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Urea prices rose across most regions, led by Egyptian producers who sold into European covering of short positions. MOPCO and other Egyptian sellers placed volume at $286-290/t FOB, with the peak reaching $310/t FOB.
Brazilian offers rose from $300 to $320/t CFR, and Petronas had production problems in Southeast Asia.
Short covering and Egyptian sales lifting prices to $310/t FOB increase the cost of nitrogen for global grain producers and signal firmer demand heading into the June supply window.
czapp.comStein Chingen HauganMay 19, 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.
