India Closes Urea Tender

India Closes Urea Tender

As reported by Harry Minihan of Argus Media:

Indian fertilizer importer and supplier Indian Potash Limited closed a tender Monday to buy urea, receiving lowest offers of US$350.50/mt cfr west coast and US$365/mt cfr east coast, with a total of 2.68mn t offered.

Urea vs. Wheat, A Lot Can Happen in Two Weeks

The below chart shows the ratio of Argus Media’s daily urea fob Egypt to Europe price vs an average of wheat prices on a fob Black Sea Rouen basis.

Urea has continued to climb higher in recent weeks, while wheat prices have slipped from the recent highs seen in late May. The ratio has trended back towards its average of 1.505: 1 since the start of 2023, closing this week at 1.493:1

urea vs wheat: a lot can happen in two weeks

Posthaste: Obstacles to the Bank of Canada Cutting Rates are Fading — Except for This One

The National Post reports on Douglas Porter, chief economist at BMO Capital Markets, view on potential stumbling blocks for the Canadian dollar.

Obstacles to the Bank of Canada cutting rates are fading — except for this one

North America Urea Last Week 

According to Green Markets, urea prices in Western Canada were up slightly on the low end at C$630-$640, from a range of C$625-$640/mt the previous week.

Last week, NOLA urea prices were down to a range of US$288-$302/st from US$303 – $308/st the previous week on limited reported business. The last six weeks, urea NOLA prices have been volatile.

According to Direct Hedge, this week started with urea Nola spreads of US$290/st bid and $300/st offer for July, US$300/st bid and US$310/st offer for August and US$300/st bid and US$310/st offer for September.

North America Phosphate Last Week

According to Green Markets, the latest delivered Western Canada MAP price range was up C$5/mt on the low end to C$1,040-$1040/mt from C$1,030-$1,040/mt the previous week.

MAP NOLA was Flat WoW in a range of US$645 – $650/st.

Industry Tidbits

• Urea Paper Markets Rise on India Tender Rumours
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• Farmers say changes to capital gains tax could complicate family transfers | CBC News