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Global ammonia prices weakened in May amid oversupply from new production, with the Tampa June contract down $17 to $220/mt CFR, the lowest since summer 2017. Ukrainian Yuzhnyy FOB levels fell to $210-215 from $235-240 in late April, while Malaysian producers sold at $265 FOB to some buyers.
Lower ammonia costs reduce nitrogen fertilizer expenses for corn growers, but delayed planting and weak demand may cut sidedress applications, weighing on fertilizer demand and sentiment.
dtnpf.comKarl Stenerson Market ReporterJun 14, 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.
