Weekly Fertilizer Bulletin | UAN28 Leads Gains

Posted on 06/12/2018 4:28 PM

 

  • Fertilizer prices were mixed to mostly higher on the week with UAN28% leading gains.
  • Our Nutrient Composite Index firmed 3.29 points to 560.62. This compares to last year's 529.91.

Nitrogennitrogen indices chart

  • UAN28% led overall gains on the week supported by strength in Minnesota and North Dakota.
  • Urea firmed roughly half as much as did 28% with Missouri, Illinois and South Dakota leading state-to-state gains.
  • Anhydrous ammonia led declines this week as demand for sidedressed NH3 is far below that of UAN. Iowa, Minnesota and Nebraska posted the greatest declines on the week.
  • UAN32% was lower as well driven by Missouri and Kansas. This suggests most farmers either got after sidedress early, or, where it has been dry, leaned toward 28%, believing nitrogen applied prior to planting was still in the soil.
  • We still expect post emerge applications to drive UAN demand, but as 28 and 32% move in different directions this week, 32% may continue lower into the summer.

Phosphatep and k imdices chart

  • DAP led gains in the P&K segment after last week's price softness. Michigan was the standout gainer as other states firmed modestly.
  • MAP was higher on strength in Missouri although most other states posted a lower price on the week.
  • Wholesale DAP values were mixed with MAP solidly higher at U.S. terminals.
  • Sulphur and ammonia -- key phosphate production feedstocks -- remain priced above year ago and unchanged on the week.

Potash

  • Potash prices firmed less than a dollar per short ton with Missouri once again leading gains as most other states softened slightly.
  • Wholesale potash was a few bucks higher on the week at NOLA and at Corn Belt terminals.

Corn Futures

  • December 2018 corn futures closed Friday June 8 at $3.98 putting expected new-crop revenue (eNCR) at $634.10 per acre -- off $35.70 per acre on the week.
  • With our Nutrient Composite Index (NCI) at 560.62 this week, the eNCR/NCI spread narrowed 38.99 points and now stands at -73.48.
Fertilizer
5/28/18
6/4/18
Change
Current Week
Fertilizer
Anhydrous
$518.81
$522.42
-$2.57
$519.85
Anhydrous
DAP
$494.44
$492.94
+$1.92
$494.86
DAP
MAP
$520.16
$516.62
+$1.03
$517.65
MAP
Potash
$352.41
$350.23
+95 cents
$351.18
Potash
UAN28
$248.49
$244.98
+$8.35
$253.34
UAN28
UAN32
$281.09
$271.71
-$1.97
$269.74
UAN32
Urea
$375.95
$369.41
+$4.34
$373.74
Urea
Composite
563.26
557.33
+3.29
560.62
Composite

encr chart

Add new comment