Urea Gains Again, NW-EU Potash Prices Up, Phosphate Stable; Oilseed Crush Higher

Research evidence excerpt

Urea Gains Again, NW-EU Potash Prices Up, Phosphate Stable; Oilseed Crush Higher

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July 20, 2026 12:03 AM GMT

Morgan Stanley & Co. LLCMChemicals | North America Vincent Andrews

Equity Analyst

Urea Gains Again, NW-EU Vincent.Andrews@morganstanley.comMorgan Stanley & Co. International plc+ +1 212 761-3293

Lisa H De Neve

Equity AnalystPotash Prices Up, Phosphate Lisa.De.Neve@morganstanley.com +44 20 7677-0250

Morgan Stanley & Co. LLCStable; Oilseed Crush Higher Steven K Haynes, CFA

Steven.Haynes@morganstanley.com

Turner W Hinrichs

Urea prices track higher. Continued uncertainty around the US-Iran conflict is Research Associate

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

reviving the urea market for the 2nd week in a row, although demand has yet to

Morgan Stanley & Co. International plc+

meaningfully pick up. An Indian tender is expected to be announced over the coming Ricardo Rezende, CFA

weeks which may offer some demand support. In China, a new urea export price Equity Analyst

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

floor mechanism was put in place with weekly price adjustment based on the prior-

week export price, and China has also removed the separate (higher) export price for Morgan Stanley C.T.V.M. S.A.+

Julia RizzoIndia. US NoLa urea prices rose by +$16/st to $385-420/st fob WoW with August

Equity Analyst and Commodities Strategist

barges selling at $420/st. Brazil urea prices jumped +$33/t to $430-460/t cfr on the Julia.Rizzo@morganstanley.com +55 11 3048-6114

week with ~30% of the country’s Safrinha requirements said to be fulfilled at

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present (with the Mato Grosso region ahead at +48%). France urea prices increased Justin T Pellegrino