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Between November 3 and 10, French ex-works ammonitrate 33.5% fell 7.1% and ammonitrate 27% fell 6.2%, while port urea dropped 4.5% and Rouen nitrogen solution fell 1.5%. European gas prices lost nearly 20 €/MWh in ten days after topping 100 €/MWh earlier in November, as prospects of a Middle East ceasefire reduced the energy risk premium.
EU gas storage remains below 73%, well under the five-year average.
Cheaper gas lowers nitrogen production costs and may restart European fertilizer output, which eases input costs for feed grain and forage growers. The easing is fragile, because Hormuz disruptions and low storage could push gas and fertilizer prices back up.
agriannonces.frNov 14, 2026After 113 past macro events, Urea moved a median 0.0% over 5 sessions (48% higher; middle half -2.0% to +3.3%), and +3.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
