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Tidbits, Spec Funds Positions, Gevo & SAF 3/24/24

Tidbits


World urea prices this past week were down ~4%, despite the Indian tender. Phosphate prices were mostly unchanged except Single Super Phosphate 20% (SSP) was a bit stronger. MOP prices were mostly steady to up ~3% at around $310 per mt CFR Brazil (delivered to the ports).

 

Brazil’s farmers are waiting to decide what fertilizer and seeds to purchase for the new crop growing season. Weather and prices are out of whack.

 

Our clients in the Southeast USA are saying cotton is going to take 10 to 20% of the corn acres this spring.   

 

The EPA reports that 732 million biodiesel blending credits were generated in February vs 675 million in January 2024. Ethanol blending credits were unchanged at 1.21 billion.

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