YARIY - Nitrogen prices plummet 30% sending fertilizer makers lower

Fertilizer produces led by CF Industries (NYSE:CF) fell in Thursday's trading while most of the stock market rose, as nitrogen prices reportedly plunged 30%, partly due to demand destruction. CF Industries (CF) closed -3.8% after falling as much as 5.5%, while Nutrien (NYSE:NTR) finished -2.5%, Mosaic (NYSE:MOS) -1.4%, Intrepid Potash (IPI) -1.2% and CVR Partners (UAN) -0.8%. According to Bloomberg, the June spot price in Tampa, Florida, for ammonia nitrogen fertilizer settled at $1,000/metric ton, a 30% drop from May's $1,425/ton. Southeast Asia and other places are seeing more buyers who are unwilling to pay the record high prices that were seen in April and May, and the cost of ammonia production has declined as European natural gas prices fell in Q2, Green Markets analyst Alexis Maxwell told Bloomberg. But Yara International (OTCPK:YARIY) CEO Svein Tore Holsether expects fertilizer prices will remain high, noting 25M metric tons of corn and grains are stuck in

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Nitrogen prices plummet 30%, sending fertilizer makers lower