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Urea prices are falling, with US NOLA prompt trading around $400/short ton FOB barge and May as low as $320-330/short ton, and Middle East and Brazil values also weakening. Market participants are looking to next week's India tender for support, though Russian prilled urea is expected to set aggressive pricing.
Processed phosphate prices are under pressure from increased Chinese exports, while potash is steady.
Lower urea and DAP values reduce input costs for feed-grain and oilseed production, which can weigh on sentiment for corn and soy margins. A weak India tender would confirm further downside in global nitrogen pricing.
czapp.comStein Chingen HauganMar 25, 2024Not enough comparable past events yet for a historical read.
Not 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.
Falling NOLA, Middle East and Brazil urea values ahead of the India tender, with aggressive Russian pricing expected, show the downward pressure building before the move.
Processed phosphate prices were said to be under pressure from increased Chinese exports, a bearish supply signal.
