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Gulf urea swaps jumped $32 a ton to $300 in one week as buyers scrambled for barges amid limited imports. Ammonia contracts for January settled at $245 a ton, and Corn Belt dealers were quoting $480 to $500 for anhydrous ammonia ahead of spring.
Fuel and fertilizer costs were rising alongside higher grain prices.
Rising nitrogen costs raise the cost of producing feed grains and add to upward pressure on fertilizer-linked input prices heading into spring application. Strong urea forward curves suggest the price strength could persist through planting.
pnw.coopJan 19, 2021
farmprogress.comBryce KnorrJan 19, 2021Not 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.
Gulf urea swaps jumped $32/t to $300 in one week as buyers scrambled for barges amid limited imports, a supply-demand squeeze that drove the rally.
Gulf urea swaps jumping $32 as buyers scrambled for barges on limited imports shows the US demand and supply squeeze.
