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Egyptian granular urea reached $350 per tonne FOB, the first time since February 2015. Brazilian urea rose to $350 per tonne CFR, in line with US Gulf values, and US, Latin American and other western buyers continued to book cargoes.
Supply is tight, with producers holding order books into March and Ukrainian output focused on domestic demand.
Tight global urea supply and strong import demand from the US, Brazil and elsewhere point to continued upward pressure on nitrogen fertilizer prices. Higher fertilizer costs feed into farm margins and the cost of crop production.
profercy.comChris YearsleyJan 22, 2021Not 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.
Egyptian granular urea hit $350 FOB, the highest since 2015, with Brazil and US Gulf in line and producers booked into March, indicating tight supply and strong demand during the move window.
Egyptian granular urea at a six-year high and tight supply with order books full into March show the physical tightness driving prices.
