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Urea prices were mixed between April 12 and 19, with the downtrend slowing as Brazil, NOLA and some Middle East offers rose. Middle East spot granular urea fell to FOB USD 280-295/tonne and Egyptian exports dropped about USD 15/tonne.
Market participants are watching whether China resumes urea exports.
Possible Chinese export resumption and weak fundamentals with unsold inventories in Egypt, Algeria and Nigeria create offsetting forces, leaving urea price direction unclear. This keeps nitrogen fertilizer costs for feed grain growers near current levels.
kelewell.deAntonia ZApr 22, 2024Not 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.
