(Bloomberg) -- The phosphate-fertilizer market may take a few days to react to Hurricane Ian’s arrival over a key production area in Florida.
Prices for crop nutrients haven’t jumped even as the storm arrived in the state that’s home to Mosaic Co.’s phosphate rock assets, where they mine and process the the rock into fertilizers like diammonium phosphate and monoammonium phosphate, commonly known as DAP and MAP.
“Traders are waiting to see the impacts of the hurricane before making their next moves on futures,” said Taylor Eastman, fertilizer derivatives broker at Freight Investor Services in Kansas City, Missouri. “Of course everyone remembers what happened in 2017 with the production loss then, but we’re hearing from the trade it’s too soon to tell how this will impact supply going forward.”
Read: Fertilizer maker Mosaic says some Florida sites evacuated
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