The NFiles | Nitrogen Firmer Across the Board

• Anhydrous is $45.41 above year-ago pricing -- up $1.24/st this week at $508.20.
• Urea is $57.11 above the same time last year -- up $1.24/st this week at $373.73.
• UAN28% is $19.13 above year-ago -- higher 54 cents/st this week at $249.95.
• UAN32% is priced $26.38 above last year -- higher $2.16/st this week at $270.31.

UAN32% led gains in the nitrogen segment with Illinois up $4.61 as Wisconsin added $3.84. Five states were unchanged as Indiana fell $8.33 and Nebraska softened $5.36. The biggest driver in this week's rise in UAN32% was Ohio which posted a zero bid after rendering a statewide average last week well below the regional average.

Urea and Anhydrous were neck and neck on the week, both posting a $1.24 gain by the short ton.

Urea was led higher by Missouri which added $19.87 on the week as Iowa firmed $4.48 and Illinois gained $2.36. Two states were unchanged on the week as Michigan fell $9.85 to lead declines. Nebraska also fell, down $4.97 on the week.

Anhydrous ammonia was supported by Ohio, which gained $8.9*1 as Illinois added $7.02 and Kansas firmed $5.59. Two states were unchanged as Nebraska led declines, falling $9.46 and Iowa softened $4.03. As with UAN32%, anhydrous was supported by states posting zero bids this week. That generally indicates dealers are waiting to reset bids upon refill.

UAN28% lagged gains in the rest of the nitrogen segment firming just 54 cents per short ton. Ohio led gains firming $13.91 as Illinois added $8.29. Four states were unchanged as Nebraska fell $4.76, Minnesota dropped $4.47 and Indiana softened $3.69.

December 2019 corn closed at $4.00 on Friday August 17. That places expected new-crop revenue (eNCR) per acre based on Dec '19 futures at $655.67 with the eNCR18/NH3 spread at -147.47 with anhydrous ammonia priced at a discount to expected new-crop revenue. The spread widened 5.68 points on the week.

The Margins by lb/N -- UAN28% is at a 2 1/4 cent premium to NH3. UAN32% posts a 1 1/4 cents premium and urea is at a 5 1/2 cent premium to anhydrous ammonia when considered by the pound of N.