Phosphate and potash were lower on the week.
- DAP $92.85 below year-ago pricing -- lower 45 cents/st on the week to $479.56/st.
- MAP $96.37 below year-ago -- lower 59 cents/st this week to $497.51/st.
- Potash $139.04 below year-ago -- lower $5.00/st this week to $345.68/st.
- The average cash corn price figured in to P&K this week is $3.40 1/4 per bushel.
The national average corn basis firmed 4 cents from last week to 3 1/4 cents below July futures. The national average cash corn price fell 15 cents from last week to $3.70. Basis is softer than the three-year average, which is 47 cents above futures for this week.
Phosphate prices fell in this week's fertilizer price survey. Upside action was led by Indiana where DAP firmed $9.13 and MAP gained $6.36. South Dakota and Michigan MAP each firmed less than a dollar, as did Missouri DAP. Declines were led by Minnesota where DAP fell $5.77 and MAP is down $4.92 on the week. Declines in other states were less than $3.50 per short ton, and several states were unchanged.
Potash fell $5.00 on average, led by Wisconsin, down $29.80 and South Dakota down $22.88. Iowa fell $4.36 and other declines from state to state were $2.50 per short ton or less. Two states posted higher prices. Nebraska firmed $2.08 and Missouri K is up 57 cents per short ton. Illinois, Kansas and Ohio were unchanged.
Potash importers in India signed a contract for 700,000 tonnes of potash within the next 180 days at a 31% discount to last year's fire sale price. That will keep a lid on potash pricing and may even drive prices lower through summer. Phosphate prices are still relatively high compared to the rest of the fertilizer segment, but offshore producers will continue producing DAP and MAP aggressively through summer and P prices may come down under the weight of growing supplies out of china, Russia and the Middle East.
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 June 24, 2016.
DAP is priced at 49 3/4 cents/lbP2O5; MAP at 46 3/4 cents/lbP2O5; Potash is at 28 3/4 cents/lbK2O.
P&K pricing by the pound -- 6/30/2016