Urea Prices, markets & analysis
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Urea US Transcript
The US weekly urea report covers the spot price of urea in the US Gulf (USG). Urea is a major source of nitrogen, a key plant nutrient for many of the crops that we grow for food, feed and fuel.
The report is important to producers, distributors and dealers of urea who need to know and receive an in-depth analysis of trends in the fertiliser industry.
Urea is important to wheat growers, specifically as it is the main source of nitrogen for both winter and spring wheat.
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US urea prices continue to remain under pressure in the three months leading into early November as the pressure of an oversupplied global market and weakening North American demand kept prices edging overall lower thru this past quarter.
During this period the market has been dealing with not only supply and demand imbalance but also faced a delayed US harvest season which led to the onset of a compressed window for field applications of the crop nutrient.
The only respite from the weight of the market was that some demand emerged over the quarter for pre-planting wheat applications but volumes were not significant enough to sway the general bearish sentiment.
In early August urea in the US Gulf was priced in a range of $314-320/tonne FOB compared with $315-325 in July but closed the month at a level of $285-305/tonne FOB. September started the month at a range of $280-290/tonne FOB and was able to build some momentum to close the month at $285-300/tonne FOB with demand increasing slightly ahead of the river closure.
For October pricing became more stagnant with purchasing taking on a hand to mouth approach as overall demand remained flat and no real urgency seen for refilling volumes. The pricing for the US Gulf started the month in a $285-300 range and was able to climb upwards to end October at $289-310 with wheat applications increasing and barge pricing drawing an increased premium with the river closure settling in.
Looking ahead the typical volumes moved for fall applications are likely to be deferred to spring but on the heels of another successful crop year the sentiment is that US farmers will be striving to apply large volumes of urea for the spring plantings.
Demand may be flat until then and leave the pricing trend wavering in the short term but producers are estimating that the volumes not moved over the quarter will rebound in the spring. This expected surge is anticipated to ease some of the oversupply concerns and give a fairly immediate uptick in terms of pricing.
Updated to mid-November 2013
The US weekly urea report covers the spot price of urea in the US Gulf (USG). Urea is a major source of nitrogen – a key plant nutrient for many of the crops that we grow for food, feed and fuel.
The report is important to producers, distributors and dealers of urea who need to know and receive an in-depth analysis of trends in the fertilizer industry.
Urea is important to wheat growers – specifically because it is the main source of nitrogen for both winter and spring wheat.
ICIS collects pricing data on a wide range of chemical, energy and fertilizer products, including Urea. Our extensive experience in price reporting means we can offer you access to historical data dating back more than 20 years for certain commodities.
Our time series of pricing data enables you to build and model trends, to get a view of where markets might be heading. The data service includes charting functionality, allowing you to chart and download multiple data series for manipulation in your own internal models. You can also export data to Excel via the ICIS dashboard service.
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