Global commodity markets
By lens · 3 takes across the edition
Reports National Fertilizers Ltd (NFL) issuing a 1.7 million tonne urea tender (900,000 tonnes west coast, 800,000 east coast) with July 20 loading deadline. Domestic production shortfall driven by Petronet LNG force majeure that cut March output by 800,000 tonnes. India's urea requirement through August 2026 projected at 17 million tonnes; existing stocks at 6.2 million tonnes plus domestic production left a gap requiring 2 million tonnes in imports. India's fertilizer import bill projected toward a record $18 billion for FY27.
“NFL issued a 1.7 million tonne urea tender ahead of monsoon sowing after a domestic gas supply disruption cut March production by 800,000 tonnes.”
Confirms DGFT lifted the export ban on 100% broken white rice on March 7, 2025, via Notification 61/2024-25. Global beneficiaries include China, Indonesia, and African nations that use broken rice for animal feed and ethanol feedstock. The broken rice lifting completed India's full exit from the blanket-ban regime.
“India lifted the export ban on 100% broken white rice on March 7, 2025, completing its exit from the blanket-ban regime.”
Confirms India's February 2026 export quota of 2.5 million MT of wheat, the first exports permitted since the May 2022 ban. Covers market reaction: global wheat prices fell on the announcement as Indian supply re-entered the market, particularly affecting Egypt, Turkey, and Bangladesh, which had been paying premiums for non-Indian alternatives.
“India to export 2.5 million MT of wheat after a near four-year ban; global wheat prices fell on the announcement.”