ALERT 7/8/13: MO, IN, ND and WI Nutrient/Fuel Soften

July 8, 2013 05:44 AM
 

A round of resupply has begun at many major suppliers and fresh pricing points have been set in some locations. Other locations are anxious to move what product they have left and have priced accordingly. We see an opportunity to fill a portion of fall nutrient at the present time. Check your local pricing against the table below -- which now includes the year-over price.

Nutrient/Fuel
6/24/13
7/1/13
Current Week
Week-over Change
Previous Year
Anhydrous
$859.32
$859.57
$853.66
-$5.91
$794.92
DAP
$628.64
$628.58
$627.15
-$1.43
$685.00
MAP
$648.40
$648.48
$647.42
-$1.06
$659.08
Potash
$580.54
$580.50
$578.95
-$1.55
$633.05
UAN28
$399.96
$399.31
$397.21
-$2.10
$411.83
UAN32
$441.83
$444.20
$439.32
-$4.88
$503.50
Urea
$557.05
$553.30
$549.14
-$4.16
$717.75
Farm Diesel
$3.41
$3.401
$3.361
-$0.04
$3.15
LP
$1.415
$1.404
$1.365
-$0.039
$1.28
Composite
457.845
457.642
455.288
-$2.36
489.952

 

Missouri led the downward charge declining $50.00 in UAN32 to $410.00, $25.27 in Urea to $549.14, $17.06 in Potash to $555.32, $15.21in DAP to $608.15, $13.43 in Anhydrous to $811.14 and 13 cents in Farn diesel to $3.22.

Indiana moved boldly lower shucking $21.54 from the Anhydrous price to $882.33 -- still roughly $30 above the regional average. Indiana Urea down $12.61 to $568.15, Potash $9.53 lower to $577.80 and Hoosier LP fell 11 cents to $1.49. These are some siziable declines but all but potash remain above the regional average. This is typical for the Eastern Belt as prices tend to run slightly higher in that area.

North Dakota posted declines in UAN28 and Anhydrous with 28% falling $20.00 even to $390.00 and Anhydrous shedding $11.81 to $849.62.

Other declines of note include a 17 cent slide in the price of Wisconsin LP to $1.22 and a 14 cent drop in Wisconsin Farm diesel to $3.23. Both of these are below the regional average.

Front-month natural gas futures opened today at $3.62 and moved a dime higher immediately. This may signal the end of Natgas's bear run. A series of net injections to storage and limited demand by the power generation sector pressured prices lower, but temperatures across the Midwest are expected to kick off increased air conditioning use. Resistance is layered at $3.77 and $3.84. A violation of this would signal upside potential to our pivot point of $3.91. A move above $3.91 could send this August contract back near the $4 range. Consider booking another portion of natgas needs as this contract may be loading up to throw a fit to the upside.


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