30 May 2012 15:49 [Source: ICIS news]
Prices for urea barges that topped out in April at $720/tonne (€576/tonne) FOB (free on board) New Orleans have declined to about $480/tonne FOB in the final week of May for June deliveries.
Urea prices were driven to a seasonal high by strong farm demand to fertilize a corn crop, which the US Department of Agriculture (USDA) estimates at 75.9m acres, the largest area planted to corn since 1937.
The US supply of urea is also increasing as product is now arriving from Egypt and the Middle East.
($1 = €0.80)
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