
China's urea futures on the Zhengzhou exchange reached 2,600 yuan ($353.84) per ton on Sept. 1, the highest since March, after a surge in demand from India.
Chinese authorities moved to slow fertiliser shipments in response.
Curbs on Chinese urea exports tighten global nitrogen supply, supporting urea prices that feed into higher costs for corn and feed grain production.
After 129 past bullish policy events, Urea moved a median -0.1% over 5 sessions (47% higher; middle half -1.3% to +2.3%), and +1.4% over 20.
After 439 past neutral policy events, Corn moved a median +0.1% over 5 sessions (51% higher; middle half -1.3% to +1.2%), and +1.1% 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.