While Yara reported Q3 results in line with our forecast, we expect the nitrogen fertilizer market balance to remain relatively tight going forward. Demand is likely to hold up despite the current weak farmer affordability and China is not likely to increase exports noticeably from expected 2025 levels. For European producers, the recent introduction of tariffs on Russian nitrogen exports should be supportive. CBAM will take effect on 1 January 2026 and represents considerable uncertainty both r ....