Inputs Monitor Regional Index -- Nitrogen Falls as Planting Progress Improves

May 20, 2013 04:36 AM
 

anhydrousunsetNutrient pricing remains very flat as declines outpaced gains by a margin of 6.282 -- declines totaled 9.337 to gains' 3.055. This signals flattening demand as growers transition from concentrating on spring applications to fall bookings.

This week saw some great planting progress as soil conditions and weather opened up opportunities to take a bite out of spring fieldwork. As rains move in across the Midwest this week, an increasing number of growers count themselves among those planted, and relieved.

Price movements in anhydrous were very small in every state suggesting demand here has fallen way off. Some growers will have some anhydrous left over as a narrow application window forced some to hold off on pre-plant applications. Depending on how much anhydrous is left floating around out there, this may limit upside action near-term.

But if too many growers were forced to put off nitrogen applications this spring, late season demand could push prices higher by mid-summer -- especially for UAN solutions.

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All forms of nitrogen moved lower in this week's index suggesting opportunities to book for fall may be here. December corn opened today at $5.17, but traders' interest in corn futures is still very low. Once this market comes around, we expect fertilizer pricing to follow. Take some time early this week to crunch some numbers and look into booking some fall nutrient. The time may be right -- check with your preferred retailer.

Anhydrous moved slightly lower shedding just 4 cents/ton to $874.39; UAN28 $1.00 lower to $401.67; UAN32 also lower, dropping $4.46 this week to $441.51; Urea moved $2.21 lower to $562.48.

DAP moves $1.41 higher to $636.79 along with a $1.64 increase in MAP to $655.45.

Potash falls $1.46 to $584.91/ton.

Farm diesel another $0.005 higher this week at $3.432; LP down slightly, shaving $0.007 off the regional price to $1.459/gallon.

Nutrient/Fuel
5/6/13
5/13/13
Current Week
Week-over Change
Anhydrous
$871.37
$874.43
$874.39
-$0.04
DAP
$636.49
$635.38
$636.79
+$1.41
MAP
$655.53
$653.81
$655.45
+$1.64
Potash
$587.34
$586.37
$584.91
-$1.46
UAN28
$402.87
$402.67
$401.67
-$1.00
UAN32
$446.00
$445.97
$441.51
-$4.46
Urea
$559.85
$564.69
$562.48
-$2.21
Farm Diesel
$3.422
$3.427
$3.432
+$0.005
LP
$1.468
$1.466
$1.459
-$0.007
Composite
462.708
463.138
$462.457
-0.681

 


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