Chemicals: Urea and Phosphate Fall, Potash mixed; Oilseed Crush Mixed

Research evidence excerpt

Chemicals: Urea and Phosphate Fall, Potash mixed; Oilseed Crush Mixed

Idea

June 28, 2026 11:38 PM GMT

Morgan Stanley & Co. LLCMChemicals | North America Vincent Andrews

Equity Analyst

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

Lisa H De Neve

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

Morgan Stanley & Co. LLC

Steven K Haynes, CFA

Urea prices correct further with demand seasonally thin. With the re-opening of Steven.Haynes@morganstanley.com

the SoH, over 6 vessels with product totalling ~272kT of urea are understood to Turner W Hinrichs

have moved through the Strait since June 17th with 19 vessels (with 773kT of urea) Research Associate

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

still waiting to exit; prices have fallen to $400-410/t fob with no interest for

Morgan Stanley & Co. International plc+

product. In China, the urea export price floor was lowered to $440/t fob (from

Ricardo Rezende, CFA

$490-500/t fob previously) and China maintained its India-specific export prices Equity Analyst

floor at $510/t fob; domestic demand remains muted while supply is abundant. Ricardo.Rezende@morganstanley.com +44 20 7677-9886

Brazil urea prices fell by -$22/t to $395-410/t cfr last week despite a pick-up in Morgan Stanley C.T.V.M. S.A.+

demand for the Safrinha corn crop and cotton crop. US NoLa urea prices were -$20/ Julia Rizzo

Equity Analyst and Commodities Strategist

st to $345-360/st fob WoW with Venezuelan supply understood to be heading into Julia.Rizzo@morganstanley.com +55 11 3048-6114

the US to add to supply. Egypt urea prices were -$73/t to $400-425/t fob WoW with