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9/9/2020

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Call Summary:

• Grain markets have been exciting to watch – dealing with a demand bull market which leaves some optimism going into harvest. WASDE report is out Friday.
• Have nitrogen needs covered for spring: UAN, Urea or NH3. Values are cheap compared to the world. Recommending 75% of needs covered for spring.
• Phosphate market is tight, with more DAP availability than MAP. If you can get a good buy on MAP, buy it. Duties will likely not resolve themselves for a while. Decision date for ITC and DOC review pushed back to Nov 23.
• Potash has been stable. Market moved up $5 when tension in Belarus started. Recommending to cover 50% of needs for spring.
• AMS has been quiet and will likely stay sideways until Jan/Feb. We don’t see anything driving supply tighter. Hold off on buying AMS until 1st Quarter of 2021.