Weekly Fertilizer Bulletin | Phosphate Firms as Harvest Begins

Posted on 09/17/2018 4:19 PM

 

  • Fertilizer prices were mixed with anhydrous off slightly as DAP led gains.
  • Our Nutrient Composite Index firmed 1.37 points to 555.20. This compares to our 5-year average of 618.50 for this week.nitrogen indices chart

Nitrogen

  • Urea was our downside leader in the nitrogen segment this week.
  • UAN28% was down by about the same amount as urea, off $2.69 per short ton.
  • Anhydrous ammonia fell slightly on the week.
  • UAN32% was the only gainer in the nitrogen segment, posting a $5.50 per short ton rise.

Phosphate

  • DAP and MAP were both higher with DAP out-pacing MAP's upward move by about 10 to 1.p and k indices chart
  • According to MosaicCo, wholesale phosphates were steady to higher at U.S. terminals in the week ended September 14 suggesting ongoing upside risk.
  • Once again, wholesale, feedstock sulphur was sideways during the reporting week, unchanged at very elevated levels.

Potash

  • Our average retail potash price fell a dime this week, bucking the trend of the rest of the P&K segment.
  • Wholesale potash prices reported by MosaicCo were sideways to slightly lower at U.S. terminals.
  • Vitamin K remains at a decent premium to anhydrous ammonia, when considered on an indexed basis. That may be hinting at upside risk for anhydrous.

Corn Futures

  • December 2019 corn futures closed Friday September 14 at $3.90 putting expected new-crop revenue (eNCR) at $631.45 per acre -- softer $10.38 per acre on the week.
  • With our Nutrient Composite Index (NCI) at 555.20 this week, the eNCR/NCI spread narrowed 11.75 points and now stands at -76.25.
Fertilizer
9/4/18
9/11/18
Change
Current Week
Fertilizer
Anhydrous
$453.67
$492.39
-60 cents
$492.60
Anhydrous
DAP
$504.59
$509.63
+$11.67
$512.37
DAP
MAP
$521.65
$524.09
+$1.91
$526.31
MAP
Potash
$351.07
$352.20
-$2.06
$352.09
Potash
UAN28
$237.93
$241.68
-$9.61
$238.99
UAN28
UAN32
$258.89
$255.54
-$3.11
$260.61
UAN32
Urea
$370.53
$376.84
-$1.61
$376.34
Urea
Composite
545.15
553.83
+1.37
555.20
Composite

encr revenue chart

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