Weekly Fertilizer Bulletin | Fertilizer Resumes Uptrend

Posted on 04/16/2018 1:43 PM

 

  • Fertilizer prices were generally higher on the week with only MAP posting a decline.
  • Our Nutrient Composite Index firmed 1.64 points to 553.73. This compares to last year's 534.84.

Nitrogennitrogen indices chart

  • All four of the nitrogen products in our weekly survey were higher on the week.
  • UAN32% led gains in the nitrogen segment.
  • Anhydrous was roughly $1 higher on the week with urea and UAN28% up a few dimes each.
  • Wholesale nitrogen prices were sideways to lower on the week suggesting N may be forging a seasonal top.

Phosphate

  • Phosphate prices continue to pivot around $500 per short ton with MAP softening slightly this week.
  • The DAP/MAP spread still favors MAP at a margin of 29.22, softer this week, but still wider than our historical observation.
  • Wholesale values were sideways to lower at most terminals with the exception of terminals in India which firmed $1 on the week.
  • We anticipate supply relief will pressure prices back into line with anhydrous ammonia, but p and k indices chartphosphates will remain at a sharp premium to NH3 until fall 2018.

Potash

  • Potash prices firmed only slightly on the week with Illinois leading gains, firming $3.35 per short ton.
  • Wholesale potash prices were unchanged on the week at NOLA and at Corn Belt terminals.
  • On an indexed basis, potash remains tethered to parity with anhydrous ammonia, which, in the past, has signaled sideways action for both.

Corn Futures

  • December 2018 corn futures closed Thursday, April 13 at $4.13 putting expected new-crop revenue (eNCR) at $659.60 per acre -- higher $1.70 per acre on the week.
  • With our Nutrient Composite Index (NCI) at 553.73 this week, the eNCR/NCI spread favors fertilizer buyers, widening 0.06 points and now stands at -105.87.
Fertilizer
4/2/18
4/9/18
Change
Current Week
Fertilizer
Anhydrous
$515.98
$516.02
+$1.02
$517.04
Anhydrous
DAP
$482.42
$484.00
+$2.64
$486.64
DAP
MAP
$515.07
$516.80
-94 cents
$515.86
MAP
Potash
$346.32
$346.82
+12 cents
$346.95
Potash
UAN28
$242.76
$243.82
+91 cents
$244.74
UAN28
UAN32
$266.13
$265.39
+$2.70
$268.08
UAN32
Urea
$372.72
$369.69
+62 cents
$370.31
Urea
Composite
552.66
552.09
+1.64
553.73
Composite

new crop revenue and nutrient composite index chart

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