Weekly Fertilizer Bulletin | Composite Index Lower on the Week

Posted on 11/12/2018 4:02 PM

 

  • This week, fertilizer prices were mixed and slightly lower overall.
  • Our Nutrient Composite Index softened 0.30 points to 587.55. This compares to our 5-year average of 603.06 for this week.

Nitrogennitrogen indices chart

  • Anhydrous ammonia led gains within the nitrogen segment with Michigan refreshing their bid to a sharply higher level.
  • Urea firmed nearly $2 per short ton on the week with Minnesota leading gains.
  • UAN28% was higher but only slightly so on strength in Indiana and Minnesota.
  • After leading gains with some very bold price increases, UAN32% set-back this week, off $9.04 as Iowa corrected sharply lower.

Phosphate

  • DAP led declines amongst phosphates this week falling all of 24 cents per short ton.
  • MAP was lower as well, softer 17 cents per short ton on the week.
  • According to MosaicCo., wholesale phosphate prices were steady to lower on the week ended Nov. 9.p and k indices chart
  • Of note, wholesale sulphur prices finally gave way during the reporting week, falling sharply. Overall, however, wholesale sulphur remains priced at a decent premium to the same time last year.

Potash

  • Potash prices firmed slightly on the week.
  • With recent strength in NH3 prices, potash and anhydrous are very nearly at parity when vitamin K is considered on an indexed basis. That may mean a top is near for anhydrous.
  • According to MosaicCo., potash prices ran sideways at U.S. terminals and in Brazil during the reporting week.

Corn Futures

  • December 2019 corn futures closed Friday November 9 at $4.02 putting expected new-crop revenue (eNCR) at $652.21 per acre -- off $1.73 per acre on the week.
  • With our Nutrient Composite Index (NCI) at 587.55 this week, the eNCR/NCI spread narrowed 1.43 points and now stands at -64.66.
Fertilizer
10/28/18
11/5/18
Change
Current Week
Fertilizer
Anhydrous
$513.18
$521.89
+$10.83
$532.73
Anhydrous
DAP
$522.20
$526.03
-24 cents
$525.79
DAP
MAP
$541.69
$536.88
-17 cents
$536.71
MAP
Potash
$362.48
$362.64
+40 cents
$363.03
Potash
UAN28
$259.28
$255.68
+76 cents
$256.43
UAN28
UAN32
$295.28
$308.55
-$9.04
$299.50
UAN32
Urea
$414.49
$412.47
+$1.83
$414.29
Urea
Composite
584.65
587.85
-0.30
587.55
Composite

fertilizer indices chart

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