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Global Nitrogen Quarterly:
Supply & Demand, Production Costs and Pricing

• Nitrogen Outlook — a review of our forecasts for the global Nitrogen market, with a focus on urea and ammonia
• Natural Gas — analysis of the North America natural gas market and the area as a low-cost producing region against the global backdrop
• Historical Price Snapshot — historical urea pricing vs. farm incomes, and corn prices

• Global Supply and Demand— a global overview of projected capacity vs. our estimated demand curve
• North America Scenario — an in-depth look at North American nitrogen projects, with an examination of how different levels of project completions affect the supply/demand structure
• Implied Demand — estimates of implied fertilizer demand out to 2020, based off of linear regressions tied to Bloomberg Global GDP forecasts and World Harvested Land
• Import-Export — base line assumptions for both country level demand and import/export assumptions for major producing and consuming nations for both urea and ammonia

• World Capacity Overview — our global capacity assumptions for ammonia, urea, ammonium nitrate, and UAN
• Nitrogen capacities — for Americas and Europe, Africa, Asia and Australia, and China
• Inventory — a look at both U.S. and Chinese inventory levels
• Operational Capability — a look at production levels in recent history vs. theoretical nameplate capacities and implied consumption
• Global Factory Output — the model tracks individual factory output, at the country level. List of over 450 nitrogen producers

• Production Costs Analysis — comparison of cost basis at the country and manufacture level