Urea & Phosphate Climb, Potash ~ Stable; Oilseed Crush Mixed

研报英文原文证据摘录

Urea & Phosphate Climb, Potash ~ Stable; Oilseed Crush Mixed

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July 26, 2026 10:28 PM GMT

Morgan Stanley & Co. LLCMChemicals | North America Vincent Andrews

Equity Analyst

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

Lisa H De Neve

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

Morgan Stanley & Co. LLC

Steven K Haynes, CFA

Urea climbs higher on ME unrest. A fresh Indian tender from RCF is now expected Steven.Haynes@morganstanley.com

for the first half of August, although renewed tensions in the Middle East (ME) Turner W Hinrichs

could bring this forward. In the Middle East, about 250kT of Iranian product is said Research Associate

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

to be unable to leave the port with a number of producers having curtailed/halted

Morgan Stanley & Co. International plc+

production due to technical issues or the conflict revival. Egypt urea prices rose by +

Ricardo Rezende, CFA

$34/t to $530-555/t fob last week following various new sales concluded for August Equity Analyst

and renewed activity in Europe. US NoLa urea prices were +$20/st to $410-435/st Ricardo.Rezende@morganstanley.com +44 20 7677-9886

fob with September prices trading higher at $445/st fob and prices in the interior Morgan Stanley C.T.V.M. S.A.+

rising faster (US Twin Cities +$65/st to $520/st fob). Brazil urea prices were +$8/t Julia Rizzo

Equity Analyst and Commodities Strategist

cfr last week with various new sales reported for August; Julia.Rizzo@morganstanley.com +55 11 3048-6114

Potash market largely stable. US NoLa MOP prices were +$3/st to $340/st fob Morgan Stanley & Co. LLC

WoW although activity was limited and availability is ample.