Fertilizers Confirm Price Reversal

Posted on 10/22/2019 1:30 PM

 

  • Fertilizer prices were mostly higher on the week with DAP and urea each posting declines.
  • Our Nutrient Composite Index (NCI) firmed 0.50 points to 567.98.
  • This week's firmer prices confirm last week's turnaround. If you have not booked fall fertilizer, get in touch with your preferred retailer and fill fall needs for nitrogen, phosphate and/or potassium.

Nitrogennitrogen indices chart

  • Nitrogen prices were mixed but mostly higher on the week.
  • Anhydrous ammonia led gains firming $2.03 with Wisconsin up $22.14 and Michigan $15.11 higher on the week. Meanwhile Iowa declined $16.10 as Indiana fell $6.08.
  • UAN32% was lower led by declines in Iowa and Missouri.
  • UAN28% fell $1.44 per short ton with South Dakota off $10.09 and Ohio down $1.24. Minnesota firmed $10.09 and Wisconsin gained $5.03.
  • Urea was lower on the week led by Wisconsin, off $22.30 and Michigan down $16.90.

Phosphate

  • Phosphate prices were mixed with DAP retreating as MAP firmed $3.09.p and k indices chart
  • DAP was drawn lower by Iowa, which softened $33.50 as Ohio fell $3.96. Most states were unchanged as Wisconsin firmed $1.19 and Michigan gained 82 cents per short ton.
  • MAP firmed on strength in Nebraska and Wisconsin as South Dakota fell $8.15 and Iowa softened $4.21.
  • According to MosaicCo., wholesale phosphates were lower at most U.S. terminals and sideways in Central Florida in the week ended October 18.

Potash

  • Potash firmed $2.09 on the week led by Nebraska, which gained $23.51 and Kansas up $13.17. Iowa potash fell $8.80 as North Dakota dropped $7.61 per short ton.
  • MosaicCo., reported lower wholesale potash prices at U.S. terminals during the report week.
  • Potash remains overpriced when compared to anhydrous ammonia on an indexed basis. It appears that anhydrous is more likely to firm, than potash is to fall as the two work to reckon the spread.

Corn Futures

  • December 2019 corn futures closed Friday October 18 at $4.10 putting expected new-crop revenue (eNCR) at $677.60 per acre.
  • With our Nutrient Composite Index (NCI) at 568.48 this week, the eNCR/NCI spread narrowed 0.50 points and stands at -109.12.
Fertilizer
10/7/19
10/14/19
Change
Current Week
Fertilizer
Anhydrous
$504.36
$514.18
+$2.03
$516.21
Anhydrous
DAP
$463.66
$458.77
-$3.28
$455.49
DAP
MAP
$450.96
$456.04
+$3.09
$459.14
MAP
Potash
$370.52
$373.22
+$2.09
$375.31
Potash
UAN28
$254.06
$259.06
+$1.44
$260.50
UAN28
UAN32
$280.91
$284.45
+$1.68
$286.13
UAN32
Urea
$397.47
$398.54
-$5.16
$393.38
Urea
Composite
563.13
567.98
+0.50
568.48
Composite

nutrient composite index chart

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