26 August 2008 16:21 [Source: ICIS news]
LONDON (ICIS news)--US granular urea prices softened $5/short ton (€3/tonne) early this week on minimal buying interest but look likely to firm again soon, traders said on Tuesday.
Granular urea barges traded several times at $745/short ton FOB (free on board) Nola (?xml:namespace>
August is traditionally a slow season in terms of sales. With buyers under no pressure to purchase, prices have steadily fallen.
“There is weakness so they [buyers] do not want to buy,” said traders.
However, traders said purchasing for winter wheat application would start very soon.
Added to this,
A combination of these factors will force US urea prices up soon, said traders.
“There is a lot of buying to be done from now to mid-October,” said a trader.
($1 = €0.68)
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