FIS is one of only three brokers in this specialised market for futures in Nitrogen, DAP and Urea fertilizers, covering contracts in key US, Middle East and Chinese markets. Asia accounts for more than half the share of global nitrogen consumption, with China representing more than half of that share. As the world’s population continues to grow, so too does food consumption and the demand for fertilizers. Fertilizer costs relative to total production costs of corn have averaged around 24% in recent years and varies between 6% for soybeans and 15% for wheat. Fertilizer prices are highly cyclical and subject to volatility just like any other commodity, especially as they are closely correlated to natural gas prices. FIS is targeting growth in Asia and in particular opportunities in China markets including arbitrage between CBOT and Dalian contracts. Physical and financial grain brokerage has been identified as an opportunity for further development. There is a significant Black Sea and Asia trade that FIS has successfully captured on physical ship broking and more of our core business strengths can be extended to this sector, including cross-selling our existing fertilizer contracts.