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South African fertilizer prices kept drifting lower over the holiday period as quiet trade continued. The urea market was described as extremely quiet after the postponement of the December Indian tender, with producers holding large unsold stocks in the Middle East, North Africa, Europe and North America.
Heavy producer inventories and delayed Indian demand push nitrogen prices down, with urea setting a negative tone across nitrogen products.
farmingportal.co.zaFarming PortalJan 8, 2023Not enough comparable past events yet for a historical read.
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.
Extremely quiet urea trade after the postponed Indian tender, with large unsold producer stocks in several regions, pointed to oversupply and pressure on prices.
