#PriceagesMagazine :

Urea prices were under $600 per tonne, relatively close to the 13-month low of $562.5 touched on November 1st as the decline in European natural gas prices since the second quarter reduced costs for the energy-intensive fertilizer manufacturing process. Downward pressure on prices was also contributed to major importer India scooping up Russian fertilizers at discounted prices, freeing up supply from the Middle East to Eurasia. Previously, shortages of energy feedstock in Europe drove fertilizer manufacturers to operate well below capacity, risking shortages and sending urea prices to a record-high of $1050 per tonne in April. Supply was also jeopardized by the partial suspension of imports from major producers Russia and Belarus in retaliation to sanctions from the West. Historically, Urea reached an all time high of 1050 in April of 2022. Urea is commonly used in agriculture as a fertiliser and an animal feed additive. The primary function of urea fertiliser is to provide nitrogen to plants to promote green leafy growth and make the plants appear lush. Urea also helps plants with photosynthesis. Urea futures are widely traded on the Chicago Board of Trade (CBOT). Futures contracts for Urea are financial instruments that allow producers, large consumers, and speculators, to offset or assume the risk of a price change of holding a quantity of Urea over time. Prices for Urea displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments.
. This page includes a chart with historical data for Urea.

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