P&KToday: Fundamentals to Limit Price Support

Posted on 03/09/2017 10:12 AM

 

DAP, MAP and vitamin K fell on the week.

  • DAP $94.11 below year-ago pricing -- lower $2.45/st on the week to $441.33/st.
  • MAP $124.22 below year-ago -- lower $1.86/st this week to $446.62/st.
  • Potash $123.44 below year-ago -- lower $1.08/st this week to $300.80/st.

The national average corn basis firmed 3 3/4 cent from last week to 19 cents below December futures. The national average cash corn price fell 5 cents from last week to $3.27 1/4. Basis is softer than the three-year average, which is 12 cents below futures for this week.

DAP was our overall downside leader this week falling $2.45 by the short ton. Iowa led declines falling $10.90 as Missouri dropped $8.60. Minnesota, South Dakota and Ohio all fell just shy of 4 bucks. Five of twelve states were unchanged as gains were limited to a $1.06 hike in Illinois and a 6 cent rise in Kansas.

MAP followed DAP lower on the week with Missouri leading declines, softening $15.70. Only Wisconsin was unchanged as gains were led by Minnesota, up $3.48 and a $1.31 rise in Indiana.

Potash was lower as well led by a $13.40 decline in Missouri as other declines were $2.00 or less. Only Wisconsin was unchanged on potash as gains were mild.

No change to our price forecast for lower prices after the close of fall demand, which according to industry sources has slightly exceeded demand. But national supplies and world potash oversupply will limit P&K price support for the time being.

By the Pound -- The following is an updated table of P&K pricing by the pound as reported to your Inputs Monitor for the week ended October 28, 2016.

DAP is priced at 46 cents/lbP2O5; MAP at 41 1/2 cents/lbP2O5; Potash is at 25 cents/lbK2O.

P&K pricing by the pound -- 11/4/2016

DAP $P/lb

MAP $P/lb
Potash $K/lb
 
Average
$0.46
$0.41 1/2
$0.25
Average
Year-ago
$0.56 1/2
$0.54
$0.35 1/2
Year-ago

 

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