- 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.
Fertilizer
|
8/13/18
|
8/20/18
|
Change
|
Current Week
|
Fertilizer |
Anhydrous
|
$506.96
|
$508.20
|
+$1.24
|
$488.09
|
Anhydrous |
DAP
|
$492.63
|
$501.82
|
+$9.19
|
$505.36
|
DAP |
MAP
|
$523.81
|
$518.98
|
-$4.83
|
$521.33
|
MAP |
Potash
|
$348.24
|
$353.26
|
+$5.02
|
$353.13
|
Potash |
UAN28
|
$249.41
|
$249.95
|
+54 cents
|
$247.53
|
UAN28 |
UAN32
|
$268.15
|
$270.31
|
+$2.16
|
$262.00
|
UAN32 |
Urea
|
$372.49
|
$373.73
|
+$1.24
|
$372.14
|
Urea |
Composite
|
556.95
|
559.99
|
-5.25
|
554.74
|
Composite |
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