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Urea granular prices in South Africa fell 6.0% in the week to November 7, with MAP down 1.6% and KCl down 1.5%. Middle East urea was assessed nearly $20/t lower, in the low $350s, based on only one or two trades, while Egyptian urea dropped from over $400/t FOB to $360/t with few buyers.
The sharp drop reflects holding back ahead of the Indian tender rather than firm fundamentals, so prices may rebound if the tender clears well, but near-term nitrogen costs are lower.
farmingportal.co.zaNov 9, 2024Not 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.
