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Vietcap lowered its 2024 average Middle East urea price forecast to USD320/tonne from USD350, citing easing gas prices, expected Chinese export relaxation, and weaker demand tied to El Niño and geopolitical tensions. The brokerage still expects a roughly 9% rebound in 2025 as new global capacity additions slow.
Lower urea prices through 2024 reduce nitrogen input costs for crop producers, while the expected 2025 rebound signals rising costs for next season's corn planting.
vietcap.com.vnVIETCAPMay 10, 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.
