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Urea prices dipped in several regions as India's anticipated purchasing tender remained unannounced, with the delay possibly linked to Diwali. Egyptian urea fell USD 12-17/tonne to USD 390-395/tonne FOB, and Brazilian buyers held back from larger purchases.
DAP prices were also reported falling as India's Rabi season ends.
Buyers are waiting on India's tender, which would likely set December shipment demand, so the uncertainty is pressuring urea and DAP prices lower in the near term. Until the tender is announced, weaker nutrient prices could ease input costs for feed-grain producers.
czapp.comStein Chingen HauganOct 28, 2024After 81 past bearish trade events, Urea moved a median -1.0% over 5 sessions (28% higher; middle half -7.2% to +0.4%), and -5.5% over 20.
After 40 past bearish trade events, DAP moved a median -0.1% over 5 sessions (38% higher; middle half -3.7% to +0.5%), and -2.4% 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.
India's delayed urea tender removed an expected demand catalyst, pushing Egyptian FOB urea down USD 12-17/t and Brazilian buyers to hold back, a direct sentiment and demand driver of the price drop.
India's delayed urea purchase tender removed an expected demand catalyst, pushing Egyptian FOB urea down USD 12-17/t and Brazilian buyers to hold back, a trade-flow and sentiment driver of the weakness leading into Nov 1.
