# USD Urea price sees double digit drop, while a weaker Rand pushes local P and K prices up.

> 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.

- Date: 2023-02-10 · published 2023-02-10T12:00:00.000Z
- Category: market · region South Africa · magnitude medium
- Page: https://feedsoft.ai/events/11744-usd-urea-price-sees-double-digit-drop-while-a-weaker-rand-pushes-local-p-and-k
- Commodities: [Urea](https://feedsoft.ai/c/UREA.md), [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

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.

## Read by commodity

- UREA: bearish ▼
- USDZAR: bullish ▲

## Sources

- farmingportal.co.za: https://www.farmingportal.co.za/index.php/agri-index/68-crops/9038-usd-urea-price-sees-double-digit-drop-while-a-weaker-rand-pushes-local-p-and-k-prices-up

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.