US granular urea stagnates at $360-365/short ton

26 March 2008 15:41  [Source: ICIS news]

LONDON (ICIS news)--Cold and wet weather conditions have caused US granular urea prices to stagnate, traders said on Wednesday.

Continued damp weather put back fertilizer application, which deterred urea buyers from entering the market and kept prompt granular urea barge prices flat around $360-365/short ton (€230-234/short ton) FOB (free on board) Nola (New Orleans).

Excessive ground moisture has meant urea cannot be applied easily due to the muddy conditions, while strong winds prevented volumes being dropped from the air.

Adding to this, high water levels were creating problems on the Arkansas and Ohio rivers as well as further up the Mississippi/Missouri.

“You can’t get it even if you bought it, as the rivers are flooded, so there is no hurry,” said a trader.

“It should pick up a bit soon if the weather stays dry for some time.”

The US Gulf region also suffered from an oversupply of urea barges, following a glut of imports at the start of the year.

($1 = €0.64)

By: Carl Roache
+44 20 8652 3214

< previous article(VIDEO - ICIS news Europe Lunchtime Bulletin 27 October 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly