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Chinese environmental controls have forced coal-to-gas switching, causing acute natural gas shortages and suspending over 9.4 million tonnes of gas-based urea output. Rising coal costs add to the tightness in China's urea market.
Reduced Chinese urea exports remove supply from the global market, tightening nitrogen fertilizer prices unless other marginal exporters fill the gap.
prnewswire.comCRUJan 10, 2018After 129 past bullish policy events, UREA moved a median -0.1% over 5 sessions (47% higher; middle half -1.3% to +2.3%), and +1.4% over 20.
After 439 past neutral policy events, CORN moved a median +0.1% over 5 sessions (51% higher; middle half -1.3% to +1.2%), and +1.1% 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.
