Fertilizer Bulletin | Composite Continues Lower

Posted on 03/05/2019 4:16 PM

 

  • Fertilizer prices were mixed but lower overall.
  • Our Nutrient Composite Index softened 1.21 points to 610.80.

Nitrogennitrogen indices chart

  • Nitrogen prices were mixed on the week but declines outpaced gains.
  • Urea led declines falling $2.15 per short ton. Missouri and Nebraska led the downturn in urea prices.
  • UAN28% was off as well on price weakness in Missouri and Nebraska.
  • UAN32% was higher 28 cents per short ton. Overall, 32% was higher, but declines were led by Missouri.
  • And finally, NH3 firmed all of 4 cents per short ton on the week. Gains were mostly mild with Missouri actually leading gains, up $6.26 on the week.
  • Currently, when considered on an indexed basis, Urea is overpriced and UAN solutions are underpriced compared to anhydrous ammonia, but all remain priced below one acre of expected new-crop corn revenue.

Phosphate

  • Phosphate prices were lower on the week.p and k indices chart
  • MAP led to the downside, falling $3.40 per short ton. Minnesota led MAP declines with Missouri not far behind.
  • DAP was of 50 cents per short ton regionally with Missouri falling $16 even.
  • According to MosaicCo., wholesale phosphate prices were sideways to lower at U.S. terminals.
  • While both DAP and MAP were lower on the week, each are priced well above anhydrous ammonia when considered on an indexed basis.

Potash

  • Potash prices firmed nearly a buck-and-a-half on the week regionally.
  • Nebraska and Minnesota led overall gains in vitamin K this week.
  • According to MosaicCo., wholesale potash prices softened at reporting U.S. terminals.

Corn Futures

  • December 2019 corn futures closed Friday March 1 at $3.94 putting expected new-crop revenue (eNCR) at $638.37 per acre -- lower $12.11 per acre on the week.
  • With our Nutrient Composite Index (NCI) at 610.80 this week, the eNCR/NCI spread widened 1.21 points and now stands at -39.68.
Fertilizer
2/18/19
2/25/19
Change
Current Week
Fertilizer
Anhydrous
$605.65
$606.58
+4 cents
$606.61
Anhydrous
DAP
$519.00
$516.09
-50 cents
$515.59
DAP
MAP
$533.31
$541.31
-$3.40
$537.91
MAP
Potash
$381.92
$383.25
+$1.39
$384.64
Potash
UAN28
$281.90
$283.73
-$1.47
$282.26
UAN28
UAN32
$312.24
$311.08
+28 cents
$311.37
UAN32
Urea
$410.65
$411.23
-$2.15
$409.08
Urea
Composite
610.35
612.01
-1.21
610.80
Composite

NCI chart

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