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Urea prices rose during the week mainly on production outages, including an unexplained shutdown at Petronas' Sipitang plant in Malaysia and scheduled maintenance at BFI in Brunei. Middle East urea rose about $30/t to $325-330 FOB.
Buyers in the southern hemisphere are resisting higher prices ahead of expected Chinese export easing and Russian export increases.
Higher urea costs raise nitrogen input costs for corn and wheat, though expected Chinese and Russian supply increases could cap the rally. Feed buyers face mixed near-term cost pressure.
czapp.comApr 23, 2023Not enough comparable past events yet for a historical read.
Not 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.
