Chemicals: US Chemicals & Agriculture Monthly Data Book

Research evidence excerpt

Chemicals: US Chemicals & Agriculture Monthly Data Book

pot export prices were flat week-

over-week (FOB Houston, railcar). Demand was reportedly steady at low levels this past week. Buyers in Mexico were reportedly purchasing for short-term needs,

resulting in slow demand. On supply, sources estimate operating rates for June will average in the low 80%s. PP contracts are expected to decrease high-single-digit cpp

due to expectations for lower contract propylene.

Urea price declines lessen. India's NFL ultimately secured 1.7mT of product for its June 8th tender with prices at $444.90/t CFR for East-Coast and $449.30/t CFR for

West-Coast. With the re-opening of the Strait of Hormuz, it is understood that a further 900kT of urea will be made available in the traded market. As a result of more

supplies likely entering the market, US NoLa urea prices were -$14/st to $340-405/st fob WoW with no new sales reported. Brazil was bearish as well with urea prices

dropping -$35/t to $400-450/t cfr WoW with a handful of trades concluded in the lower-end of the range. France urea prices were -€40/t to €520-530/t fca with prices in the

Baltic dipping as low as $365/t fob. Elsewhere, China Jan-May AS exports were -20% YoY at 8.37mT. The market is also waiting for a formal confirmation that China has

removed its urea export floor prices for all destinations excluding India.

For additional weekly commentary please see: HERE and HERE.

Morgan Stanley is acting as financial advisor to Corteva, Inc. (“Corteva”) in connection with its plan to separate the company into two independent, publicly traded

companies, as announced on October 1, 2025. The transaction is subject to obtaining final approval by the Corteva Board of Directors, receipt of a favorable opinion of