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Urea fell to about $480 per tonne, its lowest since September 2021, as ample supply and large inventories limited demand. Cheaper European natural gas after a mild winter let manufacturers restart production, and India bought discounted Russian fertilizer.
Prices remain far below the record $1,050 reached in April.
Cheaper nitrogen inputs lower the cost of fertilizing corn and wheat, easing pressure on feed grain production costs. The price drop is tied to gas costs and weak demand, pointing to continued softness in urea.
tradingview.comJan 24, 2023Not 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.
Documents urea at a 16-month low from ample supply, large inventories, and cheaper European gas restarting production, which built bearish sentiment ahead of the drop.
