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Nitrogen fertilizer prices have recovered sharply from the pandemic slump and reached multi-year highs. Urea trades near $450 per short ton on the Gulf, versus under $200 a year earlier.
Analysts describe the market as unusually frantic for the off-season, with strong grain prices and Chinese and Egyptian export restrictions adding support.
Higher nitrogen costs raise the input cost of corn and other grain production, which tends to support grain prices and squeezes feed margins. The restrictions on exports from China and Egypt tighten global urea supply.
capitalpress.comMATEUSZ PERKOWSKICapital PressJun 22, 2021After 176 past bullish trade events, Urea moved a median +0.1% over 5 sessions (51% higher; middle half -1.3% to +2.4%), and +1.6% over 20.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% 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.
