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International urea prices rose in the week of January 5-12 after a surge in short-covering, with Egypt FOB at $375/t and North Africa up to $380/t. Brazil CFR reached $345-350/t and the US February FOB was around $310/t.
A Indian NFL tender drew offers as low as $316.8/t CFR West Coast, and traders covered short positions in Europe.
Short-covering and India's tender activity lifted nitrogen fertilizer prices, raising input costs for corn and wheat growers that feed into feed-grain pricing.
kelewell.deAntonia ZJan 15, 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.
