Fertilizer Bulletin | Urea Continues Upside Run

Posted on 06/03/2019 4:04 PM

 

  • Fertilizer prices were, once again, mostly higher on the week.
  • Our Nutrient Composite Index (NCI) firmed 1.60 points to 635.46.

Nitrogennitrogen indicies chart

  • Nitrogen prices were mixed but mostly higher with anhydrous posting price softness on pressure in the Dakotas.
  • Urea led to the upside with Iowa and Minnesota building on last week's price gains.
  • UAN28% was higher on strength in Iowa and Missouri.
  • UAN32% was slightly higher with Minnesota firming $5.78 on the week.

As urea climbs, we are still very concerned with UAN32% prices as nitrogen demand will he high for sidedress. River traffic was halted last week on the Mississippi at St. Louis. There have been other closures up and down the nation's midsection and into the deep south. That will mean supplies at retailers will be in high demand, and resupply efforts will remain subject to the weather, which is forecast to be cold and wet across the Midwest. Stay in touch with your preferred retailer and check in on available supplies and prices to ensure you will be able to get product applied at the right time.

Phosphatep and k indices chart

  • Phosphates were mixed on the week with DAP falling just 3 cents per short ton on the week.
  • MAP gained 64 cents on the week. There were as many states unchanged on phosphate prices as changed on the week.
  • Wholesale phosphate prices reported by MosaicCo. in the week ended May 31 were mostly lower with Tampa terminals reporting sideways price action.

Potash

  • Potash prices fell 7 cents on the week with North Dakota leading declines.
  • MosaicCo. reported lower wholesale potash prices at NOLA and sideways weekly price action in the Corn Belt.
  • When compared to anhydrous ammonia, potash is currently underpriced which can signal pending price softness for NH3.

Corn Futures

  • December 2019 corn futures closed Friday May 31 at $4.43 putting expected new-crop revenue (eNCR) at $735.68 per acre -- higher $38.30 per acre on the week.
  • With our Nutrient Composite Index (NCI) at 635.46 this week, the eNCR/NCI spread widened 36.70 points and now stands at -100.22.
Fertilizer
5/20/19
5/28/19
Change
Current Week
Fertilizer
Anhydrous
$620.08
$616.99
-$2.19
$614.80
Anhydrous
DAP
$517.47
$517.24
-3 cents
$517.20
DAP
MAP
$533.66
$532.96
+64 cents
$533.60
MAP
Potash
$392.83
$394.02
-7 cents
$393.95
Potash
UAN28
$278.89
$278.44
+$2.73
$281.17
UAN28
UAN32
$314.19
$316.08
+60 cents
$316.68
UAN32
Urea
$421.35
$431.65
+$3.60
$435.26
Urea
Composite
631.50
633.86
+1.60
635.46
Composite

nutrient composite index chart

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