32% Bucks Upward Trend

Posted on 03/11/2020 1:42 PM

nitrogen indices chart

  • Fertilizer prices were mostly higher with only UAN32% posting a decline. Gains, however, were mild.
  • Our Nutrient Composite Index (NCI) firmed just 0.07 point to 530.90, which compares to our five-year average for this week of 616.17.

Nitrogen

  • UAN32% was our only decliner this week with Nebraska falling $22.20. Illinois firmed 60 cents as Iowa and Kansas each gaining 22 cents per short ton. All other states were unchanged on the week.
  • UAN28% was our downside leader in the nitrogen segment falling less than one half dollar per short ton regionally. Ohio fell $1.04 and North Dakota dropped 14 cents. South Dakota firmed $2.19 and Illinois gained $1.06.
  • Anhydrous ammonia firmed 32 cents per short ton regionally. Illinois gained $2.44 and South Dakota added $2.38. Nebraska posted our only decline in NH3 this week, down $2.90.
  • Urea was higher as well with Indiana up $4.58 and Nebraska $3.67 higher. South Dakota led declines, falling $3.67 as Minnesota softened $1.08.
  • You should be 50% filled on spring/summer nitrogen.

Phosphatep and k indices

  • Phosphates were mildly higher on the week with MAP up $1.55 and DAP firming 70 cents per short ton.
  • MAP was led higher by Nebraska which firmed $9.16 while South Dakota gained $5.57. No state posted a lower MAP price this week.
  • DAP firmed on strength in Illinois, up $4.45 and in Michigan, where DAP added $3.23 per short ton. All other states were unchanged on the week.
  • According to MosaicCo., in the week ended March 6, wholesale phosphates were sideways or lower at U.S. terminals.
  • You should be 100% filled on phosphates for spring applications.

Potash

  • Potash was mildly higher on the week with Nebraska up $2.19 and Minnesota $1.74 higher. South Dakota led declines falling $2.87 as Illinois dropped 48 cents per short ton.
  • Our indexed potash figure remains very near our Nutrient Composite Index which suggests little near-term price movement for vitamin K and a measure of upside risk for anhydrous ammonia.
  • According to MosaicCo., wholesale potash prices fell at NOLA and ran sideways in the Corn Belt.

Corn Futures

  • December 2020 corn futures closed Friday March 6 at $3.77 putting expected new-crop revenue (eNCR) at $626.56 per acre.
  • With our Nutrient Composite Index (NCI) at 530.90 this week, the eNCR/NCI spread widened 6.97 points and stands at -95.66.
Fertilizer
2/24/20
3/2/20
Change
Current Week
Fertilizer
Anhydrous
$509.48
$507.29
+32 cents
$507.61
Anhydrous
DAP
$417.89
$417.77
+70 cents
$418.47
DAP
MAP
$406.43
$406.24
+$1.55
$407.79
MAP
Potash
$359.49
$359.15
+18 cents
$359.33
Potash
UAN28
$237.15
$237.60
+39 cents
$237.99
UAN28
UAN32
$277.62
$276.31
-$1.92
$274.39
UAN32
Urea
$361.80
$362.13
+24 cents
$362.37
Urea
Composite
531.45
530.83
+0.07
530.90
Composite

nutrient composite index

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