Weekly Fertilizer Bulletin | Fertilizers Edge Lower

Posted on 10/15/2018 4:33 PM

 

  • Fertilizer prices were mostly slightly higher on the week, but a solid downside break in DAP and unchanged anhydrous were enough to pressure our Composite Index
  • Our Nutrient Composite Index softened 0.14 points to 559.39. This compares to our 3-year average of 545.65 for this week.

Nitrogen

  • UAN28% led gains in the nitrogen segment firming just a little more than $1 per short ton.nitrogen indices
  • Urea was right behind 28%, moving higher on the week.
  • UAN32% followed 28% as well, but added just a few dimes pore short ton.
  • Anhydrous ammonia was unchanged on the week... I'm not sure that has ever happened in the life of the Inputs Monitor, but we rechecked the figures, and we are unchanged on the week.

Phosphate

  • DAP led declines in the P&K segment and was our overall downside leader across the board.
  • In the meantime, MAP firmed nearly $4 per short ton to lead overall gains this week.
  • According to MosaicCo, wholesale DAP and MAP were both sideways to lower in the week ended October 12 at U.S. terminals.p and k indices chart

Potash

  • Potash was just shy of a dollar higher on the week.
  • Potash is currently priced at a considerable premium to anhydrous ammonia when considered on an indexed basis. However, if we figure fall P&K demand being generally stronger than demand for fall applied nitrogen, the premium indexed potash holds to NH3 is not unreasonable.
  • According to MosaicCo, wholesale potash is higher on the week at U.S. terminals.

Corn Futures

  • December 2019 corn futures closed Friday October 12 at $4.04 putting expected new-crop revenue (eNCR) at $655.67 per acre -- firmer $6.92 per acre on the week.
  • With our Nutrient Composite Index (NCI) at 559.39 this week, the eNCR/NCI spread widened 7.06 points and now stands at -96.28.
Fertilizer
10/1/18
10/8/18
Change
Current Week
Fertilizer
Anhydrous
$500.14
$506.48
Unchanged
$506.48
Anhydrous
DAP
$516.58
$514.87
-$9.78
$505.09
DAP
MAP
$527.78
$526.99
+$3.89
$530.88
MAP
Potash
$354.23
$355.72
+97 cents
$356.70
Potash
UAN28
$243.36
$243.67
+$1.23
$244.91
UAN28
UAN32
$262.42
$262.54
+37 cents
$262.92
UAN32
Urea
$389.90
$390.06
+$1.11
$391.16
Urea
Composite
558.59
559.53
-0.14
559.39
Composite

encr chart

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