Jeferson Souza is a Fertilizer Analyst at Agrinvest Commodities. He reported yesterday:
Urea prices are in free fall. I see FOB offers below $600 per mt and today, a trade has been reported at $600 CFR, down nearly $290 per mt in just 50 days.
CFR = Cost of product plus freight. CIF = Cost of product, cargo insurance, and freight,
Bloomberg reported last evening that wholesale urea prices in the Corn Belt dropped 8.2% yesterday… not for the week, 8.2% yesterday to an average of $675 per ton.
On Thursday, corn basis at the Gulf was up 8 cents to +102H ($1.02 above the March futures price) for the spot market, steady yesterday as were beans at +115H.