$669 per ton marked the latest weekly average for urea, the lowest since late February and about 20% to 25% below mid-April peaks that reached as high as $900.
Prices retreated as the New Orleans barge market returned to pre-Iran war levels, with the Strait of Hormuz disruption premium evaporating and China easing urea export restrictions.
The decline offers limited help to many Southern growers because most fertilizer was not booked before the spike, and about 95% of corn nitrogen has already been applied.
Rice farmers may still get partial relief on the remaining 20% to 30% of nitrogen applied midseason or later, while cotton benefits depend on whether producers locked in purchases earlier.
The earlier surge in urea and diesel lifted rice variable costs by roughly $120 per acre and may have pushed more acreage toward soybeans.