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Chinese urea futures on the Zhengzhou exchange fell 4.8% to 2,970 yuan per tonne, a two-week low after record highs. The drop followed a customs announcement requiring inspection certificates for 29 fertilizer products, effective October 15.
Traders viewed the requirement as a de facto export ban.
Restricted Chinese exports of urea and phosphates tighten global fertilizer supply, which supports prices for buyers outside China. The futures sell-off reflects domestic Chinese price moves rather than a loosening of export availability.
reuters.comEmily ChowOct 14, 2021After 129 past bullish policy events, Urea moved a median -0.1% over 5 sessions (47% higher; middle half -1.3% to +2.3%), and +1.4% over 20.
After 151 past bullish policy events, DAP moved a median +0.0% over 5 sessions (50% higher; middle half -0.6% to +0.9%), and +1.9% over 20.
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.
