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Urea values continued rallying in late July 2023, with Egyptian granular urea trading at $450/t fob, up more than $165/t since mid-June. Brazilian granular reached $400/t cfr and US barge values moved above $400/short ton.
Producers have sold out some August volumes and are extending order books into September.
Supply cutbacks in SE Asia, Nigeria and Russia, plus China's absence from export trade, are tightening nitrogen supply while Latin American and Indian demand rises. Higher urea and gas-driven production costs support feed-grain and fertilizer-linked input costs.
profercy.comChris YearsleyJul 26, 2023Not enough comparable past events yet for a historical read.
Not 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.
Egyptian urea up over $165/t since mid-June with producers sold out into September, reflecting tight supply and strong Indian demand and sentiment.
Egyptian granular urea rose more than $165/t since mid-June to $450/t fob, with producers sold out for August and Indian demand and supply challenges supporting the rally.
Late-July rally with Egyptian granular up over $165/t since mid-June, producers sold out for August and strong Indian demand, reflects tight supply and bullish sentiment.
Late-July rally with Egyptian granular up over $165/t since mid-June, supply tightness, Indian demand and sold-out August volumes show the fundamental backdrop for the surge.
