Bloomberg Green Markets ABUK@EY 2023-03-31

HOME NITROGEN PHOSPHATE POTASH SULFUR SPECIALTY CROPS INDICATORS ALERTS
March 31, 2023 | Volume 47 Issue 13

Contents
2 Tampa Ammonia Plunges
2 Northern Plains NH3 Falls
3 NOLA Urea Softens

Yara, Enbridge to Partner on Blue Ammonia Project
5 UAN Down at NOLA, Northeast
Yara Clean Ammonia (YCA) and Calgary-based Enbridge Inc. on March 31 announced the
signing of a letter of intent to jointly develop and construct a world scale, low-carbon blue
ammonia production facility as equal partners.
5 AS Slips in China, Brazil
see Yara, page 29 8 India DAP Weakens
12 Brazil Potash Drops
Green AN Project Advancing in Washington State

22 OCP Posts Record Earnings
Pacific Green Fertilizer Corp., a Delaware corporation owned by Swiss-based Atlas Agro,
is planning a green nitrogen plant for Richland, Wash., that will be focused on ammonium 24 Nutrien Projects Tight Supply
nitrate (AN) production. The company inked a real estate purchase and sale agreement with
the Port of Benton, a municipal corporation in Washington, on March 8.
24 Nevada Plant Produces Zinc Sulfate
see Green, page 29
26 UK Implements Fert Rules
27 Fert Sales Down for Borealis

Russia Raises AN Export Quota; May Extend
Fertilizer Quotas by Six Months 27 Centex Inks Offtake
The Russian government has increased the export quota for ammonium nitrate (AN) by
300,000 mt, according to an Interfax report, citing a government press service statement.
The increase is aimed at allowing Russian fertilizer producers to export surplus product,
US Gulf NOLA
Urea DAP Potash
provided that the needs of the domestic market are met in full, according to the statement. 800
see Russia, page 30 700
600 607.5
500
USDA Projects 92 Million Corn Acres in 2023 400
365.0
US corn growers will plant 92 million acres of corn this spring, USDA said in its March 31 300 303.5
O N D J F M
Prospective Plantings report. The acreage estimate is up 4%, or 3.42 million acres, from last
Source: Green Markets © Bloomberg L.P.
year, and also up from the 91 million acres that the agency projected at its annual Outlook
Forum in February (GM Feb. 24, p. 1).
see USDA, page 30 US Gulf Contract Barge Prices
(FOB, USD/st)
Ammonia 395
Senate Passes Resolution to Overturn WOTUS; Urea (gran) 295-312
Biden Plans to Veto Urea (prill) 295-312
The US Senate on March 29 voted 53-43 to approve a resolution overturning the Biden UAN 270-280
Administration’s “Waters of the United States” (WOTUS) rule. The vote follows a similar
resolution passed by the House in late February (GM March 3, p. 26), which called the new AS 300-310
WOTUS definition “flawed” and “overreaching.” DAP 600-615
see Senate, page 31 MAP 570-575
Did You Know… Green Markets data services give you direct access to TSP 540-550
fertilizer pricing data feeds? It’s the easy way to link into models, contracts or Potash 360-370
accounting systems.
Green Markets® March 31 © 2023 Bloomberg L.P. All Rights Reserved. Reproduction Prohibited by Law. FertilizerPricing.com 1
Market Watch NITROGEN
AMMONIA Ammonia 3/31/2023 Last Week Year Ago

US Gulf/Tampa:
Tampa ammonia for April fell 26%, or $155/mt, to $435/mt CFR from Tampa CFR mt 435 590 1,625
March’s $590/mt CFR. Most sources had been expecting a sizeable US Gulf NOLA 395 480-490 1,475
drop in light of lower natural gas prices in Europe and the US, as well
as plentiful ammonia supplies. US Gulf NOLA CFR mt 435 590 1,625
Eastern Cornbelt: Gulf Coast Truck 525-540 525-540 1,150

While the last postings for ammonia remained at $725-$750/st FOB Cornbelt 670-750 670-750 1,375-1,475
in the Eastern Cornbelt, sources continued to talk of lower prices for
serious offers. “I think most suppliers will compete for tons, so it seems Eastern Cornbelt 725-750 725-750 1,450-1,475
that might be flexible,” said one contact.
Kingston Mines, IL 725 725 1,450
The significant drop in the April Tampa ammonia price also signaled a Western Cornbelt 670-710 670-710 1,375-1,400
likely drop in terminal levels, some sources said.
Hoag, NE 670 670 1,375
Western Cornbelt:
Fort Dodge, IA 700 700 1,385-1,395
Ammonia remained at $670-$710/st FOB in the Western Cornbelt, with
the low reported in Nebraska and the high in eastern Iowa. Sources Midwest Cornbelt
800-1,010 800-1,010 1,385-1,620
continued to speculate that better deals could be had, however, citing (Retail) m
reports of $625-$650/st FOB offers in the Northern Plains.
Northern Plains 625-650 670-700 1,480-1,500
Northern Plains: Velva, ND 625 700 1,500
Ammonia pricing slipped to $625-$650/st FOB terminals in North
Dakota and Minnesota as of March 24, below the prior $670- Northern Plains DEL 640-660 750-775 1,550
$700/st FOB offers, with the low confirmed at Velva, N.D. Delivered offers
Great Lakes 725-750 725-750 1,450-1,475
were reportedly competing with FOB terminal levels on a spot basis.
Huntington, IN 725 725 1,450
Northwest Europe:
International traders in early March predicted the Tampa price would South Central 525-550 525-550 1,150-1,300
need to come off by at least $100/mt to bring balance to the market.
Southern Plains 570-610 570-610 1,250-1,305
The $155/mt drop announced late in the week is expected to have a
rollover impact on the Northwest European price. Verdigris, OK 590 590 1,250
Even with gas prices dropping in Europe, the final price of ammonia from California DEL 890 980 1,220
the factories was too expensive for the Northwest Europe market. Buyers
Pacific Northwest 730 730 NA
were also upset with the Northwest Europe price, declaring it too high
for the global marketplace. The price drop at Tampa is expected to push Pacific Northwest DEL 710-730 710-730 1,650
the European price down to levels buyers are more willing to accept.
Western Canada DEL
1,100-1,300 1,100-1,300 2,230-2,250
mt CAD
U.S. Ammonia Black Sea mt NA NA NA
Tampa Cornbelt Southern Plains Northern Plains
1,400 Caribbean mt 378 533 1,580
1,200 India CFR mt I 450-460 450-460 1,060-1,100
1,000 Middle East mt 370-380 370-380 1,230-1,245

Western Europe CFR
800 450-460 450-460 1,630-1,650
710.0 mt
637.5
600 590.0
Aqua Ammonia 3/31/2023 Last Week Year Ago
435.0
400
O N D J F M California 237-247 237-247 315-325
Pacific Northwest 190 190 405
NA: Prices not available or obtainable in the reporting period.

See pricing notations on https://fertilizerpricing.com/about/pricing-notations/
UREA UREA 3/31/2023 Last Week Year Ago

US Gulf:
NOLA urea barge trades were reported in the $295-$312/st FOB range, US Gulf NOLA 295-312 305-327 880-940
down from the week-ago $305-$327/st FOB. Most March-loaded physi-
cal barge trades were quoted at the $310-$312/st FOB level, while April US Gulf NOLA
295-312 305-327 860
business fell in the $295-$305/st FOB range. Import Prill I
Eastern Cornbelt: Cornbelt 365-390 365-390 900-960

Urea was unchanged at $370-$390/st FOB in the Eastern Cornbelt, with Eastern Cornbelt 370-390 370-390 950-960
the high out of inland terminals and the low confirmed at Cincinnati,
Ohio. In the Great Lakes region, recent urea offers FOB Toledo, Ohio, Cincinnati, OH 370-375 370-375 950-960
were pegged at $400-$410/st FOB, down from $415-$420/st FOB at
Western Cornbelt 365-390 365-390 900-950
last report.
St. Louis, MO 365-380 365-380 900-930
Western Cornbelt:
Urea was steady at $365-$390/st FOB in the Western Cornbelt, with the Midwest Cornbelt
480-660 480-660 865-1,036
St. Louis, Mo., market pegged in the $365-$380/st FOB range. (Retail) m
Northern Plains: Northern Plains 360-390 365-430 910-990

Northern Plains urea pricing was pegged at $360-$390/st FOB, with
St. Paul, MN 360-380 365-385 910-950
the low confirmed at St. Paul, Minn., for river-open offers. No new prices
were reported at Carrington, N.D., where tons were described as tight in Northern Plains DEL 450-470 450-470 1,000-1,020
late March. Delivered urea remained at $450-$470/st in North Dakota.
Great Lakes 400-420 415-430 965-1,000
Northeast: Northeast 395-420 395-440 960-980
New prompt urea offers in the Northeast were reported at $395-
$400/st FOB East Liverpool, Ohio, $405-$410/st FOB Fairless Hills, Pa., Southeast 400-405 400-405 950-1,000
and $410-$420/st FOB Baltimore, Md. April-May pricing at Fairless Hills
South Central 365-390 365-390 920-950
was referenced at $420/st FOB, with delivered pricing in Pennsylvania
pegged at the $435/st level. Southern Plains 365-410 365-410 920-965
Eastern Canada: Catoosa/Inola, OK 395-410 395-410 920-950

Eastern Canada urea slipped to a broad C$700-$875/mt FOB range in
California 600-650 600-650 960-1,010
late March, depending on location and supplier, below the previous
low of C$720/mt. Pacific Northwest 460-465 460-465 990-995
India: Pacific Northwest

450-475 450-475 NA
The government of India has renewed India Potash Ltd.’s (IPL) license DEL
to import agricultural urea. The government announced that IPL will
be able to continue as one of three companies authorized to import
subsidized urea, along with Rashtriya Chemicals and Fertilizers Ltd.
(RCF) and National Fertilizers Ltd. (NFL). U.S. Urea
Cornbelt Southern Plains U.S. Gulf NOLA
The government also said that buyers of technical-grade urea, intended
800
for industrial use, will continue to be allowed to import tons as needed
without government regulation. The agricultural urea is coated in neem
700
and is heavily subsidized, while industrial urea is sold to companies at
market value. 600
Sources remain firm that no new tender will be called until mid-May 500
at the earliest. They noted that a new tender will not be called until all
the tonnage awarded in the most recent tender has vessels nominated. 400 387.5
377.5
The shipping deadline for the tender is June 1.
300 303.5
O N D J F M
Black Sea:
The prilled urea out of the Black Sea has moved to the upper end of Source: Green Markets © Bloomberg L.P.
the range from just a week ago. Sources now estimate the price at
$270/mt FOB.
Indonesia:
Producers have gone quiet after Kaltim settled sales at $342/mt CFR. UREA 3/31/2023 Last Week Year Ago
The final price was pushed up by producers following a tender in mid-
March. Producers said the price will be higher next time. Eastern Canada mt
700-875 720-875 1,425-1,440
CAD
Sources said the producers are pointing at a rumored deal into Mexico
Western Canada DEL
at $530/mt CFR as an argument for a higher Indonesian price. Sources 670-680 670-680 1,350-1,400
mt CAD
said the deal was most likely done by Fertiglobe into Eastern Mexico
with Algerian product, and not Indonesian urea. Brazil CFR mt 310-320 310-320 1,000-1,050
Buyers and sellers are reportedly settling their deals on a formula basis. Rondonopolis, BR mt 455-460 460-490 1,000-1,200
One trader said this process offers little in the way of price transparency,
Baltic Sea mt 250-285 254-325 850-970
allowing both sides to quietly claim favorable prices to themselves.
Black Sea mt Prill I 270 265-270 NA
Middle East:
The price in the Arab Gulf remains in the low-$300s/mt FOB. Producers Indonesia mt Bulk 342 342 989
are said to be busily fulfilling orders from the previous Indian tender,
Middle East 300-305 300-305 990-1,000
along with some small cargoes for other buyers.
Middle East mt Prill 300-305 300-305 990-1,000
Sources said Egyptian producers remain quiet, while sources keep
looking for bargains. The last set of deals in the upper-$370s/mt FOB are China mt I 370-380 370-380 NA
now said to be too expensive for buyers. At the same time, producers
China Factory mt 2,783.75- 2,802.50- 2,963.00-
are saying the price is too low.
CYN (posted) 2,802.50 2,811.25 3,010.00
The absence of Russian material in Europe has opened up greater
China Prill mt I 370-380 370-380 NA
possibilities for more Egyptian sales deeper into Europe, according to
local media reports. When Russian product was more widely available, Egypt mt 375-380 375-380 1,130
Egypt was a supplier of small quantities to buyers mostly located in
India CFR Bulk mt 330-335 330-335 596
southern Europe. Since the start of the war Ukraine and the subsequent
cutback in the availability of Russian urea, however, sources said that Mediterranean mt
buyers throughout Europe are looking to Egypt and Algeria for tonnage. 360-380 390-450 1,100-1,175
CFR I
China: Mediterranean CFR

350-370 380-430 1,050-1,125
With the country still in a strong domestic season, allocating urea for mt Prill I
export is out of the question, said traders. The going price is $370-
All urea prices are granular unless indicated as prill, or a bulk which is both prill
$380/mt FOB, said sources, based on strong domestic demand. This
and granular.
price is out of line with the rest of the global urea market. NA: Prices not available or obtainable in the reporting period.
Sources expect urea prices to remain high and export possibilities to
remain limited into April, when the domestic season is projected to
wind down.
International Urea
China China Prill Middle East
700
Brazil:
Prices were flat on limited demand. Sources put the landed price at
600
$310-$320/mt CFR. There were reports of sellers trying to jumpstart
a price rebound with offers in the $330s/mt CFR, but with no takers. 500
The Rondonopolis market was reported down to $455-$460/mt FOB 400

375.0
ex-warehouse, a dramatic drop from the range’s $490/mt FOB high 375.0
noted just one week earlier. 300 302.5
Argentina: 200
January-February urea imports totaled 13,000 mt, Trade Data Monitor O N D J F M
reported, up from the year-ago 1,500 mt. Source: Green Markets © Bloomberg L.P.
February imports were 9,500 mt, up from just 56 mt imported in February

2022. Egypt supplied 92% of the imports with 8,800 mt.
Bangladesh:
Chittagong Urea Fertilizer Ltd. (CUFL) restarted production of ammonia UAN 3/31/2023 Last Week Year Ago
and urea on March 23 after a four-month stoppage due to damage
sustained in a November fire, the Business Standard reported, citing US Gulf NOLA 8.44-8.75 8.59-9.06 19.38-19.69
CUFL Managing Director Mizanur Rahman. US Gulf NOLA st 270-280 275-290 620-630
The plant has a nameplate production capacity of 1,400 mt/d, but the Cornbelt 10.00-10.78 10.00-10.78 20.31-21.07
volume of natural gas available is insufficient for the plant to run at full
Eastern Cornbelt 10.00-10.78 10.00-10.78 20.31-21.07
capacity. The facility requires 48-52 million cubic feet of gas daily for full
capacity, but currently only 42 million cubic feet are being supplied, which Western Cornbelt 10.00-10.47 10.00-10.47 20.31-20.63
cannot produce more than 1,000 mt/day of urea, according to Rahman.
Midwest Cornbelt
350-498 350-498 570-630
Recommissioning was planned for mid-February, after production was 28% (Retail) st m
stopped on Nov. 22 following a fire in a reformer pipe at the ammonia
plant (GM Nov. 25, 2022). Midwest Cornbelt
400-570 400-570 650-720
32% (Retail) st m
UAN Northern Plains 10.36-11.56 10.71-11.56 21.25-21.43
Great Lakes 10.94-11.88 10.94-11.88 21.39-21.79

US Gulf:
UAN barge prices slipped to $270-$280/st ($8.44-$8.75/unit) FOB in Northeast 10.00-12.03 10.63-13.28 21.56-23.44
a thinly traded market, down from the week-ago $275-$290/st ($8.59-
$9.06/unit) FOB. “I’m not sure anything has been bought, as it is a bit Northeast
10.00-10.31 10.94-11.09 21.56
slow due to storms in areas where it was running,” said one source. (Baltimore)
Northeast (New York) 12.03 13.28 23.44

Eastern Cornbelt:
UAN-32 remained at $320-$330/st ($10.00-$10.31/unit) FOB most river East Coast 32% CFR
terminals in the Eastern Cornbelt for April-May tons, with the high NA NA 725-735
mt
pegged at $340-$345/st ($10.63-$10.78/unit) FOB out of spot Illinois
River terminals for 2Q offers. Southeast 10.94-12.50 10.94-12.50 19.06-20.31
Western Cornbelt: South Central 10.00-10.63 10.00-10.63 19.38-20.31

UAN-32 was quoted at $320-$335/st ($10.00-$10.47/unit) FOB in the Southern Plains 9.53-10.63 9.53-10.63 19.38-20.00
Western Cornbelt, with the low reported at Port Neal, Iowa. The St. Louis
market remained at $325-$335/st ($10.16-$10.47/unit) FOB, depending California 11.88-12.81 11.88-12.81 20.94-21.88
on time of shipment.
California DEL 11.25-11.88 11.25-11.88 NA
Northern Plains: Pacific Northwest 12.50 12.50 20.63-21.41
Spring pricing for UAN-32 was quoted at $365-$370/st ($11.41-$11.56/unit)
FOB Winona, Minn. UAN-28 offers in North Dakota included $290/st Pacific Northwest
12.34-12.81 12.34-12.81 21.25
($10.36/unit) FOB Casselton and Harvey, with delivered pricing pegged DEL
at the $340-$380/st ($12.14-$13.57/unit) level.
Eastern Canada mt
20.00-24.29 20.69-24.29 31.25-33.04
Northeast: CAD
UAN-32 pricing in the Northeast dropped to $320/st ($10.00/unit)
Western Canada DEL
FOB Baltimore, $330/st ($10.31/unit) FOB Fairless Hills, and $385/st 15.36-16.07 15.36-16.07 30.71-31.43
mt CAD
($12.03/unit) FOB terminals in upstate New York, down some $30-
$40/st from last report. Argentina 32% CFR I 390-400 390-400 610-620
The latest Baltimore prices for 27-0-0-3S and 28-0-0-5S included Baltic Sea 32% mt 153-225 175-225 674-876
$301/st FOB and $335/st FOB, respectively.
Black Sea 32% mt 163-220 185-220 882-884
Eastern Canada: France 30% FCA mt
UAN-28 pricing dropped to C$560-$680/mt (C$20.00-$24.29/unit) 310-315 310-320 605-615
EURO
FOB, down C$20/mt from last report at the low end of the range. Recent
UAN-32 offers in Eastern Canada slipped to C$640/mt (C$20.00/unit) NA: Prices not available or obtainable in the reporting period.
FOB, reflecting a drop of C$22/mt since early March. See pricing notations on https://fertilizerpricing.com/about/pricing-notations/
AMMONIUM NITRATE Ammonium

3/31/2023 Last Week Year Ago
Western Cornbelt: Nitrate
The latest offers for ammonium nitrate in Missouri were reported at
$470/st FOB Lamar and $490/st FOB St. Joseph. Cornbelt 470-490 470-490 780-790
Southeast NA NA NA
AMMONIUM SULFATE South Central 400-450 400-450 750-790

US Gulf: Southern Plains 450 450 770-800
NOLA ammonium sulfate barges remained in the $300-$310/st FOB
range, unchanged from last week. Baltic Sea mt 190-233 224-243 NA
Black Sea mt 190-233 224-243 735

Eastern Cornbelt:
The granular ammonium sulfate market remained at $370-$385/st FOB
Ammonium
in the Eastern Cornbelt, with the low confirmed out of spot Mississippi, 3/31/2023 Last Week Year Ago
Illinois, and Ohio river terminals
Sulfate
Western Cornbelt: US Gulf NOLA 300-310 300-310 675-695

Granular ammonium sulfate was unchanged at $350-$385/st FOB in Cornbelt 350-385 350-385 690-725
the Western Cornbelt, with the low at St. Louis and the high confirmed
at Omaha, Neb. Eastern Cornbelt 370-385 370-385 690-720
Northern Plains: Western Cornbelt 350-385 350-385 690-725

Delivered pricing for granular ammonium sulfate in the Northern Plains Midwest Cornbelt
remained at the $380-$400/st level in late March. New spring postings 470-569 470-569 625-798
(Retail) m
from IOC on March 16 included $370/st FOB Upper Mississippi River
terminals, and $385/st FOB Sioux City, Iowa, and Casselton. IOC’s Northern Plains 370-385 370-385 690-755
spring price for rail-DEL tons in the Northern Plains moved to $385/st.
Northern Plains DEL 380-400 380-385 700-760
Northeast: Great Lakes 405-435 405-435 725-750
The ammonium sulfate market slipped to $405-$430/st FOB in the
Northeast, with the low confirmed at East Liverpool. Delivered tons Northeast 405-430 405-455 700-720
were pegged at $450-$470/st DEL in the region, down $15-$25/st from
Northeast DEL 450-470 475-485 NA
last report.
Southeast 400-450 420-490 570-620
In the Southeast, granular ammonium sulfate pricing at Hopewell, Va.,
had reportedly fallen to the $400/st FOB level for new offers. Southeast DEL 395-450 395-505 630-685
Eastern Canada: South Central 345-385 345-385 685-700

Ammonium sulfate pricing rebounded slightly in Eastern Canada, Southern Plains 340-370 340-370 580-665
firming to C$720-$825/mt FOB from the prior low of C$680/mt FOB.
California 430-465 430-465 670-685
China:
Pacific Northwest 405-445 405-445 620-715
The market continues to soften. Sources said the price now is in the
low-$150s/mt FOB. Pacific Northwest DEL 405-445 405-445 620-720
Traders noted that as industrial output steps up in China, the amsul Eastern Canada mt
720-825 680-825 990-1,015
byproduct is beginning to flood the market. At the same time that more CAD
product is being made available, buyers are stepping back. Lower urea
prices are allowing some buyers to skip amsul and get their nitrogen Western Canada DEL
520-535 520-535 875-925
needs from urea. mt CAD
Brazil Capro Grade

Brazil: 180-190 185-195 500-505
Prices showed a slight downward shift to $180-$190/mt CFR. Sources gran CFR mt
said the lower end of the range is being assigned to future deliveries, Rondonopolis, BR 310-315 310-350 700
with near-term arrivals pulling in a slightly higher price.
China Capro Grade mt 150-155 150-160 380-400
The price range in Rondonopolis has tightened on the top end by
$35/mt, to $310-$315/mt FOB ex-warehouse.
See pricing notations on http://fertilizerpricing.com/about/pricing-notations/
Market Watch PHOSPHATE
DAP/MAP DAP 3/31/2023 Last Week Year Ago

Central Florida:
DAP trucks loading from Central Florida were posted at $630/st FOB, Central Florida 630 630 945
unchanged from one week earlier. Truck-loaded MAP was also flat at US Gulf NOLA 600-615 600-610 960-1,010
$630/st FOB.
US Gulf Export mt 635 635 1,240
North Florida MAP trucks continued to be quoted at $630/st FOB,
steady from the prior report. Cornbelt 665-680 665-680 1,000-1,030
Eastern Cornbelt 670-680 670-680 1,000-1,030

US Gulf:
NOLA barge phosphate values remained largely flat for most of the Cincinnati, OH 670-675 670-675 1,020-1,030
week, although firmer pricing was reported toward the end of the
March 24-30 trading period. Western Cornbelt 665-680 665-680 1,000-1,030
St. Louis, MO 665-675 665-675 1,000-1,025

Nearby DAP barges traded even with the week-ago low at $600/st FOB,
sources noted, while domestically-produced tons changed hands up Midwest Cornbelt
772-825 772-825 895-1,045
to $610/st FOB through the early week. New domestic offers quoted (Retail) m
firming to $615/st FOB during the week found buyers on March 30,
sources said. Northern Plains 680-690 690-700 1,000-1,030
St. Paul, MN 680-690 690 1,000-1,030

Players described limited MAP action up to $575/st FOB, even with
the prior-week top. The price was achieved on a handful of domestic Great Lakes 680-700 680-700 1,030-1,045
barge trades, after which offers for US-produced material lifted $5/st
to $580/st FOB. On the low side, business was heard at $570/st FOB, Northeast 675-690 675-690 1,030
above the week-ago $565/st FOB floor. Southeast 630 630 945
The NOLA DAP barge market was quoted at $600-$615/st FOB, up from South Central 670-690 670-690 995-1,025
$600-$610/st FOB reported last. Players noted MAP barges trading
in a $570-$575/st FOB range, above $565-$575/st FOB at last check. Southern Plains 675-685 675-685 1,000-1,030
Catoosa/Inola, OK 680-685 680-685 1,005-1,030

US Exports:
No new business was reported on the Gulf DAP and MAP export Eastern Canada mt CAD 1,010 1,010 1,400
markets. Recent trading was quoted at $635/mt FOB, on par with last-
heard offer levels. Baltic mt 540-660 625-660 885-900
Benelux FCA mt 715-720 720-730 980-995

Eastern Cornbelt:
DAP was unchanged at $670-$680/st FOB in the Eastern Cornbelt, with Argentina/Uruguay CFR I 655-660 670-680 1,270-1,300
the low reported at Cincinnati. MAP remained at $625-$650/st FOB,
China Factory mt CNY 3,980.00-
with the upper end out of inland warehouses and the low confirmed 3,987.50 3,640.00
at both Cincinnati and Ottawa, Ill. (posted) 3,987.50
China FOB mt 560-570 605-610 1,000-1,100

In the Great Lakes region, the latest MAP offers at Toledo were pegged
at the $655/st FOB level. India CFR mt 577-590 614-630 920-925
Western Cornbelt: Morocco mt 565-730 580-740 890-950

DAP was steady at $665-$680/st FOB in the Western Cornbelt, with
Saudi Arabia mt 560-600 560-610 950-1,175
the St. Louis market quoted at $665-$675/st FOB. MAP remained at
$615-$650/st FOB in the region, with St. Louis pricing reported in the NA: Prices not available or obtainable in the reporting period.
$615-$625/st FOB range. See pricing notations on https://fertilizerpricing.com/about/pricing-notations/
Northern Plains:
DAP remained at $680-$690/st FOB St. Paul. MAP was down signifi-
cantly, however, falling to $625/st FOB St. Paul, well below the previous
$665/st FOB level. No current delivered MAP pricing was confirmed
in North Dakota, where truck availability was described as “tight” in
late March.
Northeast:
The DAP market remained at $675-$690/st FOB in the Northeast, with MAP 3/31/2023 Last Week Year Ago
the low confirmed at Fairless Hills and the high at East Liverpool. MAP
was steady at $670/st FOB East Liverpool in late March, with delivered Central Florida 630 630 945
pricing at the $710/st level in Pennsylvania. US Gulf NOLA 570-575 565-575 960-1,015
Eastern Canada: US Gulf Export mt 635 635 1,240

New MAP offers in Eastern Canada were pegged in a broad range
Cornbelt 615-650 615-650 1,000-1,030
at C$995-$1,280/mt FOB, depending on location and supplier,
down C$25/mt at the low end of the range. DAP was quoted at the Eastern Cornbelt 625-650 625-650 1,000-1,030
C$1,010/mt FOB level in Montreal, unchanged from last report.
Cincinnati, OH 625-635 625-635 1,020
China:
Western Cornbelt 615-650 615-650 1,000-1,030
Exports of DAP have been slow, but are expected to pick up in April
and May. Sources said the country is in the tail-end of its main domestic St. Louis, MO 615-625 615-625 1,000-1,025
DAP season.
Midwest Cornbelt
790-875 790-875 915-1,073
The small amount of material moving out of China reportedly falls under (Retail) m
deals cut directly between producers and large-scale buyers. Based
on the latest Indian DAP purchases, the netback to China would be in Northern Plains 625-650 660-665 1,000-1,030
the $560s/mt FOB, although sources stress there is no public business St. Paul, MN 625-650 665 1,000-1,030
they can cite to back up that estimate.
Great Lakes 655-675 650-675 1,025-1,050
India:
Northeast 670 670 1,020
The week went well for Indian DAP buyers, starting with reports of a
deal or two at $580-$590/mt CFR. By the end of the week, sources were Southeast 630 630 945
reporting a 40,000 mt DAP purchase at $577-$578/mt CFR.
Aurora, NC 630 630 1,000-1,025
The most recent deal reportedly involved PhosAgro material being sold
Southern Plains 620-645 620-645 1,000-1,030
to NFL for April shipment. Traders noted that NFL is happy to promote a
price in the $570s/mt CFR, while PhosAgro is reportedly telling people Catoosa/Inola, OK 635-645 635-645 1,010-1,030
the price is both closer to $590/mt CFR and is for shipment after April.
California 780 780 1,070
Sources said that if the cargo is shipped in late April or early May, it
California DEL 780 780 1,070
could still be included in Kharif season planning. If it is shipped in late
May, the cargo could easily be stored as part of the buffer stocks for Pacific Northwest 760-770 760-770 1,060
the Rabi season.
Pacific Northwest DEL 760-770 760-770 1,050-1,060
So far. many buyers have been picking up only what they need. That
Western US DEL 760-780 760-780 1,050-1,070
could change after April 1, when the new fiscal year begins. Once the
new budget and its associated subsidies are formally in place, buyers Eastern Canada mt
will feel more secure about their purchases. 995-1,280 1,020-1,280 1,350-1,480
CAD
Bangladesh: Western Canada mt

1,030-1,080 1,030-1,080 1,400-1,500
Sources reported that 40,000 mt of DAP will be shipped from OCP/ CAD
Morocco for Bangladesh Agricultural Development Corp. (BADC) at
$610/mt CFR. Western Canada DEL
1,050-1,060 1,050-1,060 NA
mt CAD
The cargo is reportedly part of a larger deal between the two countries
Baltic Sea mt 580-595 610-620 1,190-1,290
calling for 520,000 mt to be shipped during the fiscal year ending on
June 30. Brazil Bulk CFR mt 610-625 620-635 1,250-1,350
Brazil: Rondonopolis, BR mt 730-765 725-770 1,400-1,521

The price of MAP came down slightly to $610-$625/mt CFR. Sources NA: Prices not available or obtainable in the reporting period.
expect to see more downward pressure applied to future sales. See pricing notations on https://fertilizerpricing.com/about/pricing-notations/
The Rondonopolis market narrowed to $730-$765/mt FOB ex-warehouse.

Sources said the bulk of the deals were in the $750s/mt, but with some
aggressive buyers pushing the $730/mt price. Large-scale buyers are
said to have secured their MAP needs for the upcoming season. The
only ones left to buy product are individual farmers who seem to be
waiting and watching as the price slides further down.
Argentina:
Trade Data Monitor put January-February MAP imports at 12,000 mt, up TSP 3/31/2023 Last Week Year Ago
from 1,000 mt reported through the first two months of 2022.
US Gulf NOLA Import 540-550 525-545 825-850
February MAP imports were 7,000 mt, up from 5 mt imported in February
Cornbelt 575-610 575-610 NA
2022. All of the tons originated from Morocco. The first quarter of the
year is typically a slow period for imports. Eastern Cornbelt 580-610 580-610 NA

TSP South Central 615-630 615-630 850-865
US Gulf: Brazil CFR mt 415-460 450-490 1,060-1,150
With cheaper Lebanese tons now reportedly sold out, market players
saw TSP barges firming to a $540-$550/st FOB range, up from $525- Rondonopolis, BR mt 560-605 595-605 1,150-1,268
$545/st FOB noted previously.
SSP 3/31/2023 Last Week Year Ago
Eastern Cornbelt:
TSP was steady at $580-$610/st FOB in the Eastern Cornbelt. Brazil CFR mt 19-21% 220-270 230-270 500-600
Western Cornbelt: Rondonopolis, BR mt 350-400 350-400 640-651

TSP was reported at $575-$605/st FOB in the Western Cornbelt, with
the low at St. Louis. 16-20-0 3/31/2023 Last Week Year Ago
Brazil: California 600-607 600-607 750-757

Prices for TSP showed a big drop to $415-$460/mt CFR from the high of
Pacific Northwest 575-585 575-585 705
$490/mt CFR last week. The fall continues a general trend of softening
phosphate prices. Pacific Northwest DEL 575-585 575-585 745
The Rondonopolis price for TSP dropped to $560-$605/mt from last Phos. Rock 3/31/2023 Last Week Year Ago
week’s $595-$605/mt FOB ex-warehouse.
North Africa mt 320-370 320-370 205-250
SSP Peru 280-330 280-330 200-240
Brazil: NA: Prices not available or obtainable in the reporting period.

The landed price of SSP widened downward to $220-$270/mt CFR. In See pricing notations on https://fertilizerpricing.com/about/pricing-notations/
Rondonopolis, SSP 19-21 was reported steady at $350-$400/mt FOB
ex-warehouse.
PHOSPHORIC ACID Phos. Acid 3/31/2023 Last Week Year Ago

Eastern Cornbelt:
March phos acid postings in the Eastern Cornbelt were unchanged at Cornbelt DEL 14.00 14.00 16.50-17.50
$14.00/unit rail-DEL. Eastern Cornbelt DEL 14.00 14.00 16.50-17.50
Western Cornbelt: Western Cornbelt DEL 14.00 14.00 16.50-17.50

Phos acid was unchanged at $14.00/unit rail-DEL in the Western Corn-
Northern Plains DEL 14.00 14.00 16.50-17.50
belt for March tons.
Great Lakes DEL 14.00 14.00 16.50-17.50
Northern Plains:
Phos acid pricing for March shipments remained at $14.00/unit rail-DEL Southern Plains DEL 14.00 14.00 16.50-17.50
in the Northern Plains.
California 14.20 14.20 16.70-17.70
India: California DEL 14.00 14.00 16.50-17.50
First-quarter phosphoric acid contracts were reported at $1,050/mt
P2O5 CFR. Contracts were valued at $1,100-$1,200/mt P2O5 CFR in the Pacific Northwest 13.50 13.50 16.00-17.00
fourth quarter, a $50-$150/mt P2O5 difference. Pacific Northwest DEL 14.00 14.00 16.50-17.50
Western US DEL 14.00 14.00 16.50-17.50

AMMONIUM China Factory mt CYN 8,625.00- 8,725.00-
8,625.00
POLYPHOSPHATE (posted) 8,700.00 8,737.50
India CFR c mt 1,050 1,050 1,530

Eastern Cornbelt:
The 10-34-0 market was steady at $675-$700/st FOB in the Eastern Brazil CFR mt 1,120-1,170 1,120-1,170 1,600-1,650
Cornbelt, with the low out of river terminals and the upper end at
US Phos. Acid prices are quoted on the basis of nutrient units; to convert to short
inland warehouses. ton, multiply the nutrient value (e.g., 54 for MGA, 68 for SPA) by the price shown.
Western Cornbelt: 10-34-0 3/31/2023 Last Week Year Ago

10-34-0 pricing in the Western Cornbelt was quoted at $655-
$675/st FOB in late March, with the low in Nebraska and the high in Iowa. Cornbelt 655-700 655-700 890-900
Northern Plains: Eastern Cornbelt 675-700 675-700 900

The 10-34-0 market slipped to $650-$670/st FOB in the region, with the
low confirmed in North Dakota. Delivered pricing remained in a broad
range at $700-$750/st in central and western North Dakota. Midwest Cornbelt
710-817 710-817 798-975
(Retail) m
Northeast:
10-34-0 prices in New York were down $25/st, to $725/st FOB. Northern Plains 650-670 655-675 910-920
Northern Plains DEL 700-750 700-750 910-920
Great Lakes 700-730 700-730 900
Northeast 725 750 940
Southern Plains 610-670 610-670 815-825
California 691-696 691-696 774-860
Western Canada mt DEL

955-965 955-965 1,150-1,175
CAD
11-37-0 3/31/2023 Last Week Year Ago
Southern Plains 730-770 730-770 850-870
California 753 753 837-936
Pacific Northwest 745 745 839-917

Market Watch POTASH
MURIATE OF POTASH Potash 3/31/2023 Last Week Year Ago

US Gulf:
NOLA potash barges continued to be quoted in the $360-$370/st FOB US Gulf NOLA 360-370 360-370 775-830
range for prompt business, with most citing the $365/st FOB level. Cornbelt 415-465 415-465 795-850
Eastern Cornbelt: Eastern Cornbelt 415-460 425-460 810-850

Potash slipped to $415-$460/st FOB in the Eastern Cornbelt, down
another $10/st, with the low confirmed out of river terminals in Ohio. Cincinnati, OH 425-430 425-430 810-845
Great Lakes sources also quoted potash offers as low as $415/st FOB Western Cornbelt 415-465 415-465 795-845
Toledo for March-April tons.
St. Louis, MO 415-425 415-425 810-845
Western Cornbelt:
Potash terminal prices remained in a broad range at $415-$465/st FOB Midwest Cornbelt
526-700 526-700 795-900
in the Western Cornbelt, with the St. Louis market quoted at $415- (Retail) m
$425/st FOB in late March. Northern Plains 430-450 460-470 810-845
Northern Plains: St. Paul, MN 430-450 460-470 810-845

Sources reported potash pricing at $430-$450/st FOB St. Paul, with
delivered tons quoted at the $470-$485/st level in the Northern Plains. Northern Plains DEL 470-485 470-485 NA
The latest prices FOB Saskatchewan mines were reported at $482- Great Lakes 415-480 445-480 833-885
$495/st, depending on grade and time of delivery.
Northeast 440-465 440-465 805-900
Northeast:
Potash was steady at $440-$465/st FOB in the Northeast, with the low at Northeast DEL 480-490 490 NA
East Liverpool and the high at Fairless Hills. April-May pricing at Fairless Southeast 440-450 440-450 790-840
Hills was reportedly referenced at the $475/st FOB level. Delivered tons
were quoted at $480-$490/st in Pennsylvania. Southeast DEL 470-490 470-490 NA
South Central 435-455 435-455 795-820
North America Potash Southern Plains 415-440 415-440 800-845

Cornbelt Saskatchewan U.S. Gulf NOLA Barge
Catoosa/Inola, OK 435-440 435-440 810-845
800
California 615-645 615-645 875-895
700
California DEL 615-645 615-645 875-895
600
500 488.5
Pacific Northwest DEL 562-602 562-602 880-900
440.0
400 Moab/Wendover, UT
365.0 505-515 505-515 800-855
(posted)
300
O N D J F M
Eastern Canada mt
Source: Green Markets © Bloomberg L.P. 740-745 740-745 1,040-1,056
CAD
Western Canada (mine)

715-735 715-735 990-1,015
mt CAD I
Saskatchewan
485-493 485-493 728-738
Granular st
Saskatchewan
482-490 482-490 725-735
Standard st
Saskatchewan
487-495 487-495 730-740
Soluble st
Market Watch POTASH
Eastern Canada:
Potash pricing in Eastern Canada remained at C$740-$745/mt FOB Potash 3/31/2023 Last Week Year Ago
regional warehouses.
Carlsbad, NM Granular
515 515 805-855
Indonesia: (posted)
PT Pupuk Indonesia was reported to have purchased an unconfirmed
Carlsbad, NM Standard
volume of standard potash from a European-based supplier at around 525 525 825-875
(posted)
$450/mt CFR, for shipment between April and September. The details
could not be confirmed by Green Markets press time, however. Vancouver Granular c
574-579 574-579 574-579
mt I
Brazil:
Prices dropped to $400-$440/mt CFR. Sources said downward pressure Vancouver Standard
560-565 560-565 560-565
continues to come from sanctioned-country product priced at $400- c mt
$410/mt CFR. Buyers looking for bargains were leaning on suppliers
from non-sanctioned locations to match these low levels. Baltic Standard c mt NA NA NA
Brazil CFR Granular mt 400-440 440-460 1,100-1,250

The Rondonopolis price narrowed to $545-$575/mt FOB ex-ware-
house. Offers at $585/mt FOB were rejected, causing the regional Rondonopolis, BR mt 545-575 550-585 1,230-1,325
price to soften.
China CFR Standard
590 590 590
c mt
India CFR Standard c mt 590 590 590
Israel FOB Std c mt 515-535 515-535 515-535
Jordan FOB Std c mt I 517-535 517-535 517-535
NW Europe CIF mt
NA NA 585-600
EURO Granular
Southeast Asia
500-530 525-550 700-750
Granular CFR mt
Southeast Asia
450-480 450-490 600-650
Standard CFR mt
International Potash
Brazil CFR Southeast Asia
1,100
1,000
900
800
700
600
500 515.0
400 420.0
O N D J F M
Market Watch SULFUR
SULFUR Sulfur 3/31/2023 Last Week Year Ago

Tampa:
Recent price softening reported from international markets such as Tampa c lt 130 130 481
Brazil and China suggested lower pricing in the second-quarter Tampa Houston DEL c lt 115 115 466
molten contract, sources said. Speculation centered on a possible $10-
$20/lt drop from the contract’s first-quarter $130/lt CFR value, edging US Gulf NOLA c lt 119 119 470
down from week-ago expectations of a $10-$15/lt drop. Meaningful
US Gulf Prill mt 125-130 125-130 420-430
negotiations had not yet begun on March 30, players said.
West Coast mt I 105-115 105-115 400-410
US refinery utilization moved up for the week ending March 24, accord-
ing to data released by the Energy Information Administration (EIA). West Coast Molten
125-135 125-135 230-245
Operable nationwide capacity was pegged at 90.3% for the period, up Sulfur lt
1.7 percentage points from 88.6% in the prior report. The rate lagged
Vancouver c mt I 105-115 105-115 400-410
behind the year-ago 92.1% while beating the 87.0% five-year average.
Vancouver s mt 105-115 105-115 400-410
Daily crude inputs firmed to an average 15.813 million barrels/d, the
EIA reported, rising 437,000 barrels/d from 15.376 million barrels/d Alberta mt 15-60 15-60 330-411
posted previously.
ADNOC Dry mt 134 134 420
US Gulf: Tasweeq/Qatar FOB mt 133 133 430
Last-done pricing out of the US Gulf was unmoved from the week-
ago $125-$130/mt FOB, sources said. Recent softening at Brazil could Benelux CFR c mt 127-143 127-143 272-292
drag the low end of the market to $115/mt FOB in the next round of
Brazil CFR mt 135-160 135-160 480-485
business, players said, although no new trades were reported at that
level on March 30. Brazil c CFR Prill mt 172-186 172-186 NA
Brazil: China CFR Prill mt 130-140 130-140 435-445

Last-done business into Brazil was reported in a wide $135-$160/mt CFR
China Factory mt CYN 1,066.67- 1,170.00- 3,183.33-
range. A recent sale to CMOC was said to set the range’s low side, while
(posted) 1,170.00 1,213.33 3,403.33
players noted trading of smaller cargoes at the $150-$160/mt CFR level.
Recovered Tampa, New Orleans, and Houston prices are for 1Q.
First-quarter contracts were understood to land in the $172-$186/mt NA: Prices not available or obtainable in the reporting period.
CFR range. See pricing notations on https://fertilizerpricing.com/about/pricing-notations/
Vancouver:
Last-done sulfur exports from Vancouver were heard at $105-$115/mt
FOB, steady from the prior report.
Alberta:
Alberta netbacks continued to be indicated in a $15-$60/mt FOB range
for the week. Lower Tampa contract values expected in the second
quarter were likely to pressure netbacks lower in the short-term.
West Coast:
West Coast indications were on par with Vancouver in a $105-$115/mt
FOB range, unchanged from the previous report.
Molten sulfur contracts for the first quarter were reported in a $125-
$135/lt FOB range.
China:
Recent import pricing at China continued to be heard in the $130s/mt
CFR, steady from one week earlier.
ADNOC:
Posted prices were reported at $134/mt Ruwais for loading in March.
Softer international pricing was expected to pull April sulfur postings
to at least the low-$120s/mt FOB, sources said, while some anticipated
April values falling to $100/mt FOB or lower.
Market Watch SULFUR
Qatar:
March pricing from Muntajat was noted at $133/mt FOB Ras Laffan. Sulfuric Acid 3/31/2023 Last Week Year Ago
Lower values were anticipated in April.
US Gulf CFR 80-90 80-90 260-265
SULFURIC ACID Brazil CFR mt 75-100 75-100 270-275
Chile CFR mt 142-148 142-148 250-260

US Gulf:
Price ideas on spot imports were previously noted at $80-$90/mt CFR. China Factory mt CYN 240.00- 255.00- 1,088.33-
(posted) 256.67 273.33 1,133.33
Brazil:
Last-heard Brazil import sulfuric acid price ideas continued in a wide US Gulf DEL c 140-180 140-180 195-230
$75-$100/mt CFR range.
MidWest DEL c 140-180 140-180 195-230
Chile: West Coast DEL c 150-190 150-190 185-220
Sources reported a logistics backlog at Mejillones, despite the port
reportedly operating at full capacity. Unsolicited spot offers into Chile
were noted around the $100/mt CFR mark, below the $142-$148/mt CFR
Mejillones contract price for 2023.
China:
Offer levels for April and May loading were noted in a $10-$20/mt FOB
range. Players described an apparent disconnect between FOB offer
levels and concluded CFR pricing reported from some international
markets.
Market Watch SPECIALTY
AMMONIUM THIOSULFATE Amthio 3/31/2023 Last Week Year Ago

Eastern Cornbelt:
The ammonium thiosulfate market was steady at $375-$390/st FOB in Cornbelt 360-390 360-390 675-725
the Eastern Cornbelt, with the low reported in Illinois and the high at Eastern Cornbelt 375-390 375-390 685-700
Terra Haute, Ind.
Western Cornbelt:
The ammonium thiosulfate market remained at $360-$390/st FOB in Northern Plains 435-455 435-455 675
the Western Cornbelt, with the low confirmed at Waterloo, Iowa. Great Lakes 405-435 405-435 675
Northern Plains: South Central 350-355 350-355 550-560

No new prices were confirmed for ammonium thiosulfate in the Northern
Plains. The last business was pegged at $435-$455/st FOB. Southern Plains 300 300 550-600
California 430-440 430-440 600

Eastern Canada:
Ammonium thiosulfate was quoted at C$655-$660/mt FOB in Eastern Pacific Northwest DEL 367-370 367-370 710-720
Canada, down C$10/mt at the high end of the range.
Eastern Canada mt CAD 655-660 655-670 909-970
Western Canada DEL

535 535 885
mt CAD
CAN 3/31/2023 Last Week Year Ago
Germany CIF mt EURO NA NA 850-875
CAN-17 3/31/2023 Last Week Year Ago
California 420-450 420-450 485-500
Pacific Northwest 400 400 500
AN-20 3/31/2023 Last Week Year Ago
California DEL 385 385 NA
Pacific Northwest FOB 400 400 500

Market Watch SPECIALTY
NPSZ NPSZ 3/31/2023 Last Week Year Ago

Cornbelt:
The NPSZ market remained at $655-$695/st FOB in the Cornbelt, Cornbelt 655-695 655-695 1,030-1,060
depending on location. Pacific Northwest DEL 780 780 1,060-1,070
SULFATE OF POTASH Potassium Sulfate 3/31/2023 Last Week Year Ago
Eastern Canada: Great Lakes NA NA NA

The SOP market in Eastern Canada dropped to C$1,273-$1,305/mt FOB Southeast 770-800 770-800 900-930
for new offers in late March, C$50/mt below the previous high.
California 750-760 750-760 890-900
SOP MAGNESIA Pacific Northwest 800-810 800-810 NA
Eastern Canada: Eastern Canada mt

1,273-1,305 1,273-1,355 1,390-1,400
SOP Magnesia pricing was unchanged at C$760-$800/mt FOB in CAD
Eastern Canada.
Northwest Europe mt
NA NA 650-680
EURO I
POTASSIUM THIOSULFATE SOP Magnesia 3/31/2023 Last Week Year Ago

Eastern Cornbelt:
Potassium thiosulfate was steady at $730/st FOB Terre Haute for the Carlsbad, NM (posted) 380-425 380-425 480-540
latest offers.
Carlsbad, NM OMRI
430-465 430-465 555-590
(posted)
Great Lakes NA NA 625-705
California 565-575 565-575 645
Pacific Northwest 525-535 525-535 NA
Eastern Canada mt
760-800 760-800 910-975
CAD
Potassium Nitrate 3/31/2023 Last Week Year Ago
California 1,385-1,510 1385-1,510 1,430-1,555
Potassium
3/31/2023 Last Week Year Ago
Thiosulfate
Eastern Cornbelt FOB 730 730 750
California 730 730 725

CROPS/WEATHER
Eastern Cornbelt:
After steadily warming temperatures during the week, Illinois was
Corn, Wheat, Soybean Index
Soybean Wheat Corn
bracing for potentially strong storms on March 31. Forecasts warned of 130
70 mph winds, large hail, and the potential for tornadoes, particularly
120
in the northern areas of the state.
110
Thunderstorms also moved through the Peoria area on March 30, with
highs there expected to reach the upper-60s and possibly the 70s by 100
Friday. Highs in central Indiana reached the 60s late in the week, but 90 91.364
86.945
an incoming cold front was expected to trigger thunderstorms late in
the week, with hail and damaging winds possible. 80
70 68.588
A mix of rain and snow pushed through northern Ohio at midweek,
followed by warmer temperatures on March 30. By Friday, however, 60
M A M J J A S O N D J F M
another system was expected to produce widespread rains and strong 2022 2023
winds in Ohio. Source: Chicago Board of Trade
Western Cornbelt:
Temperatures warmed to the high 40s, 50s, and even low 60s in Iowa Corn (USD/bu)
on March 30, with the highest readings in southern Iowa. Rainfall across 9.00
Iowa was expected to pick up late on March 30, with severe storms
8.00
possible on March 31. Forecasts warned of wind, hail, and possible
tornado activity by Friday afternoon over a wide swath of the state.
7.00
6.51
Highs reached the mid-60s and low-70s across Nebraska on March 30, 6.00
but a cold front on Friday was expected to usher in some thunderstorm
activity, along with a 20-degree drop in temperatures. By late on March 31, 5.00
spotty snow showers were in the forecast for parts of northern Nebraska.
4.00
A wind advisory was in effect for northern Missouri on March 30, with 2022 2023
potentially strong thunderstorms in the March 31 forecast. Source: Chicago Board of Trade
Northern Plains:
Winter storm warnings and watches were in effect for portions of South
Dakota and Minnesota late in the week. Forecasts warned of 8-12 inches
Wheat (USD/bu)
15.00
of snow in northern and central South Dakota as cold air pushed into
the region after midweek highs in the 30s. Southern areas of the state 13.00
were expecting rain and isolated thunderstorms on March 30.
11.00
Snowfall was also expected in North Dakota, with most of the accumu-
9.00
lation reported south of Interstate-94. Minnesota was bracing for 1-4
inches of fresh snow in northern areas of the state, with freezing rain
7.00 6.89
and ice across southern Minnesota. Highs in the mid-30s were expected
in the Twin Cities area on April 1. 5.00
2022 2023
Northeast:
Source: Chicago Board of Trade
A Great Lakes system brought cold temperatures, gusty winds, and
a mix of rain and snow to New England late in the week. While snow
accumulation was limited to 2-3 inches in the Green Mountains, some
areas saw a half-inch or more of rain, with temperatures dropping to
Soybean (USD/bu)
18.00
the 20s and 30s across the region.
17.00
Midweek snow squalls were also reported in Pennsylvania and western 16.00
New York, with more precipitation expected by the weekend. Tempera-
15.00
tures in the Mid-Atlantic region fell from the upper-50s to the 20s and 14.79
14.00
30s by March 30.
13.00
12.00
11.00
2022 2023
CROPS/WEATHER
Eastern Canada:
More winter storms swept through Eastern Canada during the final
US Drought Monitor
week of March, compounding fieldwork delays and diminishing hopes March 28, 2023
of any early start to spring planting in the region.
An Arctic cold front brought heavy snow, 70-80 km/h wind gusts, and
-10 C wind chills to southern Ontario at midweek. While calmer condi-
tions were expected on March 30, another system was threatening to
drop 20-40 cm of rain and snow on southern and eastern areas of the
province by the coming weekend.
The prior weekend brought up to 20 cm of snow to southern Quebec,

with more expected as the week progressed. The Maritimes were also
bracing for a cold front on March 30, with a mix of rain and snow and
40-60 km/h winds. While most areas were expecting five cm or less of
snow accumulation, 10-15 cm was possible in northern New Brunswick
by the weekend. (Click to view animation)
Source: The National Drought Mitigation Center
“We’ve had wind and rain the last week, and further north some snow,”
commented one Ontario source at midweek. “No fieldwork here to
speak of; too wet and too cold.”
INDICATORS
TRANSPORTATION Dry Fertilizer Barge Rates (USD/st)

US Gulf:
High water levels on the Lower Mississippi River prompted ongoing 3/31/2023 Last Week
towing restrictions on northbound travel above New Orleans, slashing
maximum barge counts by up to 15%. Resulting delivery delays were Memphis, TN 18.50-19.00 18.50-19.00
reported in a 24-48 hour range. St. Louis, MO 20.00 20.00
The Baton Rouge river gauge was posted at an action-stage 30.84 Peoria, IL 27.00-28.50 27.00-28.50
feet on March 28. Levels were predicted to rise to a minor-flood 36.0
feet on April 9. Cincinnati, OH 30.00 30.00
St. Paul, MN 33.00 33.00

Maintenance underway at Bayou Sorrel Lock since March 1 was slated
to conclude on May 31. The project was reported to limit daytime nav- Catoosa/Inola, OK 36.00 36.00
igation, triggering intermittent waits up to 11 hours during the week.
NOLA origination contract Source: Green Markets © Bloomberg L.P.
Sources reported a Brazos Lock closure running 7:00 a.m. to 7:00 p.m.,
Monday through Friday, through March 31, with delays noted up to 10
hours. Calcasieu Lock maintenance, scheduled during daytime hours Illinois River:
through April 6, resulted in 4-11 hour wait times, according to Corps data. Rising water levels limited barge counts on the Illinois Waterway, sources
said. The high levels allowed wickets to remain in the lowered position
Starting on April 10, repairs to the Bayou Boeuf north chamber will at Peoria Lock and LaGrange Lock, however, facilitating lockless navi-
halt weekday navigation through the site between 7:00 a.m. and 4:00 gation through both locations.
p.m. Bayou Chene was suggested as an alternate route. The project is
scheduled to last until May 12. Dredging work was noted kicking off at Dresden Island Lock on March
20. Minimal delays were reported on March 29.
Colorado Lock maintenance and repairs are projected to run through
April 28, limiting travel between 7:00 a.m. and 7:00 p.m. daily. Wait The Illinois River is scheduled to close to commercial navigation for
times were reported up to 27 hours during the week. A planned project approximately 120 days, starting on June 1. Sources expect normal
at the Morgan City Railroad Bridge, located at the Mile 121 in the West movements to resume in late September or early October.
Canal, will trigger intermittent travel stoppages between mid-April
Ohio River:
and the end of June.
A number of loose barges were reported blocking McAlpine Lock travel
Algiers Lock repairs begun on March 20 necessitated Mon- on March 28. Nine of the 12 untethered barges were quickly corralled,
day-through-Saturday closures between 6:30 a.m. and 6:30 p.m., while the remaining three were reportedly held against the McAlpine
anticipated to run through May 4. Waits were reported at 35 hours dam by the current. Corps data showed at least three industry vessels
on March 28. successfully transiting the lock on the morning of March 29.
Port Allen Lock delays were heard up to 14 hours during the week. High flows necessitated the use of an assist vessel on southbound
Waits were reported up to 38 hours at Industrial Lock, while Corps travel through Smithland Lock during the week, sources said, leading
data showed intermittent Harvey Lock wait times up to seven hours to intermittent 5-14 hour delays. The Smithland land chamber is due
on March 28. Boats transiting Brazos Lock were delayed up to 11 hours. to shut Sept. 22 through Oct. 21 for miter gate machinery replacement.
Mississippi River: The primary chamber at Hannibal Lock is closed for maintenance through
High water levels continued on the lower river, prompting delivery April 7. Waits were quoted up to 10 hours, down from 27 hours at last
delays and a reported 15% reduction in northbound tow sizes. check. The Greenup Lock main chamber is shut through April 12, while
the secondary chamber at Melville Lock is projected to close April 17
The river gauge at Vicksburg, posted at an action-stage 35.4 feet and through Aug. 4 for maintenance.
rising on March 29, was expected to crest at 42.5 feet on April 6-7, below
the 43.0-foot minor-flood stage. The NWS forecast Memphis levels to Ten-hour waits were observed at the Tennessee River’s Kentucky Lock,
peak at an action-stage 28.4 feet on April 2-3. while boats passing Pickwick Landing Lock waited up to seven hours to
pass. Tows transiting Wilson Lock were delayed by 3-11 hours. Sources
On the upper river, the Mel Price Lock main chamber was on track to reported a shutdown at Chickamauga Lock on March 27-29.
open for spring navigation on March 31, sources said. St. Anthony Falls
Lock and Lock 1, both located in the Twin Cities area, were closed to Arkansas River:
navigation during the week. Interlock system repairs at Maynard Lock were expected to run April
13-14, a change from April 10-14 reported previously.
Mel Price delays were quoted in a wide 14-81 hour range. Starved
Rock Lock, reported as fully returned from seasonal maintenance on
March 17, saw wait times as high as 43 hours. Delays were noted up to
11 hours at Lock 14.
INDICATORS
FUTURES CONTRACTS
Zhengzhou (China) Commodity CBOT NOLA Urea
Exchange Urea (Granular)
400 3/23/2023 3/30/2023 350 3/23/2023 3/30/2023
337.50
380
325
320.00
USD per Metric Ton
USD per Short Ton

360
300
340
322.31 275
320
308.30
300 250
A M J J A S O N D J F M M J J A S O N D J
Source: Zhengzhou Commodity Exchange Source: Chicago Board of Trade
CBOT DAP FOB NOLA

650 3/23/2023 3/30/2023
620
USD per Short Ton
590
560
535.00
535.00
530
500
A M
Foreign Currency Trends vs. US Dollar

Argentina Peso Brazilian Real Indian Rupee Euro
175 Russian Ruble Canadian Dollar Chinese Renminbi
150
125
104.258
100 98.295
93.267
92.420
92.341
75 92.246
53.333
50
2022 2023
March 2022 = 100 Source: Bloomberg Finance L.P.
INDICATORS
SIGNALS
Global Fertilizer Valuation Natural Gas Spot Prices
Peer Group (USD/M Btu)
330 U.S. Henry Hub Canada AECO C Hub
10
300
8
270
240 6
223.34
210
4
180
2 1.97
150 1.95
120 0
M A M J J A S O N D J F M M A M J J A S O N D J F M
2022 2023 2022 2023
Source: Bloomberg Intelligence Source: Bloomberg
Fertilizer Affordability (bu./MT) Green Markets Fertilizer Index

DAP to Corn Ratio Urea to Corn Ratio Potash to Corn Ratio 1,000
160
140 900
120
800
102
100
700
80
70
600
60
52
529.80
40 2018 2019 2020 2021 2022 2023 500
A S O N D J F M
Source: Bloomberg Intelligence Source: Green Markets © Bloomberg L.P.
The Green Markets Weekly North America Fertilizer Price Index is

constructed using the fertilizer benchmark prices of US Gulf Coast
WTI Crude (USD/barrel) Urea, US Cornbelt Potash, and NOLA Barge DAP.
140
The index is value weighted based on the annual global demand of
each nutrient. For current year pricing, we use fertilizer demand forecasts
120
from Green Markets Research. The index has a starting date of January
7, 2002, and an associated starting value of 100.
100
80
74.89
60
40
2022 2023
Source: New York Mercantile Exchange
INDICATORS
EARNINGS
OCP Posts Record Earnings in 2002 Despite Lower For the months ahead, OCP sees “a seemingly balanced market in 2023,
Export Volumes with a partial recovery of demand and relatively constrained supply.”
The group highlighted an expected recovery in the Americas “due to
Casablanca-based OCP Group SA reported a 73% increase in net income crop prices that remain at high levels relative to fertilizer prices,” and a
for the year ending Dec. 31, 2022, to MAD28.2 billion ($2.76 billion), the moderate recovery in demand in Europe, albeit with “hand-to-mouth”
highest since its establishment over a century ago. The earnings were purchasing.
boosted by higher global fertilizer prices following Russia’s invasion Additionally, OCP anticipates an increase in demand in Africa due to the
of Ukraine. group’s initiative “to prioritize this market and avoid demand destruction
Full-year EBITDA increased 38%, to MAD50.08 billion ($4.93 billion) due to price.” The group also expects imports into India to remain stable
on revenues of MAD114.57 billion ($11.28 billion), up from MAD36.27 amid government elections in 2024 and relatively low starting stocks.
billion ($4.04 billion) and MAD84.3 billion, respectively, for the previous On the supply side, OCP expects Chinese exports to reach higher lev-
year, and in line with preliminary results released by the group at the els this year than in 2022, but below the record set in 2021. The group
beginning of March (GM March 3, p. 24). said its new TSP capacities in Morocco will be deployed “gradually and
Gross profit in local currency was up by 27%, reaching MAD70.38 billion coordinated with market recovery.”
($6.93 billion) from MAD55.22 billion ($6.12 billion) last year. Revenue For full year 2022, OCP plans to pay a dividend of MAD98.5 (approx-
in local currency grew 36% year-over-year, with the group citing higher imately $9.74 at current exchange rates) per share, some 60% higher
prices across all product categories, which more than offset lower sales than the prior year. With the Moroccan state holding some 94% of OCP’s
volumes compared to FY2021. capital, Morocco’s government is set to receive a windfall of about $750
“OCP was able to fully leverage the benefits of higher prices, while million from OCP dividends this year, according to Bloomberg.
calibrating production to match the attendant lower volumes, and
effectively managing through the anticipated sequential easing of Mosaic Fertilizantes Volumes Up in Jan-Feb.
prices in the second half of the year,” the company said in its March
28 earnings statement. Mosaic Fertilizantes posted a 31% increase in sales volumes for Janu-
“The strong double-digit revenue growth in 2022 was led by a 44% ary-February 2023 compared with last year, according to results released
increase in fertilizer revenues, which accounted for a record 64% of by Mosaic on March 29. Sales revenues for the segment were up 12%,
total revenues for the year, up from 61% a year ago,” the group noted. to $971 million from the year-ago $870 million.
Higher global prices for fertilizer products helped mitigate the impact Mosaic’s Potash and Phosphate segments also saw volume increases,
of lower export volumes in most regions due to reduced demand amid but sales revenues were down from the year-ago period.
lower farmer affordability. The group’s fertilizer sales volumes fell 11% For the first quarter 2023, Mosaic expects total potash sales volumes to
year-over-year, to 9.3 million mt from 10.4 million mt. be near the lower end of the previously guided range of 1.8-2.0 million
OCP Fertilizer Exports by Product mt, with realized MOP pricing at the mine in the range of $400-$440/mt.
First-quarter phosphate guidance remains unchanged, with sales vol-
FY2022 FY2021 umes in the range of 1.7-1.9 million mt and realized DAP prices on an
FOB basis in the range of $625-$675/mt.
Total (million mt) 9.3 10.4
Percentage of Total Potash Jan/Feb Jan/Feb

2023 2022
DAP/MAP 66% 66%
Sales Volumes in thousands of mt 1,100 1,048
TSP/NPS 27% 23%
Sales Revenues in millions $542 $604
NPK 7% 11%
Phosphate rock revenues were up 51% year-over-year in local currency, Phosphates Jan/Feb Jan/Feb
mainly reflecting improved prices. Phosphoric acid revenues in local 2023 2022
currency increased by a modest 1%, OCP said, with lower export volumes
Sales Volumes in thousands of mt 1,066 999
offset by higher phos acid prices.
Fourth-quarter EBITDA declined by 40%, to MAD7.11 billion ($615 million)
from the prior-year MAD11.79 billion ($1.30 billion). Gross profit for the
quarter dropped by 18%, to MAD14.14 billion ($1.32 billion) from the Mosaic Fertilizantes Jan/Feb Jan/Feb
year-ago MAD17.34 billion ($1.89 billion), while revenue fell by 6%, to 2023 2022
MAD25.04 billion ($2.33 billion) from MAD26.65 billion ($2.91 billion).
Sales Volumes in thousands of mt 1,462 1,118
The group attributed the fourth-quarter downturn to less favorable
market conditions compared with the same period in 2021, which
resulted in lower prices and a contraction in demand.
MANAGEMENT
Greenpoint Ag (GPAH), Decatur, Ala., on March 30 announced the

creation of Procurement Managers in the company’s CN Wholesale
Department. Ross Trull will be Phosphates and Potash Manager, Jourdan
Causseaux will be Nitrogen Manager, and Lanze Ezell will be running
the Micronutrients and Biological book.
All three have been with GPAH since its inception. Trull and Causs-
eaux were previously with Agri-AFC, Trull for more than a decade and
Causseaux since 2016. Ezell was previously with the Alabama Farmers
Cooperative system for 18 years.
Mexico’s Grupo Fertinal announced that Marbet Angulo Rodriguez,

who has been serving as Commercial Director, was promoted to the
position of CEO as of March 16, 2023. José Luis Valencia, who has been
handling logistics for the company, will now be in charge of the Office
of the Commercial Direction. The company said he has more than 20
years of experience in the fertilizer industry.
Crop inputs supplier Meristem Crop Performance Group LLC, Colum-

bus, Ohio, announced on March 30 that Certified Crop Consultant
Brewer Blessitt, CPAg, Ph.D., founder of Blythe Bayou Research and
Consulting (BBRC), has joined Meristem to support product research
and development.
Blessitt joined DuPont Pioneer (now Corteva) in 2013, first as a product
agronomist and then as a technical product manager. He also worked
as a Mississippi State University research associate for eight years.
In addition to his role with Meristem, he will continue his agronomic
consulting across 40,000 acres in the Southeast region.
“Dr. Blessitt will play a key role helping us widen the pathway for new,
innovative technology that helps farmers increase nutrient-use efficien-
cy, grow big, healthy plants fast, optimize genetic potential all season
long, and gain more bushels for less,” said Mitch Eviston, Meristem
Founder and CEO.
ALERTS
Nutrien Says Fert Supply to Stay Tight in 2023 FuelPositive Touts Sales Orders for NH3 System
Shipments out of major exporters Belarus and Russia are still at least FuelPositive, Waterloo, Ont., which plans to produce on-farm/onsite,
partially constrained and a lot of alternative outlets for product have containerized green ammonia production systems, reported that the
been exhausted, Nutrien Ltd. CEO Ken Seitz said in an interview at company’s pre-order sales initiative has received commitments for the
Bloomberg’s New York headquarters on March 29. first production target batch of five systems.
“Looking at 2023, we think there’s going to continue to be challenges As a result, the company said it has been able to expand its initial target
which create a gap in the market,” he said. Seitz added that the Cana- from a batch of five to 30 systems, with many systems already assigned.
dian company is monitoring conditions and will continue to adjust its In addition, the company said it is receiving at least one inquiry per day
planned ramp-up of potash production as farmer demand changes. for its systems from all around the world.
Seitz also commented on relations with BHP Group Ltd., which is de-
veloping the $5.7 billion Jansen project close to Nutrien’s mines near Saskatchewan First Act Enacted
Saskatoon, Sask. The two firms held talks about a potential partnership
two years ago, and BHP was said in January to have been interested in The Government of Saskatchewan on March 16 passed The Saskatche-
doing more deals, at the right price, with companies such as Nutrien. wan First Act, which it said defends the province’s economic autonomy
and potential from federal overreach. The Act amends the Constitution
“The relationship with BHP is good; we’re in the community together,”
of Saskatchewan to confirm Saskatchewan’s autonomy and assert Sas-
Seitz said, while declining to comment on whether the companies
katchewan’s exclusive legislative jurisdiction under Section 92 (A) of the
have been in talks more recently. “They’re focused on their work on
Constitution of Canada over a number of areas, including:
Jansen project, we’re focused on the work that we’re doing, and that’s
the focus at the moment.” • the exploration for non-renewable natural resources;
• the development, conservation, and management of non-re-
Nevada Zinc’s Pilot Plant Produces Zinc Sulfate newable natural and forestry resources; and
• the operation of sites and facilities for the generation and pro-
Toronto-based Nevada Zinc Corp. on March 29 announced the suc-
duction of electrical energy.
cessful production of high-grade zinc sulfate monohydrate from its
pilot plant project in central Nevada. The company said the pilot plant The Act will also create an independent Economic Impact Assessment
process can be scaled to the company’s projected production levels Tribunal that will define, quantify, and report on the economic effects of
using commercially available equipment. federal initiatives on provincial investments and Saskatchewan projects,
businesses, and people.
The company’s zinc sulfate production initiative commenced in March
2021, initially as a bench scale test. Continuous production of zinc sulfate “This Act protects our province from constitutional overreach by the
monohydrate, a micronutrient fertilizer, has now been achieved from federal government,” said Justice Minister and Attorney General Bron-
the multi-phase pilot plant project being conducted by Hazen Research wyn Eyre. “We will always stand up for Saskatchewan people against
Inc. from sample material provided from the company’s Lone Mountain policies that hurt our economic potential and growth.”
property in Nevada. Following discussions with First Nations and Métis people and organi-
Hazen is currently completing an economic evaluation of the pilot zations, amendments were introduced by Athabasca MLA Jim Lemaigre
plant process in order to generate operating and capital costs for a to specifically state that nothing in the Act abrogates or derogates from
commercial-scale plant initially capable of processing 500 mt/d of Aboriginal and Treaty rights.
open pit ore from the deposit. A final report including process flow “Treaty rights are already enshrined and protected in all provincial
diagrams and the project’s economic evaluation will then be vetted by legislation, as well as Section 35 of the federal Constitution Act, 1982,”
an independent Qualified Person as defined by NI 43-101. This vetting Eyre said. “However, I welcome the amendments from the Member
process is projected to be completed in April 2023. from Athabasca which provide even further clarity and certainty about
our government’s respect for treaty rights.”
ALERTS
Bi-Partisan Bill to Boost Fertilizer Research TFI Praises Legislation Supporting Ag Research
US Reps. Randy Feenstra (R-Iowa) and Haley Stevens (D-Mich.) on March The Fertilizer Institute (TFI) President and CEO Corey Rosenbusch on
23 introduced the Quantum in Practice Act, which would amend the March 30 praised Congress for introducing the Advancing Cutting
National Quantum Initiative Act to include quantum molecular simulations Edge (ACE) Agriculture Act, which TFI said will help farmers by focusing
and modeling in federal scientific research. More specifically, quantum United States Department of Agriculture (USDA) research on critical
molecular simulations and modeling will allow experts to study chemical areas such as soil health and increasing crop yields.
elements and reactions with enhanced accuracy.
“With our global population expected to hit 10 billion people by 2050,
This new research on molecules can then be used to develop new farmers are constantly being asked to do more with less, while also being
materials and manufacture complex chemical reactions beneficial to a good environmental stewards by taking care of the land that takes care
plethora of economic sectors. of us,” Rosenbusch said. “The fertilizer industry puts a strong focus on
research and the farmer adoption of 4R Nutrient Stewardship practices
Alongside House Science, Space, and Technology Chairman Frank
and other methods that improve soil health, encourage the responsible
Lucas (R-Okla.) and Ranking Member Zoe Lofgren (D-Calif.), U.S. Reps.
and efficient use of fertilizer, increase crop yields, and minimize impacts
Young Kim (R-Calif.), Jake Ellzey (R-Texas), Rick Crawford (R-Ark.), Byron
to the environment, and welcomes additional government research
Donalds (R-Fla.), Nancy Mace (R-S.C.), Brian Fitzpatrick (R-Pa.), Rudy
into these areas.”
Yakym (R-Ind.), Brandon Williams (R-N.Y.), Tom Kean (R-N.J.), Joseph
Neguse (D-Colo.), and Jeff Jackson (D-N.C.) are original cosponsors. Introduced in the Senate on March 16 by Sens. Michael Bennet (D-Co-
lo.) and Roger Marshall (R-Kan.), and in the House of Representatives
U.S. Senators Todd Young (R-Ind.) and Raphael Warnock (D-Ga.) have
on March 29 by Reps. Jimmy Panetta (D-Calif.) and Randy Feenstra
introduced companion legislation in the US Senate.
(R-Iowa), the ACE Agriculture Act would double the authorization of
“From fertilizer production to materials manufacturing, quantum com- existing programs from $50 million to $100 million to ensure access to
puting has the untapped potential to lower input costs for our farmers, agricultural innovation projects across multiple states.
improve energy storage, and produce more effective medications for
Rosenbusch highlighted the fertilizer industry’s 4R Research Fund,
patients,” said Feenstra. “I’m proud to introduce the Quantum in Practice
as well as independent research that has focused on multiple crops,
Act to ensure that our main streets, farmers, and small businesses can
geographic locations, and methods to show farmers the beneficial
realize the real benefits of quantum computing, not just in theory, but in
outcomes of new technologies and farming practices. He said TFI is a
practice. Thanks to scientific ingenuity, there is boundless opportunity
year and a half into a nationwide goal of having 70 million US farming
for our rural communities to harness the power of quantum computing
acres under 4R nutrient stewardship management by 2030.
to strengthen our agricultural sector, streamline fertilizer production,
and enhance our way of life in the 4th District.” “We’ve done the research and know that these practices have both
environmental and economically beneficial outcomes associated with
According to the bill’s proponents, the potential scientific discoveries
their implementation,” Rosenbusch said. “But these practices are not
across industries and sectors include, but are not limited to:
one-size fits all, and not only is each farm different, but each acre on
• Fertilizer - Modeling the nitrogen fixation process utilized by each farm is unique and growers need to feel confident when imple-
bacteria, which could be used to develop synthetic fertilizers menting new practices. We believe more research directly from the
without the high energy and material costs of current methods, USDA on these critical issues can only help farmers continue growing
creating the next generation of fertilizers. that confidence and lead to wider farmer adoption.”
• Safer Medicines - Creating more effective medications and
reducing harmful interactions or side effects. ARA Applauds Lower Energy Costs Act
• Energy Storage - Developing new materials to increase energy
storage capacity and create more powerful battery technologies. The Agricultural Retailers Association (ARA) on March 30 applauded
the US House of Representatives for voting to adopt the Lower Energy
• New Metals - Developing lighter, stronger metals.
Costs Act (H.R. 1). According to the bill’s sponsors, H.R. 1 will increase
• Protective Gear - Creating materials for more durable protective domestic energy production, reform the permitting process for all
gear for law enforcement and military. industries, streamline energy infrastructure and exports, and boost the
production and processing of critical minerals.
• Conductors - Developing new types of superconductors.
“ARA strongly supports H.R. 1, the Lower Energy Costs Act, which is
necessary legislation that will reform the National Environmental Policy
Act (NEPA) and expedite mining, energy, and infrastructure projects
to help lower America’s energy costs and boost our economy,” said
Richard Gupton, ARA Senior Vice President of Public Policy & Counsel.
H.R. 1 was passed on March 30 almost entirely along party lines on a vote
of 225 to 204. ARA is among more than 100 stakeholders to endorse
the legislation, but the bill has little chance of even being considered
in the Democratic-controlled Senate, the New York Times reported.
The Executive Office of the President also issued a statement on March
27, saying the administration “strongly opposes this bill” and that it
would be vetoed by President Biden if presented in its current form.
ALERTS
ADNOC Inks MOU with German State, Industry UK to Implement Solid Urea Fertilizer Rules in 2024,
Opts for Industry Self-Regulation
Abu Dhabi National Oil Co. (ADNOC) on March 27 announced that it
will explore opportunities to support the climate-neutral transformation The UK’s Department for Environment, Food, and Rural Affairs (Defra)
of industry through the creation of a low-carbon ammonia value chain is moving ahead with plans to implement rules for ammonia mitigation
with state government and industry representatives in Germany’s North with solid urea fertilizers, requiring all farmers in England to use inhibitors
Rhine-Westphalia. or other permitted forms of mitigation after April 1, 2024.
The announcement was made following the signing of a Memorandum However, the department has agreed with the National Farmers Union
of Understanding between the Government of North Rhine-Westphalia, (NFU) and industry partners that self-regulation by the farming industry
ADNOC, and Currenta GmbH & Co. OHG (Currenta), a chemical industry will work best for enforcement. The guidelines will be applied through
services provider that manages and operates one of the largest chemical the UK’s Red Tractor Assurance Standard, a food chain assurance scheme
sites in Europe, Chempark, with locations in Leverkusen, Dormargen, that underpins the high standards of British food and drink.
and Krefeld-Uerdingen, in North Rhine-Westphalia.
The commitment made with the government is that by 2024-2025 all
The primary focus of the agreement will be the production and farmers in England will be able to meet the new requirements and all
transportation of low-carbon ammonia and its application as a fuel in fertilizer containing urea will have to be protected against ammonia
energy generation, including industrial-scale testing at Currenta’s site emissions if spread after April 1 each year.
in Dormagen, Germany.
This will apply unless ammonia mitigation has been achieved by incor-
ADNOC has already invested in low-carbon ammonia, where the carbon porating the fertilizers into the soil or with sufficient irrigation, as deter-
dioxide emitted during production is captured and stored underground. mined by a registered qualified professional for the Fertiliser Advisers
In May 2021, the company announced a 1 million mt/y low-carbon Certification & Training Scheme (FACTS), a nationally validated course
ammonia production facility at the TA’ZIZ industrial ecosystem and developed by the UK fertilizer industry as a form of self-regulation.
chemicals hub in Ruwais, Abu Dhabi (GM May 28, 2021).
“We believe working together across the industry to deliver greater ni-
The company has significantly expanded its strategic energy partner- trogen use efficiency for all nitrogen fertilizers is the best route forward,”
ships across the hydrogen value chain and has shipped demonstration said Robert Sheasby, CEO of the Agricultural Industries Confederation
cargoes of low-carbon ammonia to customers in Asia and also to (AIC), a UK trade association representing the agricultural supply chain
Germany as part of the UAE-Germany Energy Security and Industry sectors of arable marketing, crop protection and agronomy, feed,
Accelerator (ESIA) Agreement. fertilizer, and seeds.
“By utilizing existing farm assurance structures, farmers will be able to
NTPC to Supply Green Power to Greenko NH3 Unit retain the use of solid urea, providing flexibility to use the right product
at the right time to minimize environmental impact, whilst ensuring
NTPC Renewable Energy Ltd. has signed a term sheet with Greenko healthy plant growth and a competitive fertilizer sector,” he said.
ZeroC Pvt to supply 1,300 MW of renewable power to Greenko’s up-
The Minister of State for Food, Farming, and Fisheries earlier warned
coming green ammonia plant at Kakinada, according to Bloomberg,
that the government would impose regulations if farm leaders failed
citing an exchange filing by the Indian state-run utility.
to introduce an industry scheme to reduce ammonia emissions. The
NTPC said the agreement is one of the world’s single largest contracts regulation was due to come into effect last year, but due to soaring
for supply of round-the-clock renewable power for an industrial client. fertilizer prices following Russia’s invasion of Ukraine, Defra agreed to
Greenko’s Kakinada project is a multi-phase green ammonia produc- delay implementation until April 1, 2023 (GM April 1, 2022). In February
tion and export facility adding up to 1 million mt/y of green ammonia this year, the department agreed to delay the implementation by a
production capacity by 2027 (GM Feb. 10, p. 31). further year (GM Feb. 3, p. 28).
After originally considering a potential total ban on the use of solid urea
fertilizer in the UK, Defra decided on an alternative approach put forward
by industry that untreated urea could be used by farmers from Jan. 15
to March 31 each year, but any product spread after April 1 would have
to be treated with a urease inhibitor to slow the release of ammonia.
The UK consumed some 137,000 mt of dry urea for fertilizer use in
2020, according to the latest IFA data. The country has no domestic
urea production, and demand is currently met entirely by imports.
ALERTS
OCP Highlights Investment Plans Centrex Inks Offtake with Ameropa, Ballance
OCP Group SA said it plans to open a new phosphate mine in Meskala Centrex Ltd., Adelaide, South Australia, recently announced that its
in Morocco’s Essaouira Province and to build a new fertilizer production wholly-owned subsidiary, Agriflex Pty Ltd., has signed binding offtake
complex at Mzinda. The new fertilizer facility will process rock from agreements with Ameropa Australia Pty Ltd. (Ameropa) and New Zea-
the mines at Benguerir and Youssoufia, as well as from the new mine land-based Balance Agri Nutrients for the supply of phosphate rock
of Meskala. from the Ardmore Phosphate Project.
The plans are a key part of OCP’s second phase of its investment pro- Ameropa has committed to purchase 15,000-16,000 mt of phosphate
gram, announced last December, which the group said will see global from Ardmore in the first year of a 2.75-year agreement. The parties will
investments of about $13 billion over the 2023-2027 period (GM Dec. then meet within 120 days of the end of each contract year to mutually
9, 2022). The investment program is aimed at increasing OCP’s mining agree on the tonnages for each subsequent contract year.
and fertilizer production capacities while achieving full carbon neutrality
On July 1, 2022, Centrex announced the signing of a trial shipment
by 2040 by including sustainability investments around solar energy,
with Ameropa, with the company agreeing to sell 5,000 mt of Ardmore
water, and green ammonia.
phosphate to Ameropa. The supply of the phosphate under the new
The program is targeting an increase in fertilizer production capacity offtake agreement is expected to commence on April 1, 2023.
from the current 12 million mt/y to 20 million mt/y by 2027, and includes
Centrex has set aside 10% of production at Ardmore to fulfill its pro-
plans to produce 1 million mt/y of green ammonia by 2027.
jected allocation under the Ameropa agreement. Ardmore has current
capacity of 120,000 mt/y, but is pursuing an expansion to 524,000 mt/y.
Borealis Sees 18% Drop in 2022 Fertilizer Sales;
Centrex will supply Ballance with 30,000 mt of phosphate from Ardmore
Expects Nitrogen Divestment to Close in Q1 in the first year of the agreement, with subsequent tonnages renegotiated
for each subsequent contract year. On May 12, 2022, Centrex announced
Vienna-based Borealis AG said its fertilizer sales reached 3.21 million the signing of a trial shipment with Balance, with Ballance completing
mt last year, an 18% decrease from the 3.91 million mt sold in 2021. The its testing of the product earlier this year. Centrex has allotted up to
company on March 24 said the decline was the result of lower demand 20% of Ardmore’s production towards the Balance offtake agreement.
due to high gas prices and competitively priced urea imports into Europe.
Borealis now expects the sales of its Nitrogen business to the Czech Laos, Sino-Agri Ink MOU for Potash Park
Republic’s chemicals and fertilizer company Agrofert to close by the end
of the first quarter. It initially had expected the deal to close by the end The Laos government and Sino-Agri International Potash Co. signed a
of 2022. Agrofert’s offer valued the business on an enterprise value basis Memorandum of Understanding (MOU) on March 26 for the develop-
at €810 million (approximately $878 million at current exchange rates). ment of “the Asia-Potash Intelligent Circular Industrial Park” some 250
Borealis received a binding offer for the business, which includes fertilizer, kilometers from the country’s capital, Vientiane, in Laos’ central Kham-
melamine, and technical nitrogen products, from the Czech company mouane Province, according to a report by China’s Xinhua news agency.
last June (GM June 3, 2022). On March 13, the European Commission Sino-Agri is a subsidiary of Asia-Potash International Investment (Guang-
“unconditionally” approved the deal (GM March 17, p. 30). zhou) Co. Ltd., based in China’s southern Guangdong Province, and
“The war in Ukraine and the sanctions imposed as a consequence have has the right to exploit 35 square kilometers of potash salt deposits in
led to some delays,” said Borealis CFO Mark Tonkens on the company’s Laos’ Khammouane Province.
protracted divestment of the nitrogen business. “On careful deliberation, The proposed park will receive about $4.31 million in investment and
we declined the initial binding offer received from EuroChem in March will be separated into three sectors, one of which will be a potash
and restarted the process. Agrofert emerged in June as the best bidder fertilizer sector that will be used to develop an industry based on local
in the next divestment round.” potassium ores, according to Xinhua, citing Sino-Agri Managing Director
Tonkens said Borealis’ Executive Board is confident that Agrofert, a and General Manager Tong Yongheng.
leading European fertilizer player, is committed to maintaining supply According to Yongheng, the project aims to expedite the growth of the
security and the long-term development of the production facilities. potash fertilizer industry in Laos, which is targeted to reach a production
The conclusion of the transaction with Agrofert, along with the sale in capacity of 10 million mt/y, he said.
January of its shares in Belgian fertilizer company Rosier S.A. to Turkey’s Potash fertilizer output of Chinese companies active in Laos was 1.5 mil-
Yildrim Group (GM Jan. 6, p. 29), will enable Borealis to sharpen its lion mt in 2021, and is targeted to reach 5 million mt in 2025, according
focus on providing “innovative and value-added solutions” in the fields to an April 2022 report by Guosen Securities, a Chinese state-owned
of advanced circular polyolefins and base chemicals, the company said. financial services company headquartered in Shenzhen, China.
According to Trade Data Monitor, a total of some 592,598 million mt of
Laos potash was imported by various countries in 2021. Of that total,
China was the biggest importer, taking 416,627 mt, increasing its imports
of Laos potash to 606,987 mt in 2022. Indonesia and Thailand were
the next biggest importers, both in 2021 and in 2022.
ALERTS
Importers of Laos Potash (mt) Ammoni to Start UAN Production in 2023
Importer 2021 2022 The Tatarstan Republic nitrogen fertilizer and methanol producer AO
China 416627 606,987 Ammoni plans to start production of UAN in the autumn of this year,
according to a Fertilizerdaily report, citing Ammoni’s General Director
Indonesia 96,405 223,611 Dmitry Makarov.
Thailand 60,664 63,522 The new unit will have a design capacity of 150,000 mt/y, and will be
fully ramped up by 2024, according to the report. This year, Mende-
Malaysia 2,310 43,700 leevsk-based Ammoni will also begin the production of AdBlue and
South Korea 4,717 36,243 plans to complete the construction of a liquid CO2 production facility
by the end of 2023.
Philippines 9,855 9,919
The company early this year announced ambitious production expansion
Japan 1,060 8,840 plans, including an increase in nitrogen fertilizer production capacity
from the current 1 million mt/y to 3 million mt/y (GM Feb. 9, p. 29).
Sino-Agri’s exploitation area in Khammouane Province has a proven
K-Mg ore mf reserve of over 1 billion mt, equivalent to 152 million AO Ammoni has been owned by Russian fertilizer and chemicals pro-
mt of “pure potassium chloride resources,” according to Asia-Potash ducer Kemerovo Azot since July 2020 (GM July 24, 2020).
International’s website.
According to Asia-Potash, the subsidiary company started construction
Grupa Azoty Police Inks Deal on MMR Reactor
of a 500,000 mt/y potash production project in its exploitation area
after earlier completing a 100,000 mt/y potash fertilizer pilot project, Zakłady Chemiczne “Police” SA, a subsidiary of Polish fertilizer and
and is ultimately targeting production of 1 million mt/y. chemicals group Grupa Azoty, has inked an agreement with US-based
Ultra Safe Nuclear Construction (USNC) and the West Pomeranian
The two other sectors in the proposed industrial park will comprise “a University of Technology in Szczecin to develop and construct a nu-
non-potash” sector focused on “enriching resource utility with local coal, clear energy research facility based on USNC’s Micro-Modular (MMR)
bauxite ore, and other associated resources from the potash industrial reactor technology.
line,” Xinhua reported.
Over the next six months, the parties will prepare a research program
The third sector, the Asia-Potash village, aims to attract investors and and a plan for the construction and operation of the MMR, Azoty said
talent to accelerate the urbanization of Laos. Once operational, the in a March 29 statement.
project is anticipated to add $320 million to Laos’ annual fiscal revenue
and employ 30,000-50,000 local people, according to Xinhua. The collaboration is aimed at developing the full-scale use of nuclear
energy to power chemical processes and generate steam and hydrogen
at Azoty Police’s unit, Azoty said, adding this will represent another major
step towards decarbonization of the fertilizer and chemicals group’s
industrial processes.
FEATURES
Yara, from page 1 Green, from page 1
The proposed plant, which includes autothermal reforming with carbon Pacific Green’s development plan is for a 1 million square foot fully
capture, will be located at the Enbridge Ingleside Energy Center (EIEC) renewable hydrogen production facility to form ammonia, nitric acid,
near Corpus Christi, Texas. Once operational, the production facility will and AN. The company has not yet indicated approximate capacity goals.
be capable of supplying low-carbon ammonia at an expected capacity The capital expenditure is put at $1.2 billion and the company expects
of 1.2-1.4 million mt/y. Yara expects to contract full offtake from the pro- the facility to employ 160. The project’s timeline is for groundbreaking
posed facility, the two companies said in a joint statement. is 2024, with the plant to be operational in 2026-2027.
“Yara is pleased to be joining Enbridge in developing this significant According to the size of the plant, the company said peak electricity
clean ammonia project,” said Magnus Krogh Ankarstrand, YCA President. demand is between 220-300 MW, with Pacific Green exploring addi-
“As presented at our Capital Markets Day, we are working systemat- tional energy storage to help reduce the peak demand burden. The
ically to develop project opportunities in the US and this project will company said logistics is highly focused on the final product shipment
significantly contribute to our strategy of decarbonizing agriculture as to farmers, with minimal import of resources. It expects to use 10 railcars
well as serving new clean ammonia segments such as shipping fuel, per day and/or 25 trucks, with rail highly preferable.
power production, and ammonia as a hydrogen carrier.”
The Port of Benton has agreed to assist the company in securing rail
If confirmed through the Front-end Engineering Design (FEED) phase access via spur to the Southern Connection 16-mile rail line to Kennewick,
and approved, the companies expect the total project investment to Wash. The port has a barge slip on the Columbia River.
be $2.6-$2.9 billion, with production start-up in 2027/2028. The two
The company said it would prefer to purchase land rather than lease,
companies stressed that the construction of any facilities will be subject
with an ideal site having access to rail and reasonable proximity to
to receipt of all necessary regulatory approvals.
interstate or suitable state highways. It said if no rail option is available,
Approximately 95% of the CO2 generated from the production process the company is open to using barges to ship its products to farmers
is anticipated to be captured and transported to nearby permanent and distribution centers.
geologic storage. Enbridge’s Texas Eastern Transmission Pipeline is
“We can focus on building new, green nitrate assets in the optimal lo-
expected to provide the transportation service for feed gas that will be
cations,” the company said on its website. “We will build our factories in
used for the production process, and Enbridge, along with Oxy Low
the market, near the farmer, providing security of supply and avoiding
Carbon Ventures, is advancing a nearby CO2 sequestration hub as a
the traditional inter-continental shipping of fertilizer with an associated
potential destination for the captured CO2.
time, cost, and carbon emissions.”
“We are excited to partner with Yara and collaborate on this clean
Pacific Green said by 2030 it will build and license a number of renew-
energy project, especially given their expertise in global ammonia
able fertilizer plants, build a new generation of fertilizer distribution in
projects, operations, and distribution,” said Colin Gruending, Enbridge
attractive markets, and leverage its position as a large, low-cost hydrogen
Executive Vice President and President, Liquids Pipelines. “EIEC is well
producer to help incubate hydrogen businesses.
positioned to become the most sustainable export terminal in North
America through low-carbon fuel production, carbon capture, and Atlas Agro is focused on producing green AN fertilizer. It said most of
solar self-power.” the world’s nitrogen fertilizer capacity is for urea, which is a carbon-con-
taining fertilizer that cannot be made green as it contains a CO2 in the
This is the second blue ammonia project that YCA has announced in
molecule. The company touts AN as a superior fertilizer, saying it can
the US this year. In January, the company inked a Memorandum of
directly be consumed by crops, unlike urea, which must be converted
Understanding with JERA Co. Inc., Japan’s largest power generator,
to nitrates by soil bacteria. This conversion process acidifies the soil,
to study the viability of collaborating on a 1 million plus mt/y blue am-
the company said, leading to burned roots.
monia project that YCA is considering developing on the Gulf Coast
(GM Jan. 20, p. 1). The company added that AN has 90% lower volatilization loss than urea,
provides a higher yield and better crop quality, and is more conducive
In May last year, Enbridge and Denver-based Humble Midstream LLC
to precision farming.
announced the joint development and marketing of a blue hydrogen
and ammonia production and export facility at the EIEC (GM May 13, As a new entrant into the fertilizer sector, Atlas Agro said it does not
2022). If built, the companies said at the time that the facility would cost have to worry about cannibalizing existing polluting assets or the costs
roughly $2.5-$3 billion and could come online as early as 2026, with involving in closing down unprofitable plants.
Enbridge and Humble jointly marketing the capacity. Atlas Agro said it is currently working closely with partners on project
development in the US, Brazil, and Paraguay, and encourages anyone
interested in zero-carbon nitrogen or explosives to reach out to the
company.
Atlas Agro’s business model focuses on utilizing clean energy sources
to power electrolyzers that will split water into hydrogen and oxygen.
The company said its goal is to establish fully renewable production of
three major nutrients—phosphate, potash, and nitrogen.
The local newspaper, Tri-City Herald, reported that the company indi-
cated it will rely on nuclear power to fuel the operations, but this could
not be confirmed with Atlas Agro this week.
FEATURES
The company put down a $400,000 deposit for land at the Port of
Benton, and the exact acreage will be determined in connection with USDA, from page 1
the company’s pre-development activities. Under the agreement, the
company can buy up to 260.1 acres. The first 150 acres are priced at Driven by lower inputs costs and high commodity prices, corn acreage
$1.39 per square foot, which would equate to a total of $9.08 million. is expected to be up or unchanged in 40 of the 48 estimating states,
Beyond 150 acres, the price is $2.09 per square foot. USDA said, with North Dakota’s crop increasing 800,000 acres from
last year. Increases of 150,000 acres or more from last year are also ex-
Prior to closing the deal, the buyer would have to receive all approvals pected in Illinois, Indiana, Iowa, Kentucky, Minnesota, and South Dakota.
necessary from local governmental authorities with respect to permitting,
construction, zoning and/or land use matters, as well as satisfying the Soybean planted area for 2023 is estimated at 87.5 million acres, up
requirements of the Washington State Environmental Policy Act. The slightly from last year and unchanged from the February estimate.
deal must close by March 1, 2026. Compared with last year, planted soybean acreage is up or unchanged
in 15 of the 29 estimating states, USDA said, with increases of 100,000
Atlas Agro North America has opened an office in Richland. It has hired acres or more anticipated in Minnesota, North Dakota, South Dakota,
staff and is looking for more in the areas of general management, project and Wisconsin.
development, sales, finance, and strategic operations.
These soybean acreage increases are balanced by decreases of 100,000
acres or more in Arkansas, Indiana, Kansas, Michigan, and Missouri,
USDA said. If realized, the planted soybean area in Illinois, Nebraska,
Russia, from page 1
New York, Ohio, and Wisconsin will be the largest on record.
The quota on AN exports was originally 225,000 mt from Jan. 1-March All wheat planted area for 2023 is estimated at 49.9 million acres, up
31 and 828,500 mt from April 1-May 31. In late January, the government 9% from 2022 and slightly higher than USDA’s February projection of
increased the AN export quota by 375,000 mt (GM Jan. 27, p. 1). 49.5 million acres. The 2023 winter wheat planted area, at 37.5 million
With this week’s increase, the total export quota for certain types of acres, is up 13% from last year and up 2% from the previous estimate.
fertilizers that runs until May 31 will now exceed 12.6 million mt. In ad- Area planted to spring wheat for 2023 is estimated at 10.6 million acres,
dition to AN, the current export quotes mainly apply to urea and UAN, down 2% from 2022, while durum planted area is expected to total 1.78
as well as to compound fertilizers. million acres, up 9% from last year.
The Russian government is also looking to extend export quotas on All cotton planted area for 2023 is estimated at 11.3 million acres, down
certain types of fertilizer for another six months beyond May 31 to help a full 18% from last year, but up from USDA’s February estimate of 10.9
support the domestic market, according to another Interfax report, citing million acres. Upland area is estimated at 11.1 million acres, down 18%
Agriculture Minister Dmitry Patrushev. from 2022, while American Pima area is estimated at 154,000 acres,
down 16% from 2022.
According to this week’s report, Russia’s Industry and Trade Ministry
and the Federal Anti-Monopoly Service are working on the extension Area planted to rice in 2023 is expected to total 2.58 million acres, up
of the current set of measures to Nov. 30, 2023, as well as on fixing the 16% from 2022, with Arkansas expected to increase long grain acres
selling prices on the domestic market. by 14% from last year and California boosting its medium grain rice
acreage by 66%. Rice acreage in Texas, by contrast, is expected to be
Russia first introduced quotas for the export of nitrogen and complex at a record low this year.
fertilizers on Dec. 1, 2021 (GM Nov. 5, 2021). They were due to expire
on May 31, 2022, but the Russian government extended the quotas to USDA also released its quarterly Grain Stocks report, which showed
run from July 1 to Dec. 31, 2022. Last December, Moscow extended the mostly lower inventories of grains as of March 1 versus the same time
export quotas to run until May 31, 2023 (GM Dec. 23, 2022). last year. Corn inventories were reported at 7.4 billion bushels, soybeans
at 1.69 billion bushels, and wheat at 946 million bushels, with corn and
soybean inventories coming in under analyst projections.
FEATURES
Senate, from page 1
“We are sending a clear, bipartisan message that Congress, even a

divided one, will defend working Americans in the face of executive
overreach,” said Sen. Shelley Moore Capito (R-W.Va.), a bill sponsor and
the top Republican on the Environment and Public Works Committee.
“I urge President Biden not to overrule the will of a bipartisan majority
in Congress, and instead draft a new rule that doesn’t unfairly penalize
millions of Americans and jeopardize future growth in our country.”
Sens. Joe Manchin (D-W.Va.), Catherine Cortez Masto (D-Nev.), Jacky
Rosen (D-Nev.), and Jon Tester (D-Mont.) voted for the bill, as did Sen.
Kyrsten Sinema (I-Ariz.). Not voting were Sens. Chris Coons (D-Del.),
Dianne Feinstein (D-Calif.), John Fetterman (D-Pa.), and Minority Leader
Mitch McConnell (R-Ky.).
The earlier House resolution passed on a bipartisan 227-198 vote. Because
neither chamber’s vote reached the two-thirds threshold, however, the
White House has said President Biden plans to veto, Bloomberg reported.
Officially announced on Dec. 30 (GM Jan. 6, p. 1) by the US Environ-
mental Protection Agency (EPA) and the Army Corps of Engineers, the
new WOTUS rule claims to restore protections that were in place prior
to 2015 under the Clean Water Act (CWA), but with “updates to reflect
existing Supreme Court decisions, the latest science, and the agencies’
technical expertise.” The rule was published in the Federal Register on
Jan. 18 and took effect on March 20.
Republicans are seeking to replace the rule with a bill introduced by
Rep. Mary Miller (R-Ill.) and Sen. Mike Braun (R-Ind.) earlier this month
that would narrow the WOTUS regulation, excluding rain-induced
“ephemeral waters” and other small waterways from federal jurisdiction
under the CWA.
“I am introducing the Define WOTUS Act with Senator Mike Braun to
protect my fellow farmers and stand against the disastrous Biden EPA,
which is working to regulate every pond and puddle in America,” Miller
said in a March 10 statement.
The debate over which water bodies should be classified as WOTUS
– and therefore under CWA jurisdiction – has been raging for 15 years,
with the definition narrowing or expanding depending on the adminis-
tration. Critics said the Biden rule essentially reinstated an Obama-era
regulation that provided an expansive view of what qualifies as federal
navigable waters, including wetlands and other smaller bodies of water.
The US Supreme Court heard oral arguments on the issue in October
in Sackett v. EPA and is expected to rule on the case this year. The
White House has pushed back against critics (GM March 10, p. 1),
saying the new rule isn’t much different from the status quo, and any
effort to overturn it would only increase uncertainty over water reg-
ulation and threaten economic growth, agriculture, and clean water
in various jurisdictions.
Email: GMsupport@bloomberg.net
Phone: 800.531.0140 / +1.603.357.8103
Web: www.FertilizerPricing.com
Green Markets Contact Information: Pricing Notations:
Steve Seay, Associate Publisher...............................+1.603.357.8245 (sseay@green-markets.com) PRICE QUOTES DO NOT REFLECT ACTUAL TRANSACTIONS, BUT REPRESENT CURRENT MARKET
Daniel Cole, Executive Editor, North America...........................................................+1.603.357.8218 CONDITIONS AS PERCEIVED BY SELECTED BUYERS AND SELLERS.
(dcole@green-markets.com) Unless otherwise indicated, prices are based on large transactions, involving truckloads or larger volumes.
Dan Kubiske, Senior Correspondent, International.................................................+1.703.678.6833 All prices are net of discounts for volume, cash, or prompt payment, if such are offered.
(dkubiske@green-markets.com) Price spreads can be attributed to localized price differences or differing sizes of purchase.
Ryan Boyle, Correspondent, Phosphates/Sulfur....................................................... +1.415.967.3693 All prices are listed in US dollars, on a spot, FOB basis at the producer’s plant gate, terminal, or pipeline
(rpboyle@green-markets.com) point unless otherwise indicated with the following:
Jason Larareo, Associate Creative Director..................................... (jlarareo@green-markets.com) CFR: Include transportation to the destination port.
Daniel Houder, Managing Director................................................. (dhouder@green-markets.com) DEL: Delivered prices include transportation costs to the retail dealer’s premises or the nearest
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Headquarters: PO Box 190, Sullivan, NH 03445 USA, with correspondents in major trading
CIF: The seller arranges for carriage of goods to destination.
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HOME NITROGEN PHOSPHATE POTASH SULFUR SPECIALTY CROPS INDICATORS ALERTS

March 31, 2023 | Volume 47 Issue 13

2 Northern Plains NH3 Falls

3 NOLA Urea Softens

see Yara, page 29 8 India DAP Weakens

12 Brazil Potash Drops

Green AN Project Advancing in Washington State

27 Fert Sales Down for Borealis

see Russia, page 30 700

Market Watch NITROGEN

AMMONIA Ammonia 3/31/2023 Last Week Year Ago

Eastern Cornbelt: Gulf Coast Truck 525-540 525-540 1,150

1,400 Caribbean mt 378 533 1,580

1,200 India CFR mt I 450-460 450-460 1,060-1,100

1,000 Middle East mt 370-380 370-380 1,230-1,245

NA: Prices not available or obtainable in the reporting period.

Market Watch NITROGEN

UREA UREA 3/31/2023 Last Week Year Ago

Eastern Cornbelt: Cornbelt 365-390 365-390 900-960

Northern Plains: Northern Plains 360-390 365-430 910-990

Eastern Canada: Catoosa/Inola, OK 395-410 395-410 920-950

India: Pacific Northwest

Market Watch NITROGEN

China: Mediterranean CFR

The Rondonopolis market was reported down to $455-$460/mt FOB 400

February imports were 9,500 mt, up from just 56 mt imported in February

Market Watch NITROGEN

UAN Northern Plains 10.36-11.56 10.71-11.56 21.25-21.43

Great Lakes 10.94-11.88 10.94-11.88 21.39-21.79

Northeast (New York) 12.03 13.28 23.44

Western Cornbelt: South Central 10.00-10.63 10.00-10.63 19.38-20.31

Market Watch NITROGEN

AMMONIUM NITRATE Ammonium

AMMONIUM SULFATE South Central 400-450 400-450 750-790

Black Sea mt 190-233 224-243 735

Western Cornbelt: US Gulf NOLA 300-310 300-310 675-695

Northern Plains: Western Cornbelt 350-385 350-385 690-725

Eastern Canada: South Central 345-385 345-385 685-700

Brazil Capro Grade

Market Watch PHOSPHATE

DAP/MAP DAP 3/31/2023 Last Week Year Ago

Eastern Cornbelt 670-680 670-680 1,000-1,030

St. Louis, MO 665-675 665-675 1,000-1,025

St. Paul, MN 680-690 690 1,000-1,030

Catoosa/Inola, OK 680-685 680-685 1,005-1,030

Benelux FCA mt 715-720 720-730 980-995

China FOB mt 560-570 605-610 1,000-1,100

Western Cornbelt: Morocco mt 565-730 580-740 890-950

Market Watch PHOSPHATE

Eastern Canada: US Gulf Export mt 635 635 1,240

Bangladesh: Western Canada mt

Brazil: Rondonopolis, BR mt 730-765 725-770 1,400-1,521

The Rondonopolis market narrowed to $730-$765/mt FOB ex-warehouse.

Market Watch PHOSPHATE

Western Cornbelt 575-605 575-605 855-900

Western Cornbelt: Rondonopolis, BR mt 350-400 350-400 640-651

Brazil: California 600-607 600-607 750-757

SSP Peru 280-330 280-330 200-240