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Global urea prices have slid since the India 1.67 million tonne urea tender awards, with a small 8KT Brazil cargo sold at USD 360/t CFR, well below levels of a few weeks earlier. China has suspended some export inspections to stabilize domestic prices, though this has not materially supported the market, and sanctioned Iranian urea has fallen to USD 330-340/t FOB.
Weak demand in Brazil, Europe and the US and ample supply keep downward pressure on nitrogen fertilizer costs for feed grain growers, though Brazilian port and logistics delays add some uncertainty.
czapp.comStein Chingen HauganNov 13, 2023Not 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.
