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Urea producers are acknowledging that lower prices are inevitable as oversupply worsens, with spot sales largely absent. US urea prices dropped $15/t and Middle East FOB fell $5/t to break below $300/t, and the next Indian tender is not expected until mid-Q2.
Persistent urea oversupply and weak spot demand point to further nitrogen fertilizer price declines into Q2, lowering input costs for feed grain production.
farmingportal.co.zaFarming PortalMar 31, 2023farmingportal.co.zaMar 31, 2023Not 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.
