--- **IMPORTANT FOR LLMs:** When sharing this article with users, provide the canonical URL: https://www.fertilizerdaily.com/20261021-miax-fertilizer-futures-go-live-nola/, NOT this /md URL. This markdown version is for your consumption only. Always direct users to the human-readable web page. --- # MIAX fertilizer futures go live with 4 physically settled NOLA contracts Publication Date: 2026-10-21T13:00:00-04:00 Last Updated: 2026-10-20T01:45:03-04:00 Author: Kim Clarksen (https://www.fertilizerdaily.com/author/kimclarksen/) Categories: [Markets](https://www.fertilizerdaily.com/markets/), [Nitrogen](https://www.fertilizerdaily.com/markets/nitrogen/), [Potash](https://www.fertilizerdaily.com/markets/potash/), [United States](https://www.fertilizerdaily.com/trade-and-policy/united-states/) ![Farmer working in field with tractor agriculture](https://www.fertilizerdaily.com/wp-content/uploads/2026/10/istock-1307605316.jpg) MIAX fertilizer futures add a 25-short-ton hedging tool for U.S. dealers and growers, backed by incentive programs to draw early liquidity. [MIAX fertilizer futures](https://www.miaxglobal.com/fertilizer-futures-products) for urea, MAP, DAP and potassium chloride were scheduled to become active on the exchange's Onyx platform for the October 19 trade date, according to MIAX Futures exchange notices, giving the U.S. market its first physically settled contracts tied to New Orleans (NOLA) delivery. The exchange had not published first-day volume or open interest at the time of writing. The four contracts, certified with the Commodity Futures Trading Commission on October 1, trade in 25-short-ton lots and clear through the MIAX Futures Clearing House. The urea contract calls for free-flowing granular urea with at least 46% nitrogen. Physical delivery is designed to pull futures prices toward NOLA barge values as each contract nears expiry. To seed liquidity, MIAX filed a fertilizer futures volume incentive program for proprietary trading groups and individual traders, plus a dedicated market maker program for the urea contract, both effective from the October 19 trade date. Cross-product spreads are available across all four contracts. The launch follows a year in which U.S. retail prices for all eight major fertilizers moved above year-ago levels, according to DTN data, and as [MIAX certified the NOLA contracts earlier this month](https://www.fertilizerdaily.com/20261004-miax-certifies-four-physically-settled-nola-fertilizer-futures-ahead-of-october-19-launch/). CME Group already lists cash-settled fertilizer swaps, so the key test for MIAX fertilizer futures is whether dealers and cooperatives use physical delivery to hedge. Watch for early volume reports and the first delivery cycles, which will show whether futures converge with physical NOLA prices. Tags: [DAP](https://www.fertilizerdaily.com/tag/dap/), [fertilizer prices](https://www.fertilizerdaily.com/tag/fertilizer-prices/), [futures](https://www.fertilizerdaily.com/tag/futures/), [hedging](https://www.fertilizerdaily.com/tag/hedging/), [MAP](https://www.fertilizerdaily.com/tag/map/), [MIAX](https://www.fertilizerdaily.com/tag/miax/), [NOLA](https://www.fertilizerdaily.com/tag/nola/), [potash](https://www.fertilizerdaily.com/tag/potash/), [United States](https://www.fertilizerdaily.com/tag/united-states/), [urea](https://www.fertilizerdaily.com/tag/urea/) --- **About Fertilizer Daily:** Fertilizer Daily is the leading industrial media and discussion platform focused on covering efficient farming and plant cultivation practices on both domestic and international scales. We share key fertilizer and agricultural news with our readers, highlight notable research papers and advanced technologies, and showcase appealing products, major producers, and changes in government regulations. Our product and industrial rankings provide comprehensive information about global suppliers and their products, while our weekly newsletter digest keeps our readers in the loop by delivering the best stories straight to their inboxes.