Weekly Fertilizer Bulletin | Nitrogen Urges NCI Higher

Posted on 12/27/2017 11:05 AM

 

  • Fertilizer prices were mixed but mostly higher.
  • Our Nutrient Composite Index firmed 3.33 points to 505.45 compared to last year's 494.00.

Nitrogennitrogen indices

  • All states were either unchanged or higher on anhydrous ammonia this week.
  • UAN28% was higher as well with only Michigan posting a lower price as the rest were either unchanged or higher.
  • UAN32% and urea were both lower amid mixed price action.
  • Despite mixed price action in UAN and higher anhydrous ammonia this week, UAN solutions are priced below the midpoint of the urea and anhydrous ammonia spread, leaning more toward NH3 than urea.

Phosphate

  • Phosphate prices were mixed as MAP continues to firm, correcting the DAP/MAP spread.
  • As with anhydrous, all states were unchanged or higher on MAP this week.
  • Meanwhile, DAP softened moderately amid mixed price action.pandk indices
  • Wholesale values were mostly higher with Tampa and Central Florida sideways and Brazilian prices lower.

Potash

  • Potash prices were mixed and lower overall.
  • Seasonally, potash is due for a mild setback which could last into spring 2018 as applications were stronger than expected in fall 2017.
  • If a rising tide lifts all boats, however, a generally firmer tone in the rest of the fertilizer segment may limit potash's downside potential.
  • Wholesale potash firmed at NOLA on the week but ran sideways at other reporting locations.

Corn Futures

  • December 2018 corn futures closed Friday, December 22 at $3.84 putting expected new-crop revenue (eNCR) at $609.22 per acre -- higher 6.79 on the week.
  • With our Nutrient Composite Index (NCI) at 505.45 this week, the eNCR/NCI spread widened 3.46 points and now stands at -103.77.
Fertilizer
12/11/17
12/18/17
Change
Current Week
Fertilizer
Anhydrous
$420.74
$428.54
+$7.80
$442.28
Anhydrous
DAP
$450.23
$456.35
+$6.12
$453.91
DAP
MAP
$454.62
$466.34
+$11.72
$475.10
MAP
Potash
$331.18
$331.84
+65 cents
$331.58
Potash
UAN28
$221.39
$220.79
-60 cents
$224.48
UAN28
UAN32
$248.25
$243.86
-$4.39
$243.41
UAN32
Urea
$355.58
$354.19
-$1.39
$351.04
Urea
Composite
499.37
502.12
+3.33
505.45
Composite

nutrient composite index chart

Add new comment