UAN Posts Price Gain

Posted on 01/16/2020 3:13 PM

 

  • Fertilizer prices were mostly lower with UAN32% up slightly.
  • Our Nutrient Composite Index (NCI) fell 5.73 points this week to 537.97.

Nitrogennitorogen indices chart

  • Nitrogen prices were generally lower although UAN32% did firm slightly.
  • 32% was led $2.72 higher on the week by Nebraska which added $18.95 as Missouri firmed $16.30 per short ton. Those gains were offset by Illinois, off $17.40 and Wisconsin down $6.62.
  • Urea was the downside leader in the nitrogen segment falling $8.40 on the week. Declines were led by Kansas which dropped $28.90 and Missouri, off $19.80.
  • Anhydrous ammonia was lower with Indiana down $28.46, Wisconsin softening $26.44 and Nebraska shucking $20.27. North Dakota firmed $26.65 as Iowa added $6.18.
  • UAN28% fell just 65 cents on the week with Illinois off $30.50 and Indiana softening $3.85. Meanwhile, Ohio firmed $18.91 as Iowa gained $9.20.

Wholesalers report India is not expected to purchase as much urea as was anticipated and that those boats, most already loaded will likely find themselves at U.S. ports. That will continue to weigh not only on retail urea but on the entire nitrogen segment, including UAN32%.

Phosphate

  • Phosphates were lower on the week with MAP falling sharply, off $16.59 per short ton.
  • Declines in MAP were led by a corrective move in Illinois to the tune of $83.10 although Ohio and Michigan were each around $20 lower on the week, and Nebraska fell a full $30.p and k indices chart
  • Price action in DAP was similar with Indiana off $56.70 and Missouri falling $26.70.Most states were lower or unchanged but the sole gainer posted a solid upside correction. Ohio DAP firmed $118.30 on the week.
  • According to data from MosaicCo., wholesale phosphate prices were sideways to higher at U.S. terminals in the week ended January 10.

Potash

  • Potash was lower on the week led by an $8.95 decline in Kansas as Michigan softened $8.08.North Dakota led gains, up $10.53 on the week.
  • With NH3 under $500, potash is once again overpriced compared to anhydrous, but remains priced roughly in-line with out Nutrient Composite Index and well below expected new-crop corn revenue per acre.
  • According to MosaicCo., wholesale phosphate prices were lower at NOLA and sideways in the Corn Belt during the report week.

Corn Futures

  • December 2020 corn futures closed Friday January 10 at $4.02 putting expected new-crop revenue (eNCR) at $663.52 per acre.
  • With our Nutrient Composite Index (NCI) at 537.97 this week, the eNCR/NCI spread widened 9.25 points and stands at -125.55.
Fertilizer
12/30/19
1/6/20
Change
Current Week
Fertilizer
Anhydrous
$503.21
$503.19
-$3.70
$499.49
Anhydrous
DAP
$438.01
$438.01
-$2.33
$435.68
DAP
MAP
$433.54
$433.47
-$16.59
$416.89
MAP
Potash
$366.52
$366.52
-$2.89
$363.63
Potash
UAN28
$243.13
$243.13
-65 cents
$242.47
UAN28
UAN32
$274.60
$274.49
+$11.05
$285.54
UAN32
Urea
$372.76
$372.73
-$8.40
$364.33
Urea
Composite
543.76
543.70
-5.73
537.97
Composite

 

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