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Urea prices fell double digits in the week, with Middle East fob falling below $350/t for the first time since March 2021. Brazilian prices also dropped about $20/t as buyer interest was almost absent and Middle East producers shipped cargoes to the US.
Locally, a weaker rand lifted South African phosphate and potash prices.
Weak buying and producer export pushes are driving urea toward Middle East netbacks near $300/t, pressuring global nitrogen prices. The weaker rand raises the rand cost of imported phosphate and potash for South African buyers.
farmingportal.co.zaFarming PortalFeb 10, 2023Not enough comparable past events yet for a historical read.
Not 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.
