Yesterday, USDA announced export sales of: 132,000 metric tons of new crop soybeans to China. 332,000 metric tons of new crop soybeans to unknown. I say again, be slow to price new crop beans.
India is by far the world’s largest importer of urea. They bought about 1.5 million last October and paid ugly high prices, some over $1000 per mt as I recall. Last Thursday, India opened offers for another one plus million mts of urea. The market expected they would have to pay an average of US$700 per mt delivered.
Yesterday, India issued its first public report of the urea tender: