What is happening in the granular urea market? Down below you can see the price changes in natural gas, urea (granular), DAP, corn, wheat and barley: Figure: Price changes in commodities from January 1st 2024 until February 12th 2024. Soruce: Refinitiv Datastream Supply side: Urea granular currently has a 14,3% increase since the beginning of 2024, whilst DAP has a 3,1% increase. Natural gas, an important component to especially urea (granular) production, is currently down 30,3% (NYMEX Henry Hub) this year. A low gas price should stimulate to a lower granular urea price, but this has not been the case for the American market in 2024. Demand side: The spot price for corn and wheat are also down in 2024, -7,7% and -3,9% respectively. Decreasing prices for urea intensive harvests such as corn and wheat should affect the granular urea price negatively, since the marginal profit of increased urea consumption is lowe...