Posted on 02/12/2019 1:17 PM

 

  • Fertilizer prices were mixed but lower overall.
  • Our Nutrient Composite Index softened 1.53 points to 610.35.

Nitrogennitrogen indices chart

  • Nitrogen prices were mostly higher although urea softened mildly on the week.
  • UAN28% led gains in the nitrogen segment this week with Minnesota up roughly $20 per short ton.
  • Anhydrous firmed mildly on the week as well with North Dakota up $32 per short ton.
  • UAN32% firmed a nickel with most states unchanged on the week.
  • Urea slipped $2.81 per short ton on softness in Wisconsin and Kansas.
  • You should have at least 50% of your expected spring and summer nitrogen needs covered, and we will be looking for a short term setback to finish booking supplies.

Phosphate

  • Phosphate prices were lower on the week.
  • DAP led declines with Iowa correcting sharply lower.p and k indices
  • MAP was lower as well on price weakness in Michigan.
  • According to MosaicCo, wholesale phosphate prices were sideways to mostly lower at U.S. terminals in the week ended February 8.
  • Phosphates remain overpriced according to the rest of the fertilizer segment, but DAP is priced roughly in-line with expected new-crop corn revenue wen considered on an indexed basis.

Potash

  • Potash firmed slightly on the week led by strength in
  • According to MosaicCo, wholesale potash prices ran sideways at U.S. terminals during the report week.
  • When considered on an indexed basis, potash is at a steep discount to anhydrous ammonia, but we do not expect vitamin K to pull NH3 lower. On the other hand, the upside will likely be limited for potash until retail demand heats up.

Corn Futures

  • December 2019 corn futures closed Friday February 8 at $3.99 putting expected new-crop revenue (eNCR) at $647.02 per acre -- lower $5.19 per acre on the week.
  • With our Nutrient Composite Index (NCI) at 610.35 this week, the eNCR/NCI spread narrowed 3.66 points and now stands at -36.67.
Fertilizer
1/28/19
2/4/19
Change
Current Week
Fertilizer
Anhydrous
$594.46
$604.03
+$1.62
$605.65
Anhydrous
DAP
$530.12
$529.25
-$10.25
$519.00
DAP
MAP
$536.28
$536.20
-$2.90
$533.31
MAP
Potash
$380.61
$381.04
+88 cents
$381.92
Potash
UAN28
$278.05
$278.58
+$3.31
$281.90
UAN28
UAN32
$312.85
$312.19
+5 cents
$312.24
UAN32
Urea
$413.09
$413.46
-$2.81
$410.65
Urea
Composite
610.53
611.88
-1.53
610.35
Composite

NCI chart

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