Highlights
The Central Bank of Brazil released the result of the IBC-Br for May of this year. The indicator, which is seen as a preview of the Brazilian GDP, recorded a sharp monthly drop of 2%, well below expectations by analysts of no growth (0.00%).
Urea prices ended another week on highs around the globe. Nitrogen quotes delivered to Brazil increased US$15 to US$20 per mt, and prices were between US$315-320 per mt.
Ukraine said several days ago it would ship grain west by rail to the Danube River to load barges and small ships on the river. Russia blew up a rail bridge that connects the Danube ports to Odessa ports. That opportunity has been cancelled.
Kevin Duling’s comment about ships in the Black Sea being attacked:
"If we do have ships attacked, we’re apt to see a week of limit up moves and might go beyond last year’s 1 month war spike in prices. If we don’t, I don’t think we see lower markets, as the balance sheet is too tight and the cash market should start to move on its own to lead the way."