- Fertilizer prices were mixed but higher overall.
- Our Nutrient Composite Index firmed 1.35 points to 611.88.
Nitrogen
- Nitrogen prices were mixed but mostly higher on the week.
- Anhydrous continued to see-saw, higher nearly $10 per short ton regionally this week.
- Urea was only slightly higher, led by gains in South Dakota and Iowa.
- UAN28% followed anhydrous and urea higher, but, as with urea, gains were slight. While urea and anhydrous have moved above key $600, UAN solutions are priced below that figure.
- UAN32% bucked the trend of higher nitrogen prices, falling 66 cents. UAN32% is currently priced around $597 when considered on an indexed basis. This week's price softness, which could be interpreted as a failure to firm above an indexed value of $600, could be taken as a sign that nitrogen prices will remain tethered to that level. Strength in urea, which has set that fertilizer at an indexed value around $625 this week, would dispute the weight of resistance at 600.
Phosphate
- Phosphate prices were lower on the week, but only by a little.
- DAP fell 87 cents per short ton with Nebraska leading to the downside.
- MAP fell 8 cents by the short ton with mild gains and declines offsetting each other.
- According to MosaicCo, wholesale phosphate prices were steady to mostly lower in the week ended February 1.
- When considered on an indexed basis, both DAP and MAP are priced well above 600 points. Longer-term, if 600 does prove to be a tipping point, we may see phosphate prices fall. for the time being, we expect sideways price action.
Potash
- Potash prices firmed slightly with North Dakota leading gains.
- Wholesale potash values reported by MosaicCo were sideways at NOLA and slightly higher at Corn Belt terminals.
- When considered on an indexed basis, potash is currently priced well below anhydrous ammonia, marking the least expensive nutrient in this week's survey.
Corn Futures
- December 2019 corn futures closed Friday February 1 at $4.02 putting expected new-crop revenue (eNCR) at $652.21 per acre -- lower $1.73 per acre on the week.
- With our Nutrient Composite Index (NCI) at 611.88 this week, the eNCR/NCI spread narrowed 3.08 points and now stands at -40.33.
|
Fertilizer
|
1/21/19
|
1/28/19
|
Change
|
Current Week
|
Fertilizer |
|
Anhydrous
|
$594.31
|
$594.46
|
+$9.57
|
$604.03
|
Anhydrous |
|
DAP
|
$527.68
|
$530.12
|
-87 cents
|
$529.25
|
DAP |
|
MAP
|
$538.75
|
$536.28
|
-8 cents
|
$536.20
|
MAP |
|
Potash
|
$379.96
|
$380.61
|
+43 cents
|
$381.04
|
Potash |
|
UAN28
|
$278.10
|
$278.05
|
+53 cents
|
$278.58
|
UAN28 |
|
UAN32
|
$314.31
|
$312.85
|
-66 cents
|
$312.19
|
UAN32 |
|
Urea
|
$397.30
|
$413.09
|
+37 cents
|
$413.46
|
Urea |
|
Composite
|
607.39
|
610.53
|
+1.35
|
611.88
|
Composite |
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