尿素期货基差报告

Group 1: Report Information - Report Title: Urea Futures Basis Report [2] - Report Date: October 24, 2025 [3] Group 2: Price Information - Urea Futures Prices: The main urea contract stabilized and rebounded. The January contract increased by 34 yuan/ton week-on-week to 1638 yuan/ton; the May contract increased by 35 yuan/ton week-on-week to 1710 yuan/ton; the September contract increased by 36 yuan/ton week-on-week to 1740 yuan/ton [4]. - Spot Prices: The overall weekly change in spot prices was between -20 and 20 yuan/ton. With the improvement of weather, agricultural demand gradually started, terminal sales improved, downstream factories started to purchase, the operating load of compound fertilizer factories rebounded, and the autumn fertilizer cleanup was in progress. However, the continuity of agricultural demand is expected to be short, and there is currently no significant upward driving force, limiting the upside of the futures market [4]. Group 3: Basis Information - Basis Weakening: The futures price increase was greater than the spot price increase, and the basis of the main contract weakened weekly. Taking Shandong as the benchmark, the basis of the 01 contract decreased by 44 yuan/ton weekly to -88 yuan/ton, the basis of the 05 contract decreased by 45 yuan/ton weekly to -160 yuan/ton, and the basis of the 09 contract decreased by 46 yuan/ton weekly to -190 yuan/ton [4]. - Regional Basis Data: The report also provides the basis data for different regions (Shandong, Henan, Hebei, Anhui, Jiangsu, Hubei), including the latest basis, historical maximum, minimum, and average values [3]. Group 4: Spread Information - Term Structure: Urea maintained a contango structure with near-term contracts weaker than far-term contracts. The 1 - 5 spread was -72 yuan/ton, increasing by 1 yuan/ton weekly [4].