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Urea prices jumped about 11% week-on-week at benchmark points worldwide in the week to 29 June, with South African urea granular rising to R6,556 from R5,910. Middle East prices rose nearly $30/t and Egypt saw large increases on spot sales into Europe, though trade was limited by the Eid al-Adha holiday.
Producers with improved recent sales pushed prices higher even though the market remains oversupplied, so feed buyers should expect volatile nitrogen costs that could feed through to grain production economics. The rebound raises doubts that fertilizer prices have bottomed.
farmingportal.co.zaJun 30, 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.
