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China reversed a recent decision to allow urea exports from May by adding another approval layer, with exports only permitted if domestic prices fall. Traders are confused by the change, and fund positioning in the broader ag complex is at its shortest in over four years.
China is a major urea exporter, so renewed export restrictions tighten global supply and could support prices after the recent slide. The uncertainty also raises volatility for importers buying nitrogen fertilizer.
genesisfertilizers.comCaitlinApr 24, 2024After 129 past bullish policy events, Urea moved a median -0.1% over 5 sessions (47% higher; middle half -1.3% to +2.3%), and +1.4% 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.
