Chemicals: Urea Resets, SE-Asia MOP Up, Phosphate Mixed; Oilseed Crush Mixed

Research evidence excerpt

Chemicals: Urea Resets, SE-Asia MOP Up, Phosphate Mixed; Oilseed Crush Mixed

Idea

June 15, 2026 12:26 AM GMT

Morgan Stanley & Co. LLCMChemicals | North America Vincent Andrews

Equity Analyst

Urea Resets, SE-Asia MOP Up, Vincent.Andrews@morganstanley.comMorgan Stanley & Co. International plc+ +1 212 761-3293

Lisa H De Neve

Equity AnalystPhosphate Mixed; 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 posts steep drops as plentiful supplies emerge. The 1.7mT India NFL tender Research Associate

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

received 6.5mT of offers and counter bids were made in line with lower offers at

Morgan Stanley & Co. International plc+

$444.9/t cfr for East-Coast India and $449.3/t cfr for West-Coast India. China urea Ricardo Rezende, CFA

export prices were -$180/t to $490-510/t fob reflecting the lowered price floor of Equity Analyst

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

$500/t fob for India, and the question is whether China will revise this lower again

given market prices are well below these levels. Global prices corrected sharply in Morgan Stanley C.T.V.M. S.A.+

Julia Rizzoresponse with Brazil urea prices dropping by -$75/t to $445-475/t cfr on sluggish

Equity Analyst and Commodities Strategist

seasonal demand. US NoLa urea prices dropped by -$55/st to $360-412/st last week Julia.Rizzo@morganstanley.com +55 11 3048-6114

as the market is comfortably supplied; US April urea imports were +19% YoY at

Morgan Stanley & Co. LLC

896kT. For our complete view on Nitrogen, please see: Chemicals - Fertilizers: Justin T Pellegrino

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