FOR FERTILISERS THIS YEAR…


THE KEY WORD IS GAS! I suspect this may well be an understatement


This all started, with the Strait of Hormuz…but that is going too far back. This all really started for me at the end of May, when attending & taking part in Commodity Trading Week Europe (‘CTW’) in London. It grew further more recently, when talking & taking part in a panel session at the International Grains Forum (‘IGF’) in Novi Sad in Serbia. At CTW, a key theme for the event is established early on when Ben Hilary, the MD of the host – Commodities People, asked the audience to just type & send one word to show what commodities meant to each of us. For the last few years, definitely for 2025, it had been…Oil! However, this year, a new word emerged…Gas…and I think it is a real and very strong concern, especially after the end of May.


…IT MAY NOT NECESSARILY BE THE ‘SPOT’ PRICE THAT IS THE KEY FOR ALL PURCHASES…BUT THE PURCHASING WINDOW.


8 | ADMISI - The Ghost In The Machine | Q2 Edition 2026


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