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Tidbits, Urea Market, Brazil & China, ENSO, Export Inspections 4/9/24

Highlights


StoneX’s fertilizer guy, Josh Linville, reported yesterday afternoon India shocked the global urea market by cutting their purchase in half, down from 724,000 mts to 340,000 mts. Seldom does India buy less than a million mts and often purchases ~1.5 million mts 8 to 10 times a year.

 

The May urea futures price (FOB NOLA) was down $30 per ton to $272.50 yesterday. There is no daily limit on urea futures. A month ago, May urea futures price was $340 per ton.   

 

Barges on the lower Mississippi River system have no draft restrictions for the first time since September 2022.

 

Tidbits


Agrinvest Commodities based in Brazil said last week was the peak week for farmer selling of soybeans at 3.55 million mts. None-the-less, soybean basis firmed as crusher demand keeps the soybean basis ever firmer and the exporter merchandisers are chasing the market higher and buying very little.

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