Weekly Fertilizer Bulletin | Nitrogen Turns Back to the Upside

Posted on 03/19/2018 3:58 PM

 

  • Once again our weekly survey yielded higher fertilizer prices on the week.
  • Our Nutrient Composite Index firmed 6.75 points to 551.12. This compares to last year's 534.09.
  • You should be 100% filled on nitrogen, phosphate and potassium for spring/summer applications.

Nitrogennitrogen indices chart

  • UAN32% was our upside leader in the nitrogen segment.
  • UAN28% was right behind 32%, trending sharply higher.
  • After sinking last week, anhydrous ammonia firmed nearly 8 bucks this week.
  • Urea may be leveling-off, up less than a nickel on the week.

Phosphate

  • Phosphate prices were mixed with DAP up and MAP off moderately.
  • Wholesale DAP and MAP values were under pressure at most U.S. terminals, running sideways at Central Florida terminals.
  • The DAP/MAP spread narrowed to $34.64, but remains wider than usual.
  • We have been concerned that MAP's overpriced condition would lead to strength in DAP. That is what has happened this week, but we will need more of the same next week to confirm whether or not this is a lasting trend.p and k indices chart

Potash

  • Potash prices firmed on the week with North Dakota leading gains.
  • Wholesale potash prices moved sideways on the week at U.S. terminals.
  • Last week we mentioned a potash mine collapse in Belarus. So far, the retail and wholesale markets have yet to respond.

Corn Futures

  • December 2018 corn futures closed Friday, March 16 at $4.03 putting expected new-crop revenue (eNCR) at $642.60 per acre -- down $6.80 per acre on the week.
  • With our Nutrient Composite Index (NCI) at 551.12 this week, the eNCR/NCI spread favors fertilizer buyers, narrowing 13.55 points and now stands at -105.03.
Fertilizer
3/5/18
3/12/18
Change
Current Week
Fertilizer
Anhydrous
$508.88
$507.36
+$7.21
$514.57
Anhydrous
DAP
$472.16
$473.87
+$1.37
$475.24
DAP
MAP
$507.26
$514.02
-$4.14
$509.88
MAP
Potash
$341.72
$343.40
+$1.19
$344.59
Potash
UAN28
$230.72
$232.08
+$8.75
$240.83
UAN28
UAN32
$266.65
$260.02
+$11.71
$271.73
UAN32
Urea
$369.98
$373.89
+4 cents
$373.93
Urea
Composite
543.31
544.37
+6.75
551.12
Composite

NCI chart

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