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Jun Mimura, Japans top foreign exchange official, stated that the recent market has seen unilateral and rapid movements; appropriate action will be taken against excessive volatility; and there is concern about the markets trajectory.December 22nd - Recently, in the Israeli-controlled areas east of the "Yellow Line," the withdrawal line established in the first phase of the Gaza ceasefire agreement, several Palestinian armed factions are attempting to expand their influence and gain dominance, vying to fill the vacuum left by the departure of Hamas. It is reported that at least five armed factions are currently active in the Israeli-controlled areas, openly stating their intention to play a role in the Gaza Strip after Hamass downfall. Fearing a threat to their position in Gaza, Hamas is cracking down on these factions, while the people of Gaza fear that the region may slide into civil war.On December 22nd, local time, the Russian Ministry of Defense released a war report stating that over the past day, Russian forces had secured more advantageous defensive lines and positions in all directions, advancing deeper into Ukrainian defenses. Russian forces targeted Ukrainian defense industry enterprises, energy, transportation, and warehousing infrastructure supporting Ukrainian troops, long-range drone assembly sites, and temporary outposts of Ukrainian troops and foreign mercenaries. On the 21st, the Ukrainian Armed Forces stated that, affected by the rapid advance of Russian forces, Ukrainian troops had withdrawn from several positions near the Russian-Ukrainian border in Krasnopyria, Sumy Oblast. Currently, Ukrainian forces are continuing operations along the border, eliminating Russian manpower, and Russian forces are currently under Ukrainian fire.Conflict Status: 1. Ukraine claims infrastructure in Odessa region was attacked. 2. Russia has deployed its 5,500-kilometer Hazel missile to Belarus. Other Developments: 1. French Presidential Palace: The method of dialogue between the French and Russian presidents will be determined within days. 2. US intelligence indicates that Putins war objectives in Ukraine remain unchanged. 3. The Ukrainian delegation held a series of meetings with the US and EU; the US envoy described them as "productive." 4. Kremlin: Putin is ready to engage in dialogue with French President Macron if both sides share a common political will. On December 22, Biren Technology announced on the Hong Kong Stock Exchange that it plans to issue 247,692,800 H shares in its Hong Kong listing (subject to the exercise of the offering adjustment right and over-allotment option), with a pricing range of HK$17 to HK$19.6 per share. Trading of the H shares is expected to commence on January 2, 2023.

Europe's Fertilizer Shortfall Boosts US Nitrogen Exports

Skylar Williams

Oct 26, 2022 14:19

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Due to rising European natural gas costs, U.S. nitrogen fertilizer exports reached a multi-year high this summer.


The Ukrainian conflict's worldwide food and energy supply impacts are shown by strong U.S. sales. Russia, which faces financial sanctions, produces fertilizer and natural gas, which are needed to make nitrogen-based products that boost corn and other crop yields.


Since Russia invaded Ukraine in February, Europe has weaned itself off Russian natural gas and shut down an ammonia pipeline to a Ukrainian port.


Due to a global fertilizer shortfall that has raised crop nutrient prices, the UN issued a "future availability crisis" alert this month. European fertilizer factories have closed due to high prices.


The world's third-largest fertilizer producer, the United States, exported 370,000 short tons in August, more than double the year-ago figure, according to the latest U.S. Census Bureau data compiled by industry organization The Fertilizer Institute (TFI) for Reuters. TFI began recording statistics in 2013.


According to London-based Argus Media CEO Alistair Wallace, European customers are outbidding domestic buyers in the US and other exporting nations like Indonesia and Malaysia.


Despite the export surge, TFI data shows that U.S. nitrogen fertilizer production was at its second-highest level in a decade in June, indicating a global dislocation rather than scarcity.


Jason Troendle, economist at TFI, which includes CF Industries (NYSE:CF) and Nutrien (NYSE:NTR), said it is unclear if the U.S. produced more or shifted more supplies to Europe in July and August (NYSE:NTR).


Troendle noted that the US exports little and cannot backfill markets.


Troendle said France, Belgium, Norway, Lithuania, Morocco, Chile, and Brazil had the biggest year-over-year U.S. purchase growth.


According to Wallace, European countries now buy urea, a nitrogen fertilizer, from outside.


He claimed EU nitrogen costs fell in mid-October as some European plants resumed output due to dropping natural gas prices.


According to Copa-Cogeca secretary-general Pekka Pesonen, European farmers cannot stockpile fertilizer before sowing next spring due to high prices and limited supply.


"We need tremendous volumes in a short time," Pesonen said.


Despite rising input prices, U.S. farmers may plant more fertilizer-intensive corn next year. Farm Futures polled growers and predicted a 10-year high of 94.282 million acres for corn acreage, up 6.4% from 2022.


Belmond, Iowa farmer Dave Nelson pays $1,280 per ton for fertilizer, up from $350 two years ago. For 2023 budgeting, he obtained this price this fall.


"I might as well do it because (price) would just climb," said maize and soybean farmer Nelson. Skimping on fertilizer will hurt you.


Investment bank Itau BBA reported that Brazil, which imports 85% of its fertilizer, bought more ammonium nitrate from the US, Belgium, and Holland in January–September to compensate for lower Russian supply.

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