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Urea demand was slow in the US, Europe and Brazil before the main second-half buying season. Middle East urea FOB fell over $25 per tonne on Asian trades, Brazilian prices dropped about $15 per tonne, and ammonia prices fell as European gas costs declined.
Freight rates east of Suez were reportedly cut in half.
Lower feedstock and freight costs push global nitrogen fertilizer prices down, which eases input costs for grain and feed producers. Falling Chinese and Middle East export prices reinforce the downward trend in urea.
chemanalyst.comGabreilla FigueroaMay 29, 2023
profercy.comChris YearsleyJun 23, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
Reports a steep global urea price drop in the same week, with Middle East FOB down over $25/t and Brazil down about $15/t on weak demand before the main buying season, directly matching the move.
Slow demand ahead of the main buying season cut Middle East FOB by over $25/t and Brazil by about $15/t, with lower gas costs and freight adding downward pressure during the week of the move.
