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Indian urea tender delays and weak seasonal Q2 demand pushed international urea prices lower, with producers cutting prices to keep sales moving. Chinese urea became available in small volumes, raising expectations of larger Chinese exports.
A stronger South African rand offset the urea drop locally and lifted other nutrient prices in rand terms.
A delayed Indian tender and possible Chinese export easing point to lower global urea prices, while currency moves can change local nutrient costs for South African buyers.
farmingportal.co.zaFarming PortalMay 1, 2022After 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.
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.
Delayed Indian tenders and weak seasonal Q2 demand led producers to cut prices, while small volumes of Chinese urea raised expectations of larger exports, adding to supply.
Indian tender delays, weak seasonal Q2 demand, producers cutting prices, and expected Chinese export volumes pushed international urea lower.
