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4/16/2020

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Call Summary:

• Nitrogen: Bought up on nearby needs—look to fill July/August.
• Phosphate: Could see softness in late Q3 into Q4, and Brazil demand should stabilize prices in the short term.
• Potash: Stock is lower, inventories are dwindling, prices are firm, demand is ultimately flat globally, and producers will have to work to limit price decline (which we expect).
• Sulfur: Caprolactam plants are shutting and it will drive prices up in the short term, limiting price decline on the fill.
• Prompt supply is tight but not short—sufficient for the spring. It’s just a matter of getting it to where it needs to be in the right time.
• Local producers sell + NOLA, but that is a key driver of internal U.S. values.