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Global ammonia prices weakened in May amid oversupply from new production, with the Tampa June contract falling $17 to $220/mt CFR, the lowest since summer 2017. Ukrainian and Malaysian FOB prices also softened, and domestic US prices are falling as wet fields and delayed planting cut demand.
Cheaper nitrogen inputs reduce fertilizer costs for corn growers, though lower planted corn acres from wet weather weaken sidedress demand. Continued weak prices could eventually prompt production cuts.
proag.comJun 17, 2019Not 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.
