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US urea prices held firm on barges as traders rushed cargoes to New Orleans before the Mississippi river closure. Indian authorities said the next urea tender is at least a month away, while Eastern urea prices fell on increased Chinese exports.
Mixed regional movements leave urea prices flat overall, but the delayed Indian tender and rising Chinese supply weigh on the outlook. The river closure is a logistics factor that could support US prices briefly.
farmingportal.co.zaFarming PortalApr 28, 2023After 23 past neutral trade events, Urea moved a median 0.0% over 5 sessions (48% higher; middle half -1.1% to +1.0%), and +2.8% 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.
Reports of rising Chinese urea exports, a delayed Indian tender (at least a month away) and the end of the US pre-closure buying rush point to weaker demand and more supply, which supports a sharp price drop.
