Loading…
Urea barges at New Orleans traded roughly $50-80/st higher after the US-Israel strikes on Iran began on 28 February. Second-half March barges moved to $520-550/st fob.
Middle Eastern supply is at risk because of the Strait of Hormuz disruption.
The Middle East supplies a large share of global urea, so disrupted shipments before US spring application season tighten supply and push up nitrogen costs for corn growers. Higher fertilizer costs squeeze feed-grain margins.
argusmedia.comCalder JettMar 25, 2024After 205 past bullish geopolitics events, Urea moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.0%), and -0.4% 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.
