Posted on 04/09/2019 3:59 PM

 

  • Fertilizer prices were mostly lower on the week.
  • Our Nutrient Composite Index softened 1.91 points to 628.23.

Nitrogennitrogen indices chart

  • Anhydrous ammonia retreated from last week's premium to expected new-crop corn revenue. Pressure on NH3 alongside a 6 cent recovery in December 2019 corn futures has anhydrous at a $9.84 discount this week. All told, anhydrous fell $3.70 by the short ton on the week led by declines in Kansas and South Dakota.
  • UAN28% was lower as well this week, settling at parity with anhydrous ammonia when considered by the pound of N. Missouri and Wisconsin led declines as Illinois and Iowa led gains.
  • Urea led gains within the nitrogen segment firming $8.72 by the short ton. Kansas corrected sharply higher and Illinois added nearly $20 per short ton on the week. This week's strength has priced urea at a moderate premium to anhydrous ammonia.
  • UAN32% followed urea higher firming $1.96 per short ton. Gains were mild with Illinois and Wisconsin up on the week.
  • USDA reported 2% of spring planting has been completed -- farmers have been busy down south. A weather event is forecast to slam into the western and northern Corn Belt which will stall what fieldwork may be underway in those areas. That has the potential to shrink the planting window and heat up demand for preplant nitrogen.p and k indices chart

Phosphate

  • Phosphates were lower on the week with DAP off 87 cents and MAP down 23 cents per short ton.
  • Both DAP and MAP remain at a stiff premium to anhydrous ammonia.
  • Wholesale phosphate prices were sideways to lower at US terminals in the week ended April 5.

Potash

  • Our regional average potash price rose $1.18 by the short ton on the week.
  • Wholesale potash prices reported by MosaicCo. fell at NOLA and ran sideways in the Corn Belt during the report week.
  • Potash is currently priced at a deep discount to anhydrous ammonia when considered on an indexed basis. That may be a bullish signal for vitamin K and certainly suggests upside risk.

Corn Futures

  • December 2019 corn futures closed Friday April 5 at $3.90 putting expected new-crop revenue (eNCR) at $631.45 per acre -- higher $10.38 per acre on the week.
  • With our Nutrient Composite Index (NCI) at 628.23 this week, the eNCR/NCI spread widened 12.29 points and now stands at -3.22.
Fertilizer
3/25/19
4/1/19
Change
Current Week
Fertilizer
Anhydrous
$623.42
$625.31
-$3.70
$621.61
Anhydrous
DAP
$521.66
$518.38
-87 cents
$517.51
DAP
MAP
$542.53
$542.53
-23 cents
$542.30
MAP
Potash
$387.11
$387.34
+$1.18
$388.53
Potash
UAN28
$279.09
$289.13
-4 cents
$289.09
UAN28
UAN32
$310.02
$311.53
+$1.96
$313.49
UAN32
Urea
$404.23
$403.17
+$8.72
$411.89
Urea
Composite
629.80
630.14
-1.91
628.23
Composite

nutrient composite index chart

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