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Urea markets turned positive in late May as China is expected to keep export restrictions in place for June and possibly July. Pupuk Indonesia's tender sold about 140,000 tonnes for June shipment at $312.26/t FOB, and Brazilian buyers paid $315-325/t CFR.
Traders also expect an Indian tender in mid-to-late June.
Continued Chinese export curbs and a likely Indian tender tighten near-term urea supply, which supports higher nitrogen input costs for feed grain production and pushes up prices for the next few months.
czapp.comStein Chingen HauganMay 28, 2024After 176 past bullish trade events, UREA moved a median +0.1% over 5 sessions (51% higher; middle half -1.3% to +2.4%), and +1.6% 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.
