MIAX confirmed the launch of four physically settled fertilizer futures on 21 October. Its earlier operational notice scheduled the opening for the evening of 18 October, with a 19 October trade date. The contracts use Onyx Commodities and MIAX Futures Clearing.[1][2]
NOLA fertilizer contracts
| Symbol | Underlying |
|---|---|
| MGU | UreaSource 1Source 3 |
| MAP | Mono-ammonium phosphateSource 1Source 3 |
| DAP | Diammonium phosphateSource 1Source 3 |
| MOP | Potassium chlorideSource 1Source 3 |
Delivery and trading details
| Term | Published position |
|---|---|
| Listed months | February, March, April, May, September and DecemberSource 3 |
| Delivery instrument | Registered shipping certificatesSource 3 |
| Delivery territory | New Orleans, LouisianaSource 3 |
| Minimum physical load-out | One barge: 1,500 short tons, representing 60 contractsSource 3 |
| Daily price limit | $75 per short ton; no limit in the spot monthSource 3 |
| Clearing | MIAX Futures Clearing HouseSource 3 |
The physical process determines an important boundary
The FAQ describes delivery of certificates by an assigned short to the long. Holders below a full-barge quantity, or with quantities not divisible by that size, use a stated buy-up or sell-back procedure with the certificate issuer. Participants can instead close positions before entering delivery.[3]
That makes delivery policy an account-level question as well as a contract feature. A broker may impose an earlier close-out deadline or restrict delivery-capable accounts. The exchange’s launch does not establish that every retail futures account can hold these contracts into delivery.
A hedge also retains basis risk: the price of a particular customer’s fertilizer, transport route and purchase timing may differ from the exchange contract. The product creates a standardised reference and settlement process; it does not guarantee that every commercial exposure is perfectly offset.
The relevant clearing distinction is product-specific. These fertilizer contracts clear at MIAX Futures Clearing, whereas MIAX’s Bloomberg equity-index futures use OCC. Group branding should not erase that difference.[3][1]
Sources & further reading
- MIAX Launches Physically Settled Fertilizer Futures on MIAX Futures MIAX / Miami International Holdings · 21 Oct 2026 · Accessed 27 Oct 2026
- Onyx Commodities platform fertilizer launch schedule MIAX Futures · 31 Aug 2026 · Accessed 27 Oct 2026
- MIAX Futures Fertilizer FAQ, October 2026, version 1.4 MIAX Futures · Accessed 27 Oct 2026