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Urea values rebounded sharply the week of June 24, with Egyptian granular fob rallying over $100/t to $740/t after a correction that began in April. Producers in North Africa, Nigeria and elsewhere built order books for the next 30-45 days, with Egyptian suppliers placing over 120,000t for July shipment.
Firmer European gas prices and short covering by traders are lifting nitrogen values, which signals that fertilizer costs for feed grain production may stop falling. Gas is the main input cost, so renewed European gas strength supports urea and ammonia prices.
profercy.comChris YearsleyJun 24, 2022Not 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.
