Weekly Fertilizer Bulletin | NCI Widens Discount to New-Crop Revenue

Posted on 02/05/2018 4:44 PM

 

  • Fertilizer prices were mixed but mostly higher.
  • Our Nutrient Composite Index firmed 1.72 points to 526.16, which compares to last year's 508.98.

Nitrogennitrogen

  • UAN 28% was our upside leader in the nitrogen segment, which often indicates near-term upside risk.
  • Urea was higher as well, gaining just over $6 per short ton.
  • Anhydrous was only slightly higher after a few weeks of fairly aggressive gains.
  • UAN32% was the only decliner in the nitrogen segment.
  • According to our indexed UAN values this week, both flavors of UAN in our survey are priced below anhydrous ammonia.

Phosphate

  • Phosphate prices were mixed on the week with DAP higher and MAP down nearly $10.
  • Our DAP/MAP spread is currently at $32.09 which is well outside what we consider a normal range.
  • Wholesale phosphate prices were mixed but mostly sideways to higher on the week.

Potash

  • Our retail potash price is a few bucks lower on the week.pandk
  • This week's decline has placed our regional average potash price very near this week's anhydrous ammonia price.
  • Wholesale potash prices firmed slightly at NOLA and in the Corn Belt.

Corn Futures

  • December 2018 corn futures closed Friday, February 2 at $3.92 putting expected new-crop revenue (eNCR) at $623.90 per acre -- higher $14.06 per acre on the week.
  • With our Nutrient Composite Index (NCI) at 526.16 this week, the eNCR/NCI spread widened 10.17 points and now stands at -124.26.
Fertilizer
1/22/18
1/29/18
Change
Current Week
Fertilizer
Anhydrous
$482.89
$495.75
+$3.07
$498.83
Anhydrous
DAP
$457.68
$459.25
+$6.82
$466.07
DAP
MAP
$499.70
$507.07
-$8.91
$498.16
MAP
Potash
$337.86
$343.31
-$3.51
$339.79
Potash
UAN28
$224.86
$224.84
+$8.09
$232.94
UAN28
UAN32
$252.37
$255.55
-$4.69
$250.86
UAN32
Urea
$355.97
$355.59
+$6.16
$361.75
Urea
Composite
519.09
524.44
+1.72
526.16
Composite

NCI

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