DAP was higher as MAP and potash softened on the week.
- DAP $91.33 below year-ago pricing -- higher $1.24/st on the week to $480.81/st.
- MAP $99.01 below year-ago -- lower $4.58/st this week to $492.93/st.
- Potash $138.30 below year-ago -- lower $1.63/st this week to $344.06/st.
- The average cash corn price figured in to P&K this week is $3.39 per bushel.
The national average corn basis firmed 1 1/4 cents from last week to 2 cents below September futures. The national average cash corn price fell 29 1/2 cents from last week to $3.40 1/2. Basis is softer than the three-year average, which is 53 cents above futures for this week.
MAP was our downside leader in our fertilizer price survey with Indiana leading the charge downward, falling $28.90 on the week. Ohio MAP fell $9.57 as Missouri softened $7.27. DAP firmed in this week's price action led by an $18.18 price hike in Nebraska and a nearly $13.00 jump in Wisconsin. Most other states were within 3 bucks of unchanged.
We are still waiting on a sharper phosphate price break that would bring DAP and MAP more in line with the rest of our fertilizer prices. The cash corn bid of $3.39 is deceiving as it is weighed down by extremely low potash prices.
Potash continued lower as Belarus signed a deal with India and China is said to be in negotiations with Russian exporters for an official contract price. Both deals, if realized would equate to a 33% drop in the contract price from the already very low price contracted last year. The result will be declining potash prices around the globe and in the U.S.A. Click here to read more in this week's Inputs Monitor post titled, "Separate but Equally Successful | The Unraveling of BPC and Global Potash."
The $1.63 lower potash price was led by declines in Indiana to the tune of $19.20, and a $7.27 decline in Ohio. Due to global fundamentals which are keeping the global market and major importers well supplied, we expect potash to continue lower through summer 2016 and present an even better value to U.S. farmers by harvest.
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 July 1, 2016.
DAP is priced at 50 cents/lbP2O5; MAP at 46 1/4 cents/lbP2O5; Potash is at 28 1/2 cents/lbK2O.
P&K pricing by the pound -- 7/8/2016