The Mosaic Co. shares jumped as much as 11.4 percent to the highest intraday since September 2019 after the Commerce Department announced its affirmative preliminary determinations in the countervailing duty (CVD) investigations of imports of phosphate fertilizers from Morocco and Russia, according to Bloomberg. In the meantime, sources in the NOLA market, said players began pulling offers off the table in order to assess the news.
Mosaic said beginning in a matter of days, the rates from Commerce’s preliminary determinations will be used to impose preliminary cash deposits on Moroccan and Russian phosphate fertilizer imports into the United States.
Preliminary subsidy rates were 23.46 percent of OCP SA/Morocco; and 20.94-72.5 percent for Russian producers, including 72.5 percent for EuroChem’s Industrial Group Phosphorite LLC, 20.94 percent for PhosAgro’s Joint Stock Company Apatit and 32.92 percent for all other Russian producers/exporters.