Fertilizer price today July 2, 2022: Urea price is forecast to continue to decrease

fertilizer prices today, July 2, 2022: Domestic urea prices are forecast to continue to decrease, but will increase again in the fourth quarter when the winter-spring crop begins. Currently, many rice farmers in the Mekong Delta are tending to plant late in the summer-autumn crop and may skip the upcoming autumn-winter crop. Along with that, the recent increase in gasoline prices is also putting pressure on production costs, and growers are thinking about reducing their planting areas. The above factors are the reasons why current fertilizer demand is lower than last year. In addition, world urea prices are adjusting, so domestic urea prices also tend to decrease. In addition, according to SSI Research, China’s urea export ban will be lifted at the end of June. However, due to concerns about the possibility of continued blockade, SSI Research believes that China will restrict urea exports. Mr. Tran Trong Nhan, Director of EduTrade JSC – a business member unit of the Vietnam Commodity Exchange, commented that Russia and China are the two largest fertilizer exporting countries in the world, with 7 billion USD and 6.57 billion USD respectively in 2021, so restricting exports will affect supply. Mr. Nhan said that fertilizer prices in China will increase after June. World prices are high because of limited supply and major agricultural countries such as Brazil will start the new crop after July. Regarding the domestic market, according to SSI Research, in terms of demand, because the third quarter is the low season for the crop industry, urea prices are forecast to continue to decrease, but will increase again in the fourth quarter when the winter-spring crop begins. However, urea prices will find it difficult to return to the peak set in March unless the price of urea raw materials (gas, coal) recovers. #fertilizer_price #farmers #western region #fertilizer_price #fertilizer #fertilizer #potassium_price #agriculture #fertilizer #agricultural materials #news #agriculture

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