International urea prices have fallen to about $450 per tonne from a peak near $900 after China resumed fertilizer supplies, according to Arif Habib Ltd. The decline follows a Middle East conflict and the closure of the Strait of Hormuz.
Cheaper urea eases fertilizer costs for grain growers, but the drop from peak highlights that Hormuz disruptions had tightened nitrogen supply; prices for nitrogen-linked inputs are bearish.
After 17 past bearish geopolitics events, Urea moved a median -1.9% over 5 sessions (41% higher; middle half -3.1% to +2.8%), and +0.2% over 20.
After 31 past neutral geopolitics events, Corn moved a median -0.3% over 5 sessions (42% higher; middle half -2.3% to +1.1%), and +0.2% 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.