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The Profercy World Nitrogen Index fell for a third consecutive week as buyers reduced bids or stepped back, particularly in Brazil. Brazilian CFR urea values dropped about $25/t, and Indonesian granular urea was booked for September at $457.50/t FOB.
US NOLA barge prices briefly fell to $400/st before recovering.
Buyer retreat and sellers cutting offers point to continued softness in urea prices, which raises the cost outlook for fertilizer-dependent crops. Lower nitrogen costs could ease future grain production expenses over time.
profercy.comChris YearsleyAug 6, 2021Not 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.
