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HighLine Grain Growers says ammonia trades near two-year lows on weak demand after a difficult fall and spring application season. Urea has likely bottomed internationally, with Gulf prices near $250/short ton and some Plains retail prices falling below $400.
Growers are urged to book 2020 nitrogen supplies ahead of a possible increase if corn acres expand.
Low wholesale ammonia and urea prices favor forward buying now, but expected corn acreage growth in 2020 could lift nitrogen prices later. Heavy Chinese supply is a risk to the near-term trend.
highlinegrain.comJun 28, 2019Not enough comparable past events yet for a historical read.
Not 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.
