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The Profercy World Nitrogen Index fell 9.15 points to 195.47, its lowest level since June 2021. Ammonia prices in NW Europe dropped $40-50/t week-on-week, and vessels are queuing at Middle East and Southeast Asian export hubs.
Short-covering urea sales in Egypt provided only brief support.
Oversupply of ammonia and urea is pushing nitrogen fertilizer prices lower, which lowers feed-grain production costs over the coming season. Buyers should expect continued softness unless supply is curtailed.
profercy.comChris YearsleyFeb 3, 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.
