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Yara reported third-quarter 2018 results with EBITDA up 16% year on year to $402m, despite European gas costs rising to $8.2/MMBtu. Urea production rose to 1.59m tonnes from 1.39m tonnes, and the company forecast a positive outlook even with higher gas prices expected in Q4 2018 and Q1 2019.
European urea output is about 5% of global supply, and with China and Iran absent from export markets, staying online keeps supply tight and supports the three-year-high urea prices that feed grain and fertilizer costs.
profercy.comChris YearsleyOct 19, 2018Not 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.
