P&K firmed on the week.
- DAP $85.76 below year-ago pricing -- higher $3.20/st on the week to $484.63/st.
- MAP $90.53 below year-ago -- higher 88 cents/st this week to $499.90/st.
- Potash $119.00 below year-ago -- higher 24 cents/st this week to $365.90/st.
- The average cash corn price figured in to P&K this week is $3.45 1/2.
- The national average corn basis improved 4 1/2 cents from last week to 2 1/4 cents above May futures. The national average cash corn price firmed 13 1/4 cents from last week to $3.70. Basis is softer than the three-year average, which is 8 1/2 cents above futures for this week.
P&K prices firmed on the week. DAP posted the greatest gains of all the fertilizers in our survey at $3.20 higher. Wholesale and retail phosphate values are off kilter presently. Both fell through the winter, but retail prices leveled off before wholesale prices did. April wholesale phosphate prices are currently below today's, but since retail prices seem to have a mind of their own, the lower wholesale values may not translate into lower retail prices. Especially once seasonal demand kicks in.
Longer-term, we do expect phosphate prices to fall through the summertime. Global supplies should build between now and then as Indian and Brazilian demand has fallen below year-ago. We do expect higher prices by the time farmers in the central Corn Belt begin spring applications, but we are willing to wait out phosphate's current retail strength for another week.
Potash is still oversupplied and would have to firm $27.67 by the short ton just to match up with anhydrous' already low price. That is an unlikely scenario although, as with phosphate, we expect spring demand to support prices at some point, but that price strength should fade quickly as applications come to an end.
Our general outlook for P&K is the same as our nitrogen outlook... mildly higher prices by spring driven by supply and demand fundamentals with fading prices through summer.
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 March 11, 2016.
DAP is priced at 50 1/2 cents/lbP2O5; MAP at 47 cents/lbP2O5; Potash is at 30 1/2 cents/lbK2O.
P&K pricing by the pound -- 3/17/2016