Posted on 07/30/2018 4:23 PM

 

  • Fertilizers were generally lower with UAN28% and potash posting mild gains.
  • Our Nutrient Composite Index fell 2.95 points to 556.30. This compares to our 5-year average of 662.13.

Nitrogennitrogen price chart

  • UAN32% led declines in the nitrogen segment this week.
  • Our regional average urea price was lower as well and is priced at a discount to UAN28%.
  • As anhydrous and urea soften, we expect UAN solutions to follow to the downside.
  • UAN28% posted the only higher price within the nitrogen segment this week, up $2.49.
  • It seems prudent to keep an eye on natural gas prices which are trending higher, currently at $2.80... up on the day but well off session highs.

Phosphate

  • MAP led declines although both DAP and MAP were lower on the week.
  • Wholesale phosphates were mostly higher to sideways at U.S. terminals.
  • The DAP/MAP spread narrowed further on the week to 9.05, which is well below the bottom end of the usual spread range of $15 to $20.pandk indices chart
  • Wholesale sulphur prices reported by MosaicCo in the week ended July 27 held steady, well above year-ago. As we have said before, high wholesale sulphur prices will continue to prop up phosphate prices.

Potash

  • Potash prices firmed on the week led by strength in Iowa.
  • Wholesale potash prices moved sideways at all locations reported by Mosaic Co.
  • With this week's upside move, potash is currently priced at a slight premium to NH3 on an indexed basis.

Corn Futures

  • December 2019 corn futures closed Friday July 27 at $4.01 putting expected new-crop revenue (eNCR) at $650.48 per acre -- up $8.65 per acre on the week.
  • With our Nutrient Composite Index (NCI) at 556.30 this week, the eNCR/NCI spread widened 11.60 points and now stands at -94.18
Fertilizer
7/16/18
7/23/18
Change
Current Week
Fertilizer
Anhydrous
$520.70
$514.23
-$3.62
$510.61
Anhydrous
DAP
$489.41
$498.63
-47 cents
$498.17
DAP
MAP
$511.81
$510.61
-$3.39
$507.22
MAP
Potash
$348.01
$346.79
+18 cents
$346.97
Potash
UAN28
$256.72
$255.29
+$2.49
$257.78
UAN28
UAN32
$278.41
$278.67
-$5.65
$273.02
UAN32
Urea
$362.81
$363.78
-$4.53
$359.25
Urea
Composite
559.17
559.25
-2.95
556.30
Composite

encr chart

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