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China's renminbi devaluation has made Chinese urea $5-15/t cheaper on export markets. Granular urea fell about $15/t to the low-$260s/t fob as Arab Gulf and Indonesian producers cut prices to compete.
The decline follows high Chinese export volumes and a weak urea market.
Cheaper Chinese urea adds export supply into Asian and Western markets, pressuring nitrogen prices and the cost of fertilizer inputs for feed grain production.
profercy.comChris YearsleyAug 19, 2019After 113 past macro events, Urea moved a median 0.0% over 5 sessions (48% higher; middle half -2.0% to +3.3%), and +3.7% 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.
