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Fuels in Focus: Get Current on Farm Diesel for Spring

January 15, 2014
By: Davis Michaelsen, Pro Farmer Inputs Monitor Editor

  •  Farm Diesel firms 2 1/2 cents to an average of $3.35 1/2 per gallon.
  • Retail Gasoline softened 1/2 cent during the report week to a national average of $3.327 per gallon.
  • Highway Diesel fuel firms 3/4 cent to $3.910 per gallon.

 

At the open the WTI/Brent crude oil spread widened 3 cents to $13.61 with Feb '14 Brent opening today at $107.18 -- down 92 cents from the previous report -- and Feb '14 WTI crude at $92.65 -- 95 cents below the previous report week.

Farm Diesel -- Picture1

Farm diesel moved 2 1/2 cents higher this week to a regionwide average of $3.35 1/2 with 7 of the 12 states in our index unchanged. The biggest move was a 7 cent increase in Nebraska to $3.31 with Iowa not far behind, firming 6 cents of its own to $3.37. Other moves trended 1-3 cents lower.

Farm diesel looks poised to reverse and placed a telltale hook in the weekly price chart on Monday. Trends suggest this is the annual winter runup in pricing and we recommend booking a portion for spring at current prices. Another predicted spate of cold weather will continue to pressure distillate supplies in the form of home heating oil and threatens to elevate regional farm diesel pricing. We are currently 20% filled for spring farm diesel and advise filling needs through early spring. Click here to view our alert...

The technical data suggests we may get another low in early spring just in time to bring coverage up to 100%, but we recommend filling up to 50% or more for spring on the current price break.

The regionwide low is $2.86 in Indiana with Wisconsin holding the top spot at $3.58/gallon.

Farm Diesel 1/15/14
Three Weeks Ago
Previous Week
Current Week
Change
Iowa
$3.32
$3.31
$3.37
+$0.06
Illinois
$3.50
$3.50
$3.50
Unchanged
Indiana
$2.78
$2.86
$2.86
Unchanged
Wisconsin
$3.26
$3.59
$3.58
-$0.01
Minnesota
$3.40
$3.42
$3.41
-$0.01
South Dakota
$3.55
$3.55
$3.55
Unchanged
North Dakota
$3.55
$3.54
$3.54
Unchanged
Nebraska
$3.32
$3.24
$3.31
+$0.07
Missouri
$3.33
$3.33
$3.33
Unchanged
Kansas
$3.37
$3.37
$3.34
-$0.03
Ohio
$3.26
$3.26
$3.26
Unchanged
Michigan
$3.50
$3.43
$3.43
Unchanged
Midwest Average
$3.34
$3.33
$3.35 1/2
+2 1/2 cents

 

Gasoline-

The retail price for regular gasoline softened 1/2 cent during the report week to a national average of $3.327 -- 2 1/2 cents above year-ago. The East Coast fell 2 3/4 cents to $3.410; Midwest retail gasoline firmed 3 cents this week to $3.253/gallon; Gulf Coast down 1 1/2 cents to $3.108; Rocky Mountain region up 2 3/4 cents to $3.148 and the West Coast softened 2 cents to $3.526, according to EIA data.

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