Weekly Fertilizer Bulletin | Phosphate Firms as Harvest Begins

• Fertilizer prices were mixed with anhydrous off slightly as DAP led gains.
• Our Nutrient Composite Index firmed 1.37 points to 555.20. This compares to our 5-year average of 618.50 for this week.

Nitrogen

• Urea was our downside leader in the nitrogen segment this week.
• UAN28% was down by about the same amount as urea, off $2.69 per short ton.
• Anhydrous ammonia fell slightly on the week.
• UAN32% was the only gainer in the nitrogen segment, posting a $5.50 per short ton rise.

Phosphate

• DAP and MAP were both higher with DAP out-pacing MAP's upward move by about 10 to 1.
• According to MosaicCo, wholesale phosphates were steady to higher at U.S. terminals in the week ended September 14 suggesting ongoing upside risk.
• Once again, wholesale, feedstock sulphur was sideways during the reporting week, unchanged at very elevated levels.

Potash

• Our average retail potash price fell a dime this week, bucking the trend of the rest of the P&K segment.
• Wholesale potash prices reported by MosaicCo were sideways to slightly lower at U.S. terminals.
• Vitamin K remains at a decent premium to anhydrous ammonia, when considered on an indexed basis. That may be hinting at upside risk for anhydrous.

Corn Futures

• December 2019 corn futures closed Friday September 14 at $3.90 putting expected new-crop revenue (eNCR) at $631.45 per acre -- softer $10.38 per acre on the week.
• With our Nutrient Composite Index (NCI) at 555.20 this week, the eNCR/NCI spread narrowed 11.75 points and now stands at -76.25.