Urea Softer, Brazil potash down, & Phosphate Stable; Oilseed Crush Mixed

Research evidence excerpt

Urea Softer, Brazil potash down, & Phosphate Stable; Oilseed Crush Mixed

Idea

June 22, 2026 02:31 AM GMT

Morgan Stanley & Co. LLCMChemicals | North America Vincent Andrews

Equity Analyst

Urea Softer, Brazil potash down, Vincent.Andrews@morganstanley.comMorgan Stanley & Co. International plc+ +1 212 761-3293

Lisa H De Neve

Equity Analyst& Phosphate Stable; Oilseed Lisa.De.Neve@morganstanley.com +44 20 7677-0250

Morgan Stanley & Co. LLCCrush Mixed Steven K Haynes, CFA

Steven.Haynes@morganstanley.com

Turner W Hinrichs

Brazil potash falls back. Brazil MOP prices retreated by -$3/t to $400-405/t cfr Research Associate

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

WoW on limited spot demand and high warehouse inventories; Brazil Jan-April MOP

Morgan Stanley & Co. International plc+

imports were +8% YoY at 5.8mT with May imports -10% YoY at 1.4mT. US NoLa Ricardo Rezende, CFA

MOP prices were stable WoW at $335-345/st fob last week despite more spot Equity Analyst

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

demand, yet some distributors argue that summer fill demand has already been

largely fulfilled, limiting price upside. China MOP prices were unchanged at Morgan Stanley C.T.V.M. S.A.+

Julia RizzoRMB3000-3500/t fca with demand seasonally sluggish as summer corn demand has

Equity Analyst and Commodities Strategist

been fulfilled, and autumn demand expected to start from July onwards; China MOP Julia.Rizzo@morganstanley.com +55 11 3048-6114

imports are at 2.81mT following material imports. For our complete view on Potash,

Morgan Stanley & Co. LLC

please see: Chemicals: 2026 Potash S&D Outlook; Nutrien to Overweight (14 Jan Justin T Pellegrino

2026) Research Associate

Justin.Pellegrino@morganstanley.com +1 212 761-4054

Urea price declines lessen.