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India's state trader MMTC issued a urea tender for shipment up to 28 February and received firm offers for around 2.86 million tonnes from 22 bidders. The lowest offers were about $39-43/t below the prior MMTC tender in November.
A large Indian tender at prices well below the previous round signals softer global urea values, which lowers nitrogen input costs for corn growers.
argusmedia.comJan 16, 2019After 81 past bearish trade events, Urea moved a median -1.0% over 5 sessions (28% higher; middle half -7.2% to +0.4%), and -5.5% over 20.
After 480 past neutral trade events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
