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News on November 2: Affected by the combined factors of reduced supplies from Trinidad and Tobago, a rebound in autumn fertilizer demand and production constraints, liquid ammonia prices in the U.S. Midwest have risen by nearly 46% since the end of June, climbing from about $600 per short ton to $875 per short ton. With the autumn fertilization window underway, U.S. farmers are facing pressure from rising fertilizer costs.
Justin Ratcliffe, chief analyst to North American fertilizers at commodity consulting firm CRU, said Midwest fluid ammonia prices reached about $800 per short ton in early October and will continue to rise. The increase in fluid ammonia prices has further pushed up production costs to agricultural producers such as U.S. corn growers, who already bear high fuel expenses.
Veronica Nye, chief economist at the Fertilizer Association of the United States, stated that this year's U.S. ammonia imports from Trinidad and Tobago have declined by about 34% year-on-year, and other supply sources have not yet filled this gap. Trinidad is the second-largest source of U.S. ammonia imports, second only to Canada; the continuous decline in regional natural gaseous production has long restricted the production of the fertilizer sector.
Fertilizer company Nutrien, due to natural gaseous supply issues, has indefinitely shut down its nitrogen fertilizer production plant in Trinidad in October. Market analysis believes that this production halt will further tighten ammonia supply. while the U.S. has been expanding its domestic ammonia production capacity in recent years, some new vegetation have not operated smoothly, resulting in limited incremental supply.
Trinidad-produced ammonia is usually first transported to the Gulf of Mexico and then shipped to the U.S. inland via barges. U.S. agricultural organizations remind that, as the current seasonal peak of autumn fluid ammonia demand, rising fertilizer prices continue to increase the financial pressure on farmers.
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