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Global urea benchmarks in east and west have rallied more than 20% since January, matching early-November 2023 levels. A supply squeeze in the east, early Oceania demand and short covering in Turkey and Europe have left many producers well sold for the next 30-45 days.
India's NFL tender secured only 647,000t against a 1m t target, and Egyptian buying pushed prices into the mid-$370s pt fob.
Tight eastern supply and a weak Indian tender have lifted urea prices, raising feed-grain and fertilizer costs for buyers ahead of spring application. Producers' full order books suggest prices may hold near current levels in the short term.
profercy.comChris YearsleyFeb 2, 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.
