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Urea prices rallied in western markets as traders covered short positions after a paper-market surge ahead of an expected Indian tender. Hurricane Ida also shut CF Industries' Donaldsonville plant, pushing US Gulf values from about $430 to nearly $500 per ton fob Nola, a nine-year high.
Eastern prices were still waiting for the Indian announcement.
Expected Indian buying and a supply shortfall in the US Gulf are tightening nitrogen availability, pushing urea prices higher and raising feed-related nitrogen and input costs.
profercy.comChris Yearsley3 sept. 2021Après 176 événements commerce haussier passés, Urée a varié en médiane de +0,1 % sur 5 séances (51 % de hausses ; moitié centrale de -1,3 % à +2,4 %), et de +1,6 % sur 20.
Variations du benchmark de chaque matière depuis la dernière clôture avant l'événement. Les lectures historiques regroupent les événements passés de même nature ; elles décrivent ce qui s'est passé, pas ce qui arrivera. Ceci n'est pas un conseil en investissement.
Western urea rallied on 2021-09-03 as traders covered shorts and Ida's plant shutdown pushed Nola from about $430 to nearly $500/t, matching the move's timing and size.
Western urea rallied as shorts covered and Ida shut Donaldsonville, lifting fob Nola from about $430 to nearly $500/t.
Short covering and the Donaldsonville shutdown pushed US Gulf urea to a nine-year high, but it is dated 2021-09-03, just after the window, so it likely confirms rather than drove the move.
Short covering ahead of the Indian tender, combined with the Donaldsonville outage, lifted western urea prices, though the report is dated just after the move.
