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Urea prices kept falling after India's August 9 tender, where about 3.4 million tonnes were offered against roughly 1.76 million tonnes bought. Pupuk Holding's Australia-bound sale fell to $392/t FOB from $414.50, and NOLA urea dropped about $25/st.
China's July urea exports rose to 324,000 tonnes, with January-July exports up 52% year on year.
Buyers now hold the upper hand as Chinese export supply returns and tender netbacks slide, which points to lower nitrogen costs for feed grain and forage production into the fall.
czapp.comStein Chingen HauganAug 27, 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.
