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Urea prices rose in late September 2024 ahead of an India tender closing Oct. 3, with Middle East FOB up about $25/t and Southeast Asia up about $30/t.
A Middle East cargo traded at $356/t FOB, above the prior $335-340 range. Pupuk Indonesia awarded granular urea at $358.35/t FOB, and Iranian FOB offers were below $300/t.
India's tender sets the benchmark for Asian urea demand, and firmer offers raise nitrogen input costs for feed grain producers. Iranian supply participation could temper the rally if it expands.
czapp.comStein Chingen HauganSep 30, 2024After 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.
Dated 2024-09-30, it reports late-September urea price gains ahead of the India tender, with Middle East FOB up about $25/t and SE Asia up about $30/t, which directly matches the one-day rise through supply-demand tightening and tender-driven buying.
Late-September urea price gains of $25-30/t in the Middle East and Southeast Asia ahead of the India tender closing Oct. 3 reflect tender-driven buying that plausibly fed the 1 October move.
Late-September gains in Middle East and Southeast Asia FOB prices ahead of the India tender closing Oct 3 show firming physical prices and tender-driven demand that fed the move.
Late-September firming ahead of the India tender closing Oct 3, with Middle East and SE Asia FOB prices rising, built upward momentum going into Oct 2.
