Weekly Fertilizer Bulletin | Fertilizer Rebounds as Fieldwork Resumes

Posted on 10/22/2018 1:48 PM

 

  • Fertilizer prices were higher across the board on the week led by gains in DAP and urea
  • Our Nutrient Composite Index firmed 6.17 points to 565.56. This compares to our 3-year average of 545.99 for this week.

Nitrogennitrogen indices

  • Urea led gains in the nitrogen segment this week on support from strength in offshore export prices.
  • Anhydrous ammonia was higher on strength in Iowa and South Dakota which may indicate those who have already finished harvest are currently booking fall nitrogen.
  • UAN28 was higher on the week, up a little more than $2.
  • UAN32 trailed gains in the rest of the nitrogen segment, but as anhydrous and urea firm at the same time, the result will almost always be higher UAN prices.

Phosphate

  • DAP was sharply higher on a corrective move to the upside in Ohio.
  • MAP was steady to slightly higher with gains and declines nearly offsetting each other.p and k indices chart
  • According to MosaicCo, wholesale DAP and MAP were unchanged in the week ended October 19.

Potash

  • Potash was higher on the week with Iowa and Michigan leading gains.
  • Wholesale potash prices were higher at NOLA and in the Corn Belt in the week ended Oct. 19 according to MosaicCo.
  • It is also important to note potash's premium to anhydrous ammonia when considered on an indexed basis, which boils down to a 22.29 point spread. The wider that spread becomes, the more risk there is that anhydrous will spring higher to close the gap.

Corn Futures

  • December 2019 corn futures closed Friday October 22 at $4.00 putting expected new-crop revenue (eNCR) at $648.75 per acre -- softer $6.92 per acre on the week.
  • With our Nutrient Composite Index (NCI) at 565.56 this week, the eNCR/NCI spread narrowed 13.09 points and now stands at -83.19.
Fertilizer
10/8/18
10/15/18
Change
Current Week
Fertilizer
Anhydrous
$506.48
$506.48
Unchanged
$509.23
Anhydrous
DAP
$514.87
$505.09
-$9.78
$518.58
DAP
MAP
$526.99
$530.88
+$3.89
$531.04
MAP
Potash
$355.72
$356.70
+97 cents
$359.14
Potash
UAN28
$243.67
$244.91
+$1.23
$247.05
UAN28
UAN32
$262.54
$262.92
+37 cents
$264.52
UAN32
Urea
$390.06
$391.16
+$1.11
$399.37
Urea
Composite
559.53
559.39
+6.17
565.56
Composite

nutrient composite index chart

Add new comment