US granular urea stagnant around $370 s/t

04 March 2008 17:01  [Source: ICIS news]

LONDON (ICIS news)--US granular urea barge prices have remained flat around $370/short ton (€244/short ton), after returning bad weather caused buying activity to subside, traders said on Tuesday.

Few granular urea barges have been traded this week after bad weather returned to the US Gulf at the weekend. Cold, wet weather came in on Sunday night and continued into Monday, which left excess water on many fields and caused buyers to pull out of the market.

“The lower temperature has slowed everyone down, as has the moisture,” said one trader.

Traders were hopeful of a revival in the coming week as improved weather was forecasted and the Mississippi River is scheduled to reopen on 15 March.

Last week, after trading as low as the mid-$350/short ton FOB (free on board) Nola (New Orleans), US granular urea prices jumped to around $370/short ton FOB Nola and slightly above, following a buying spree.

($1 = €0.66)

By: Carl Roache
+44 20 8652 3214

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