DAP firmed slightly as MAP and potash were lower on the week.
- DAP $99.82 below year-ago pricing -- higher 86 cents/st on the week to $461.89/st.
- MAP $120.57 below year-ago -- lower $2.15/st this week to $470.78/st.
- Potash $146.41 below year-ago -- lower $5.61/st this week to $328.76/st.
- The average cash corn price figured in to P&K this week is $3.27 per bushel.
The national average corn basis softened 1/2 cent from last week to 3 cents below September futures. The national average cash corn price fell 3 1/4 cents from last week to $3.24 1/2. Basis is softer than the three-year average, which is 34 cents above futures for this week.
DAP was the only upside mover across our fertilizer price survey this week. Five of twelve states were unchanged as Minnesota led to the upside firming $10.38 alongside a $7.14 price hike in Iowa. Wisconsin and Illinois were each about $4.50 lower by the short ton as Michigan fell $2.69.
MAP fell $2.15 regionally led by downside action in Michigan, down $17.70 and South Dakota, down $15.10. Three states were unchanged as Minnesota firmed $8.20 and North Dakota added $5.48.
Potash continued to dive lower, falling $1.31 on the week with Michigan adding pressure, falling $7.31 and South Dakota down $6.34. North Dakota firmed $5.94 as Iowa firmed $3.33 and Minnesota added $2.64. Only two states were unchanged this week.
Perspective -- Looking back, it has not been uncommon for fertilizers to post a pre-harvest pause before continuing lower. On average, our Nutrient Composite Index has ticked higher in September and October before sliding lower until mid-January. Since harvest is a bit ahead of schedule this year, the pause we noted two weeks ago appears to be the seasonal headfake we see each year. We expect prices to continue to fall, but will be wary as DAP and potash are already priced so low. Stand pat on P&K for fall --although potash should be considered a value even if it continues to soften. We want the phosphate market to prove the floor is in before we make a move.
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 August 19, 2016.
DAP is priced at 48 cents/lbP2O5; MAP at 44 cents/lbP2O5; Potash is at 27 3/4 cents/lbK2O.
P&K pricing by the pound -- 8/26/2016