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July was characterized by general nitrogen price increases due to spillover from continued developments in European natural gas prices. Conversely, we saw a large correction to UAN values.
Domestic wholesale prices for most fertilizers fell in June. But prices are set to reset higher following summer-fill programs.
Poor weather early in the planting season led to sluggish demand for fertilizer, resulting in a decline in most wholesale fertilizer prices during May. Prices are expected to remain steady to lower in the short term ahead of the summer-fill season.
Fertilizer prices are seen as firmer in the short term on unprecedented interruptions in the global export market mostly due to Russia attacking Ukraine, with impacts likely to stretch into the medium term or longer.
Various logistical issues continue to plague fertilizer production, although at lesser levels than in October. Some countries are limiting exports, which is pushing prices sky high.