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The Profercy World Nitrogen Index rose 6.03 points to 117.45 in the week before August 10, its largest gain since August 2018. Urea prices climbed in eastern and western markets after India secured nearly 700,000t in a July tender and launched a new inquiry closing August 10.
Heavy Indian import demand and limited Chinese supply are pushing urea prices higher across Indonesia, Egypt and the US Gulf. Higher nitrogen costs will feed through to crop input prices and to the corn outlook.
profercy.comChris YearsleyAug 10, 2020After 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 480 past neutral trade events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
