Demand has stalled — due partly to inclement weather slowing applications but also to perceived weakness in the nitrogen market. This is also affecting P and K prices, which continue to trade well below replacement costs. Spreading is only now slowly starting, and market estimates are that we are about two weeks behind normal. Topup demand from farm is not expected until May, but should lead to restocking up the chain. Blenders and distributors anticipate large demand for NPKs this spring, but are not certain when it will appear.
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