in rates. In the Black Sea, however, there is some optimism looking further ahead. Grain houses have started to publish cargoes for August dates, raising expectations that the beginning of the Black Sea grain season could bring fresh support to the market.
The US Gulf market saw a drop in activity this week, as a standoff between owners and charterers became apparent. Sentiment in the region remains positive after a recent clear out of tonnage and increased demand for forward cargoes, especially on petcoke and grains. Front haul levels are still on the lower side, owing to the current strength of the Pacific, however once grain season comes into full swing supply might not be able to keep up, pushing rates for this routing higher.
The ECSA market has eased this week as the final wave of July grain cargoes has largely been covered. This, along with a growing tonnage list has put downward pressure on rates in the basin. Looking ahead, there is cautious optimism that the final push of harvest cargoes for August will provide renewed support to rates from ECSA. The West African market has strengthened this week, with some more enquiry coming into the market.
Bunker prices have retreated sharply over the past week as geopolitical tensions in the Middle East have eased following the Iran/Israel ceasefire, reducing concerns over potential supply disruptions. Current bunker prices stand at around USD 690pmt in Singapore, 585pmt in Gibraltar, and 970pmt in Fujairah.
The Egyptian government has reduced its export tax on urea from USD 90/Mt to a flat 10%. Although the initial duty introduced on 4 May was intended to last for only three months, this new 10% tax rate has been implemented without an expiry date.
The Government of the Republic of Congo has awarded a mining permit for the Mengo potash deposit in Kouilou department, near Pointe-Noire, to Dangote Fertilizer Limited Congo, a subsidiary of the Dangote Group. The project carries a headline investment figure of USD 3 billion and includes a downstream NPK blending facility, positioning it as an integrated mine-to-fertiliser operation within the country.
Reported reserves at Mengo stand at approximately 350 million tonnes of potash salts, sufficient to support a 25-year mine life at full capacity. The development plan is structured in three production phases, stepping from 1 million t/yr to 2 million t/yr and ultimately 3 million t/yr, with an estimated 800 direct and indirect jobs attributed to the project at steady state.
For Dangote, the Mengo permit fills a structural gap in its fertiliser ambitions. The group’s Lagos urea complex runs at approximately 3 million t/yr and is being expanded further with Thyssenkrupp technology, while a separate USD 4 billion-plus urea project is under development in Gode, Ethiopia, not yet operational. Urea provides the nitrogen leg of NPK; potash from Mengo would close the potassium leg, giving the group meaningful control over two of the three primary nutrient inputs for compound fertiliser.
Dangote will share the Kouilou basin with Kore Potash, the London-listed developer whose Kola sylvinite project is the more advanced asset in the area. Kore’s optimised definitive feasibility study, published in February 2025, puts the Kola capital requirement at USD 2.07 billion for 2.2 million t/yr of muriate of potash over a 23-year mine life. Kore signed a fixed-price EPC contract with PowerChina International Group and secured a USD 2.2 billion financing package in principle from OWI-RAMS, though financial close has not been achieved and a formal sale process launched in November 2025 remains ongoing with one party in active due diligence as of April 2026.
The broader picture for the Republic of Congo as a potash jurisdiction is therefore one of substantial latent capacity – the Mengo and Kola projects represent over USD 5 billion in stated investment and potentially more than 5 million t/yr of combined nameplate capacity – but neither project is in construction. Dangote’s entry adds credibility and financing firepower to the basin’s long-term story, though the history of Mengo itself warrants some context: the permit has been through multiple hands since MagIndustries Corp. first signed a 25-year potash investment agreement with the Congolese government in 2008, with the project stalling after a corruption investigation led to delistment from the Toronto Stock Exchange. The Congolese government’s decision to re-award the permit to Dangote signals a deliberate pivot towards a well-capitalised pan-African industrial operator rather than junior mining developers. How quickly the group can move from permit to bankable feasibility to construction will determine whether Mengo finally translates into production after nearly two decades of false starts.
CHINA UREA: DOMESTIC PRICES SOFT ON WEAK DEMAND AS STOCKS CONTINUE TO ACCUMULATE.
Prilled urea ex-works CNY 1,770-1,780/t, granular CNY 1,800-1,810/t. Both grades down on the week as demand fails to absorb the volume coming off lines. Daily production is running at around 221.5kt/day and factory stocks have built to 1,133.5kt, a level that keeps sellers on the back foot. Top-dressing demand is expected to surface in the first half of July but with production and stocks where they are, the seasonal lift is unlikely to move the needle materially.
Export is providing no relief. FOB indications sit at USD 410-415/t for prills and USD 420-425/t for granulars, but liquidity is near-zero under the current export policy regime. The operative floor price in circulation is now USD 430-440/t FOB for general markets, with the India-specific floor holding at USD 500-510/t FOB. The gap between market and floor on the general route is around USD 15-25/t; on the India route it is closer to USD 85-90/t.
A further compliance layer has been added: exporters must now submit vessel names to authorities for cargoes above 5kt, enabling post-shipment inspection. The practical effect is to make Indian tender participation from China very difficult. Supply into the current India NFI cycle remains severely constrained.
If global benchmark prices continue to soften over the next few weeks, the pressure on Chinese producers increases and the CNFIA may be forced to revisit export policy settings. That conversation is not happening yet, but the conditions for it are building.
Circulation Association Notice: (Yes Another one!)
Upon deliberation, it has been decided that:
1. Minimum export prices (FOB basis):
· Prilled urea: no less than USD 430/ton
· Automotive-grade and granular urea: no less than USD 440/ton
2. Exports to India:
· Prices shall remain unchanged at USD 500/ton (FOB) and USD 510/ton (FOB) respectively.
· **Transshipment (i.e., exporting via a third country with re-routed bills of lading) for the purpose of supplying India at lower prices is strictly prohibited.**
3. Large-order verification:
· For any single order exceeding 5,000 tons, the vessel name must be provided for record-keeping and inspection purposes after customs clearance
This is the official notice and newest update from China. India business is allowed at higher cost.
<strong>**CHINA MORNING DAILY**</strong>
<table class="min-w-full border-collapse text-sm leading-[1.7] whitespace-normal">
<thead class="text-left">
<tr>
<th class="text-text-100 border-b-0.5 border-[hsl(var(–border-300)/0.6)] py-2 pr-4 align-top font-bold" scope="col">Product</th>
<th class="text-text-100 border-b-0.5 border-[hsl(var(–border-300)/0.6)] py-2 pr-4 align-top font-bold" scope="col">Region/Basis</th>
<th class="text-text-100 border-b-0.5 border-[hsl(var(–border-300)/0.6)] py-2 pr-4 align-top font-bold" scope="col">24 Jun</th>
<th class="text-text-100 border-b-0.5 border-[hsl(var(–border-300)/0.6)] py-2 pr-4 align-top font-bold" scope="col">23 Jun</th>
<th class="text-text-100 border-b-0.5 border-[hsl(var(–border-300)/0.6)] py-2 pr-4 align-top font-bold" scope="col">Change</th>
</tr>
</thead>
<tbody>
<tr>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Urea</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Shandong factory gate (small/medium)</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 1,750-1,800/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 1,750-1,800/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Unch</td>
</tr>
<tr>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Ammonium Chloride</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">East China dry</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 480-550/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 480-550/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Unch</td>
</tr>
<tr>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">MAP</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Hubei 55% powder factory gate</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 4,200-4,450/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 4,200-4,450/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Unch</td>
</tr>
<tr>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">DAP</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Hubei 64% factory gate</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 4,400-4,450/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 4,400-4,450/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Unch</td>
</tr>
<tr>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">SOP</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">North China Mannheim 52% powder factory</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 4,300-4,500/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 4,300-4,500/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Unch</td>
</tr>
<tr>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">MOP</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">East China port 62% white</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 3,150-3,500/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 3,150-3,500/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Unch</td>
</tr>
<tr>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">NPK 45%CL (3×15)</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Domestic mainstream factory</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 2,750-2,950/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 2,750-2,950/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Unch</td>
</tr>
<tr>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">NPK 45%S (3×15)</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Domestic mainstream factory</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 3,250-3,550/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 3,250-3,550/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Unch</td>
</tr>
<tr>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Granular Sulphur</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">Yangtze River port</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 9,300/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">CNY 9,400/t</td>
<td class="border-b-0.5 border-[hsl(var(–border-300)/0.3)] py-2 pr-4 align-top">-CNY 100/t</td>
</tr>
</tbody>
</table>
**NITROGEN**: Domestic urea sentiment continues to drift softly lower. Factory new-order activity is subdued, trading is lacklustre, and downstream compound fertiliser plants are running at low utilisation rates, offering limited price support. Internationally, prices are edging down: Middle East granular urea FOB is now indicated at USD 400-410/t, down USD 10/t day-on-day, while Egyptian granular FOB to Europe has slipped to USD 425/t, off USD 5-20/t on the day. Ammonium chloride is broadly stable; factories hold pre-sold order books and are maintaining firm offers, though compound fertiliser plants show little appetite for restocking beyond immediate needs. Ammonium sulphate is drifting lower domestically; caprolactam-grade material in Shandong has seen modest further price erosion, with downstream buyers purchasing only as required given the absence of supportive news.
**PHOSPHATES**: MAP is consolidating at elevated levels. Supply-protection enterprises are holding to guided prices, with high raw material costs continuing to underpin production economics. New-order intake is selective; some plant output has edged up and inquiry activity is reasonable, though trade is predominantly inter-trader rather than end-user driven. DAP is similarly locked in a high-level stalemate. Producers are working through pre-existing order books, few are quoting new prices and most are not accepting new business. Downstream demand remains sluggish with slow buying pace and limited spot transaction volumes.
**POTASH**: SOP domestically is holding in a wait-and-see mode. Mannheim producers remain under cost pressure, operating rates are low and prices are broadly unchanged from prior levels. Downstream demand is restrained. MOP is drifting softer at ports; import buyers are cautious and procurement activity is light. Smaller traders are offering concessions to move material and there remains room for negotiation on actual transaction prices.
**COMPOUNDS**: The domestic NPK market is in a holding pattern. Upstream raw material prices remain elevated, providing a firm cost floor, but low-priced material in circulation is diminishing. The summer application season is drawing to a close and the autumn season is not yet imminent, leaving market participants largely on the sidelines. Autumn wheat fertiliser pricing direction is unclear; most producers are focused on taking forward deposits rather than publishing new price lists.
Bids for GSSP in Brazil still heard way under what the PRA's are reporting – Brazilians keen to pay in the region of USD 270's CFR, Considering how the phosphate market is at present to see a 10% drop is fanciful thinking.
Yesterday, An international trading house issued an Iranian Gran Urea tender for 27-30kt gran urea (100% TT payment in AED, USD or EUR), trying to take advantage of the short shipping window
**F/X**
<p class="font-claude-response-body break-words whitespace-normal">USD AT 14-MONTH HIGH AS FED HAWKISHNESS REASSERTS. RATE EXPECTATIONS REPRICED SHARPLY HIGHER.</p>
<p class="font-claude-response-body break-words whitespace-normal">The dollar index hit 101.42 on Tuesday, its highest since May 2025, before settling at 101.39. The move reflects a significant repricing of Fed rate expectations following the first policy meeting under new Chairman Kevin Warsh, which markets read as hawkish. CME FedWatch now prices a 36.3% probability of a 25 basis point hike at the July meeting, up from 8.5% a week ago. September hike probability has moved from 29.1% to 69.1%.</p>
<p class="font-claude-response-body break-words whitespace-normal">The euro fell to USD 1.1374, its weakest since June 2025, before closing at USD 1.138. Sterling weakened 0.45% to USD 1.3187, compounded by political uncertainty following Prime Minister Starmer's resignation. The yen held at 161.55 per dollar, approaching the 161.96 level that would mark its weakest since 1986. Japanese finance ministry officials held emergency talks with US Treasury Secretary Bessent on Monday over the currency moves.</p>
<p class="font-claude-response-body break-words whitespace-normal">For fertiliser markets: a sustained stronger dollar raises the cost of dollar-denominated commodity imports for emerging market buyers, particularly India and Southeast Asia. It also complicates CFR pricing discussions where freight and commodity are both USD-denominated while local currency revenues are weakening. US PCE inflation data due Thursday will be the next read on whether the Fed's hawkish pivot has legs.</p>
**GRAINS**
<p class="font-claude-response-body break-words whitespace-normal">ICE CANOLA AND CBOT SOYBEANS STABILISE ON TECHNICAL CORRECTION. WEATHER AND USD PULLING IN OPPOSITE DIRECTIONS.</p>
<p class="font-claude-response-body break-words whitespace-normal">ICE canola futures settled higher for a second session. July at CAD 737.70/t, up CAD 2.40. November at CAD 748.80/t, up CAD 4.70. The recovery follows sharp losses last week and is partly technical, partly currency-driven. Canadian dollar weakness makes Canadian origin cheaper for overseas buyers, which supports futures even when fundamentals are flat.</p>
<p class="font-claude-response-body break-words whitespace-normal">Crop development in Canada is running behind schedule on cool and damp conditions. Farm selling is muted until producers get a clearer read on anticipated yields. That keeps a floor under prices for now.</p>
<p class="font-claude-response-body break-words whitespace-normal">CBOT November soybeans settled fractionally higher at USD 11.41-3/4 per bushel after two sessions lower. Soymeal July closed up USD 3.10/t at USD 302.90 per short ton. Soyoil weakened, with July closing down 0.56 cents at 70.59 cents per pound. Some of Tuesday's position adjustment reflects roll activity ahead of first notice day rather than directional conviction.</p>
<p class="font-claude-response-body break-words whitespace-normal">Abundant rainfall across the US Midwest continues to weigh on soybean prices. The market is caught between a potentially bullish weather story and bearish macro headwinds. More on the macro below.</p>
OCI NITROGEN: AGROFERT DEAL CONTEXT AS GELEEN FUTURE TAKES SHAPE
With OCI Nitrogen’s H2 2027 ownership transition to Agrofert now confirmed, the Geleen facility enters an extended period of operational uncertainty that is worth keeping on the radar given its relevance to European AN and CAN supply balances. The put/call structure, priced at 7x two-year average EBITDA and exercisable from 2029, means the final valuation will be heavily influenced by where nitrogen markets settle once the post-Hormuz price impulse fades from the reference period.
<p class="font-claude-response-body break-words whitespace-normal"><strong>EGYPT | PHOSPHATE | INDORAMA / MISR PHOSPHATE</strong></p>
<p class="font-claude-response-body break-words whitespace-normal">Indorama is putting USD 174 million behind the Indorama phosphate complex at Ain Sokhna, USD 100 mil direct, USD 74 mil syndicated, with EBRD also mandated on the debt. Financial close targeted 2026. First production 2028.</p>
<p class="font-claude-response-body break-words whitespace-normal">Phase I is a USD 525 million investment, 600 Kt/pa of finished phosphate fertilisers, 80% for export. Misr Phosphate feeds it with 1.25 mil mts of Red Sea rock per year and takes a 15% stake plus 20% of output. The product slate runs from sulphuric acid and phosphoric acid through to DAP, MAP, NPK, and a range of specialty chemicals. This is not a blending operation, it's a full integrated chain built inside the Suez Canal Economic Zone.</p>
<p class="font-claude-response-body break-words whitespace-normal">And Ain Sokhna is only one piece. Egypt also has a USD 573 mil phosphoric acid plant under development at Abu Tartour, and a USD 2 bil complex with China's Xingfa targeting battery-grade phosphate materials at Sokhna 360. Three projects. Different partners. Same direction.</p>
<p class="font-claude-response-body break-words whitespace-normal">The context matters here. Egypt is the world's third-largest phosphate reserve holder, has been in the phosphate business since 1947, and still earns 71% of its USD 2.18 bil fertiliser export revenue from nitrogen. Phosphate rock has been the commodity, not the value-add. That is what is changing.</p>
<p class="font-claude-response-body break-words whitespace-normal">Morocco figured this out years ago and OCP is the proof of concept. Saudi Arabia's Ma'aden followed. Now Egypt is following with serious capital behind it rather than aspirational planning documents.</p>
<p class="font-claude-response-body break-words whitespace-normal">For the industry the long-term read is straightforward: the days of Egypt as a reliable low-cost rock supplier are numbered. Not immediately, Ain Sokhna does not produce until 2028 at the earliest, and ramp-up takes time – but the trajectory is clear. Rock that previously moved FOB Red Sea into Asian and European phosphate acid plants will increasingly stay in Egypt and come back out as DAP or MAP.</p>
Buyers who have built procurement models around Egyptian rock origin need to be thinking now about where that volume gets replaced (think Africa!). Morocco will take some of it. Jordan will take some. But the structural surplus of affordable rock that has kept delivered phosphate acid costs manageable is getting smaller, and projects like this are the reason why.