Inputs Monitor Basis Analysis -- Week Ended 10/19/2012

October 25, 2012 09:47 AM
 

Inputs Monitor Iowa v. USDA basis stands at 3.94 on a state-state comparison of local fertilizer prices; regional nutrient basis at 2.32.

The widest basis in the Iowa Monitor v. USDA comparison is Urea where USDA pegs the Iowa price at 696.42; Inputs Monitor records a 11.4% difference below USDA at 807.00. Urea holds the widest basis in the Monitor Regional Index as well -- Inputs Monitor Regional Index 14.9% below USDA at 592.58 regionally.

All other state-over values come in at-or-below +/-4.7%.

Beyond the wide margin in Urea, the next state-over basis of note has Iowa 4.7% below USDA's price for Anhydrous at 807.00: LP favors USDA figures, Iowa Monitor LP 4.4% below at 1.30 and Farm diesel rounds out the top three state-over margins 4.0% below USDA at 3.59.

Regional margins are closer to USDA -- after Urea, all regional values are within +/-1.8% led by UAN28 at 380.42; region-over LP 1.6% above USDA at 1.42 and potash 1.5% below USDA region-over at 603.58 on the Monitor Index.

The table below is a side-by-side comparison of average retail prices reported by USDA and prices reported to your Inputs Monitor for the two-week period ended October 19, 2012. Inputs Monitor's Iowa numbers (state-over) and Inputs Monitor Regional Index numbers (region-over) are compared separately to USDA findings.

USDA vs Monitor

Period ended 10/19/12

USDA, IA

Inputs Monitor Iowa

 

+/- % (state-over)

Inputs Monitor Index

 

+/- % (region-over)
Anhydrous
847.00
807.00
4.7% below
858.17
1.3% above
Urea
696.42
617.00
11.4% below
592.58
14.9% below
UAN28
387.71
374.00
3.5% below
380.42
1.8% below
MAP
656.60
664.00
1.1% above
664.83
1.2% below
Potash
613.00
609.00
0.65% below
603.58
1.5% below
Farm Diesel
3.74
3.59
4.0% below
3.75
0.26% above
LP
1.36
1.30
4.4% below
1.42
1.6% above
Basis
 
 
3.94
 
2.32

(Prices for DAP and UAN32 were omitted by USDA from their survey, and, therefore, do not appear in this analysis.)

Statistical notes...

These USDA figures are based on statewide averages. As a result, local prices may vary. USDA Urea exhibited a range from 578.00-831.25 with an average of 696.42 - that's an increase of 26.57 on the period. Farmer's cooperative sources have reported no such jumps in their Urea pricing to your Inputs Monitor, but speculated during conversations today that seasonal pressure may have some regions of Iowa spiking demand for the nutrient as winter wheat goes into the soil.

Keep an eye on your Inputs Monitor at profarmer.com, and look for more basis and pricing updates as information becomes available.


 

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