Chemicals: Urea Falls Further, Phosphate & Potash Stable; Oilseed Crush Mixed

Research evidence excerpt

Chemicals: Urea Falls Further, Phosphate & Potash Stable; Oilseed Crush Mixed

Idea

June 8, 2026 12:03 AM GMT

Morgan Stanley & Co. LLCMChemicals | North America Vincent Andrews

Equity Analyst

Urea Falls Further, Phosphate & Vincent.Andrews@morganstanley.comMorgan Stanley & Co. International plc+ +1 212 761-3293

Lisa H De Neve

Equity AnalystPotash Stable; Oilseed Crush Lisa.De.Neve@morganstanley.com +44 20 7677-0250

Morgan Stanley & Co. LLCMixed Steven K Haynes, CFA

Steven.Haynes@morganstanley.com

Turner W Hinrichs

Urea slides further. India's NFL's 1.7mT urea tender is expected to see prices in the Research Associate

Turner.Hinrichs@morganstanley.com +1 212 761-1269

$550-580/t cfr range. In China, the 3mT urea export programme has started (with

Morgan Stanley & Co. International plc+

this export quota allocation valid until the end of September) but the floor price Ricardo Rezende, CFA

may be revised downwards given various regional prices are now below that Equity Analyst

Ricardo.Rezende@morganstanley.com +44 20 7677-9886

benchmark. US NoLa urea prices fell by -$71/st to $415-467/st fob last week with

September prices indicated around $440/st fob; the market appears to be well- Morgan Stanley C.T.V.M. S.A.+

Julia Rizzosupplied despite ongoing re-export activity to Latin America. Brazil urea prices

Equity Analyst and Commodities Strategist

dropped -$55/t to $530-540/t cfr WoW given seasonally limited demand. Egypt urea Julia.Rizzo@morganstanley.com +55 11 3048-6114

prices slid -$100/t to $620-630/t fob WoW with demand for product thin. For our

Morgan Stanley & Co. LLC

complete view on Nitrogen, please see: Chemicals - Fertilizers: Reframing Nitrogen Justin T Pellegrino

Risk-Reward for CF/NTR/YAR, Raising PTs (8 Apr 2026) Research Associate