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Global nitrogen prices rallied for six weeks from mid-May, with Egyptian and Arab Gulf urea FOB prices up $55-70/t. The rally followed a slow start to 2018 caused by weather delays and deferred demand, and was amplified by a decline in Chinese urea exports and uncertainty over Iranian urea outlets.
A sustained rise in nitrogen supply costs raises the cost of corn production, which can curb planting and support grain prices over time. Reduced Chinese export availability keeps global nitrogen tight.
profercy.comChris YearsleyJul 3, 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.
