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Australian urea prices have fallen about 57% from peaks above $1,600 a tonne last year, with current port prices near $680 a tonne. Analyst Andrew Whitelaw said lower gas prices and weaker demand brought the grain needed to buy a tonne of urea back toward historical norms.
Phosphorus prices did not spike to the same extent.
Lower nitrogen costs ease input pressure on Australian winter crop growers and may allow higher fertilizer rates, supporting crop output. Feed buyers may see steadier grain supply from Australia as cost pressure eases.
farmonline.com.auGregor HeardMar 15, 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.
