
Global urea activity stayed subdued through November as buyers awaited results of an Indian urea tender. The November 26 tender filled only 1.4 million tonnes of a 2.5 million tonne requirement, with India struggling to secure volume as Chinese exporters stayed largely out.
Chinese phosphate exports were down sharply over the first ten months of the year, keeping phosphate markets stable, while DTN retail data showed most fertilizer prices rising in early November.
Under-filled Indian tenders and limited Chinese export availability keep global nitrogen and phosphate supply tight, supporting fertilizer prices. Feed buyers should expect input costs to stay firm, which weighs on feed margins.
在过去 683 次看跌的贸易事件之后,玉米 在 5 个交易日内中位数变动 -0.2%(47% 上涨;中间一半区间为 -1.7% 至 +1.6%),20 个交易日内为 +0.3%。
在过去 176 次看涨的贸易事件之后,尿素 在 5 个交易日内中位数变动 +0.1%(51% 上涨;中间一半区间为 -1.3% 至 +2.4%),20 个交易日内为 +1.6%。
在过去 193 次看涨的贸易事件之后,DAP 在 5 个交易日内中位数变动 +0.4%(54% 上涨;中间一半区间为 -0.3% 至 +1.8%),20 个交易日内为 +1.9%。
各商品基准价相对事件前最后收盘价的变动。历史数据汇总同类过往事件;仅描述已发生的情况,不代表未来走势。不构成投资建议。
The Indian tender on Nov 26 filled only 1.4 of 2.5 million tonnes with Chinese exporters largely absent, signaling weak global demand and buyers holding back, which is bearish for urea prices ahead of Dec 1.