Weekly Fertilizer Bulletin | Nitrogen Rejects Last Week's Firmness

• Fertilizers were mostly lower with anhydrous ammonia and UAN32% sharply lower.
• Our Nutrient Composite Index softened 5.25 points to 554.74. This compares to last year's 498.06.

Nitrogen

• Anhydrous ammonia led overall declines this week, falling a massive $20.11 per short ton.
• UAN32% was down sharply as well, off a little more than 8 bucks on the week.
• Urea was led lower by softness in North Dakota -- nitrogen price softness in the Dakotas will not only be a theme in this week's analysis, but we also take it as a harbinger of price softness ahead.
• After last week's across the board price strength in the nitrogen segment, this week's aggressive move to the downside fuels our forecasts for lower prices by harvest.

Phosphate

• DAP and MAP each firmed on the week with DAP leading to the upside.
• According to MosaicCo, wholesale phosphate prices firmed at all U.S. terminals and ran sideways at offshore locations.
• Wholesale sulphur is unchanged on the week and continue to add support to phosphate prices.

Potash

• Potash prices fell 13 cents per short ton on the week.
• With anhydrous falling so sharply this week, potash is now at a steep premium to NH3 when considered on an indexed basis.
• Wholesale potash prices moved sideways on the week ended August 24 at U.S. terminals.

Corn Futures

• December 2019 corn futures closed Friday August 24 at $3.92 putting expected new-crop revenue (eNCR) at $634.91 per acre -- off $20.76 per acre on the week.
• With our Nutrient Composite Index (NCI) at 554.74 this week, the eNCR/NCI spread narrowed points and now stands at -80.17.