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Urea prices in South Africa eased in the week to 24 October, with granular urea down 0.2% week on week. Market sentiment turned negative after the Indian urea tender was delayed until at least the first week of November because of the Diwali holiday.
Analysts note that Indian demand remains and the tender should still go ahead.
A delayed Indian tender removes near-term demand and has reversed recent urea gains, so prices may stay soft until the tender is issued and awarded.
farmingportal.co.zaFarming PortalOct 25, 2024After 81 past bearish trade events, UREA moved a median -1.0% over 5 sessions (28% higher; middle half -7.2% to +0.4%), and -5.5% 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.
The Indian tender delay until at least early November turned market sentiment negative and softened urea prices, consistent with continued downward pressure into end-October.
