Weekly Fertilizer Bulletin | NCI Surpasses Year-ago

Posted on 12/04/2017 4:07 PM

 

  • Fertilizer prices were higher across the board.
  • Our Nutrient Composite Index firmed 11.83 points to 496.36 compared to last year's 494.89.

Nitrogennitrogen indices

  • UAN32% led gains in the nitrogen segment this week.
  • Anhydrous ammonia was right behind 32%, gaining on strength in Minnesota and Illinois.
  • UAN28% posted moderate gains this week on strength in Minnesota and Illinois.
  • Urea added the smallest gains this week of any fertilizer in our survey.
  • With anhydrous' strength this week alongside only a mild gain in urea pricing, UAN solutions remain well below the midpoint of the indexed urea/anhydrous ammonia spread.

Phosphate

  • Phosphate prices were higher on the week and post a very narrow price spread between themselves.
  • The DAP/MAP spread narrowed to 0.95 points this week, well below our historical average around 15.0.pandk indices
  • Wholesale DAP and MAP prices firmed at all offshore reporting terminals except in India, although prices moved sideways in Central Florida and India.
  • Phosphate remains priced more closely to urea than to NH3 on an indexed basis as result of DAP/MAP's popularity around the world.

Potash

  • Potash firmed this week on strength in Wisconsin.
  • Wholesale potash prices were higher at NOLA and in the CornBelt but moved sideways in Brazil.
  • On an indexed basis, potash is slightly above the NH3/urea midpoint but below both gradations of UAN.

Corn Futures

  • December 2018 corn futures closed Friday, December 1 at $3.89 putting expected new-crop revenue (eNCR) at $616.61 per acre -- higher 3.39 on the week.
  • With our Nutrient Composite Index (NCI) at 496.36 this week, the eNCR/NCI spread narrowed 8.44 points and now stands at -120.25.
  • For the first time since March 2015, our Nutrient Composite Index posts a premium to the year-ago peg.
Fertilizer
11/20/17
11/27/17
Change
Current Week
Fertilizer
Anhydrous
$407.10
$407.84
+73 cents
$418.40
Anhydrous
DAP
$440.18
$440.41
+24 cents
$451.17
DAP
MAP
$445.45
$445.54
+9 cents
$452.12
MAP
Potash
$325.82
$325.16
-66 cents
$330.65
Potash
UAN28
$214.56
$214.21
-35 cents
$220.58
UAN28
UAN32
$223.90
$225.29
+$1.39
$239.03
UAN32
Urea
$351.21
$355.24
+$4.03
$357.60
Urea
Composite
483.37
484.53
+1.16
496.36
Composite

fertilizer indices

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