- Fertilizers were moderately higher with DAP and potash leading gains.
- Our Nutrient Composite Index firmed 3.04 points to 559.99. This compares to our 5-year average of 654.33.
Nitrogen
- Well this is interesting... Urea and anhydrous ammonia each firmed on the week and each by the same amount by the short ton.
- This week's price action suggests urea refuses to cede control over the nitrogen segment to NH3.
- UAN solutions were each higher with 32% up $2.16 to lead overall gains in the nitrogen segment.
- UAN does remain priced around the midpoint of urea and NH3 so the battle for dominance will continue into next week.
- Industry watchers are maintaining their previous forecast for lower prices by harvest, but with corn prices showing hints of firming, the downside for nitrogen may be limited.
Phosphate
- Phosphate prices were mixed with DAP sharply higher as MAP posted a moderate decline.
- According to MosaicCo, wholesale phosphate prices were sideways to mostly higher at U.S. terminals in the week ended August 17.
- Both forms of phosphate in our survey are priced at a wide premium to anhydrous ammonia when considered on an indexed basis.
- From the production side, wholesale feedstock sulphur prices are unchanged on the week and continue to support overpriced osteopaths products.
Potash
- Potash firmed more than $5 per short ton on the week.
- North American production cutbacks appear to be having an influence on U.S. retail prices.
- Meanwhile MosaicCo reported higher wholesale potash prices at U.S. terminals on the week.
Corn Futures
- December 2019 corn futures closed Friday August 17 at $4.04 putting expected new-crop revenue (eNCR) at $655.67 per acre -- up $6.92 per acre on the week.
- With our Nutrient Composite Index (NCI) at 559.99 this week, the eNCR/NCI spread widened 3.96 points and now stands at -95.76.
Fertilizer
|
8/6/18
|
8/13/18
|
Change
|
Current Week
|
Fertilizer |
Anhydrous
|
$507.57
|
$506.96
|
+$1.24
|
$508.20
|
Anhydrous |
DAP
|
$491.24
|
$492.63
|
+$9.19
|
$501.82
|
DAP |
MAP
|
$524.15
|
$523.81
|
-$4.83
|
$518.98
|
MAP |
Potash
|
$350.84
|
$348.24
|
+$5.02
|
$353.26
|
Potash |
UAN28
|
$249.13
|
$249.41
|
+54 cents
|
$249.95
|
UAN28 |
UAN32
|
$268.12
|
$268.15
|
+$2.16
|
$270.31
|
UAN32 |
Urea
|
$372.36
|
$372.49
|
+$1.24
|
$373.73
|
Urea |
Composite
|
557.27
|
556.95
|
+3.04
|
559.99
|
Composite |
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