Weekly Fertilizer Bulletin | UAN32 Pulls Back

Posted on 11/26/2018 4:04 PM

 

  • Fertilizer prices were mixed on the week with UAN32% leading declines as urea led gains.
  • Our Nutrient Composite Index firmed 2.77 points to 590.81. This compares to our 5-year average of 605.89 for this week.

Nitrogennitrogen indices chart

  • Nitrogen prices were mixed on the week but higher overall with urea leading to the upside.
  • UAN28% followed urea higher, firming $4.61 per short ton.
  • UAN32% fell nearly $8 per short ton on the week with Illinois and Wisconsin off sharply.
  • Anhydrous ammonia was down an average of 38 cents per short ton on the week.
  • Very few states were unchanged on any form of nitrogen signaling the market is still working on price discovery. As winter tightens its grip, we still expect an offseason price slump, but we also believe any setbacks will be short-lived.

Phosphate

  • DAP led gains in phosphates on the week firming more than $6 per short ton.
  • MAP was up by about half as much as DAP on the week, but higher overall.p and k indices chart
  • According to MosaicCo., wholesale phosphate prices were sideways to lower in the week ended Nov. 23 as wholesale sulphur ran sideways.

Potash

  • Potash firmed slightly on the week with Michigan and Minnesota leading gains.
  • No state in our 12-state survey was unchanged on the week.
  • According to MosaicCo., wholesale potash prices ran sideways on the week.
  • With anhydrous off slightly and potash slightly higher, anhydrous once again moved to a discount to potash when K is considered on an indexed basis, but the outstanding spread is narrow, and potash is looking toppy at this week's price.

Corn Futures

  • December 2019 corn futures closed Friday November 23 at $3.95 putting expected new-crop revenue (eNCR) at $640.10 per acre -- off $5.19 per acre on the week.
  • With our Nutrient Composite Index (NCI) at 590.81 this week, the eNCR/NCI spread narrowed 7.96 points and now stands at -49.29.
Fertilizer
11/12/18
11/19/18
Change
Current Week
Fertilizer
Anhydrous
$532.73
$539.16
+$6.43
$538.78
Anhydrous
DAP
$525.79
$522.39
-$3.41
$528.56
DAP
MAP
$536.71
$536.83
+12 cents
$540.60
MAP
Potash
$363.03
$363.02
-1 cent
$365.18
Potash
UAN28
$256.43
$261.74
+$5.30
$266.35
UAN28
UAN32
$299.50
$299.70
+20 cents
$291.93
UAN32
Urea
$414.29
$407.50
-$6.79
$413.87
Urea
Composite
587.55
588.04
+2.77
590.81
Composite

Nutrient Composite Index chart

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