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Global urea prices fell 2% to $323/t FOB Baltic during July 11-18 as demand weakened and major importers held large stocks. Analysts linked the decline to falling gas prices, while India's last tender bought only 430,000 t against 1-1.5 million t expected.
Egypt is expected to resume exports soon after securing LNG.
Weaker demand and rising inventories point to further softening in nitrogen fertilizer prices, which lowers input costs for feed grain production in the coming season. Egyptian export resumption would add supply and reinforce the downward pressure.
ukragroconsult.comJul 26, 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.
