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Urea prices fell further in June 2023 in the USA and Europe, with US FOB prices down 8.4% month on month. Russian urea also declined, with FOB prices down 2.1% and German FD prices down 2%.
Weak downstream demand, surplus material and lower ammonia and natural gas costs were cited as the main drivers.
Cheaper nitrogen reduces the input cost of corn and other crops, which can ease pressure on farm margins and feed-grain costs. The downtrend reflects surplus supply and soft demand, so it points to continued bearish pressure on urea prices.
chemanalyst.comSasha FernandesJul 11, 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.
