Inputs Monitor Regional Index: Anhydrous Gives Ground Amid Strong NPK Declines

September 3, 2013 05:30 AM
 

Decliners tallied $113.07 to gains' 3 cents. All upward movement was confined to Farm diesel and LP. Be advised that October natgas is eyeing the upside, punching through late week resistance at $3.65, currently at $3.68. Next resistance lies at the June 25 high of $3.77.

The table below outlines anhydrous action for the report week which gave some serious ground in key locations, but Ohio remains unchanged among a generally down trending market.

State NH3
Previous Week
Change
Current Week
Iowa
$706.06
-$29.56
$676.50
Illinois
$800.75
-$23.97
$776.78
Indiana
$878.53
-$19.82
$858.71
Wisconsin
$795.25
+$7.10
$802.35
Minnesota
$745.79
-$24.60
$721.19
South Dakota
$707.80
+$4.51
$712.31
North Dakota
$700.34
+$3.76
$704.10
Nebraska
$661.94
-$28.90
$633.04
Missouri
$688.31
-$29.21
$659.10
Kansas
$627.69
-$4.82
$622.87
Ohio
$828.89
unchanged
$828.89
Michigan
$890.16
-$37.66
$852.50

 

As always, check your appetite for risk. December corn found a little strength late last week, but dips today to fill the downside gap from Aug. 23. Hot, dry weather over the central Corn Belt has come and gone with more expected for the end of this week. But these conditions did little for futures pricing. More importantly, the heat stifled crop development as plants look to fill kernels and pods. We have already heard reports of growers cutting corn for silage, throwing in the towel on this year's corn. We expect to see more of this unless widespread rains materialize this week.corn progress 002

Manage your risk by booking portions along the way, and if your local supplier is priced within your personal 'go-zone', don't be afraid to pull the trigger on 25-30% or more of fall needs. Having said that, I still believe, as do others, that nutrient has very limited upside potential between now and fall, but again, watch out for an unexpected pop in December corn to throw a wrench in fertilizer pricing.

Farm diesel moved 1 cent higher in regionwide averages led mostly by a 5 cent increase in Nebraska to $3.44 with 7 of 12 states unchanged. We will have all the details on that and retail gasoline and highway diesel in today's Weekly Fuel Report. Look for it on your Inputs Monitor this afternoon.

-----------------------------

Regionally --

Anhydrous falls $15.26 to $737.36; UAN28 falls $16.53 week-over to $339.14; UAN32 softens $18.84 to $374.97; Urea falls $14.52 to $494.25.

DAP $17.75 lower to $565.58; MAP softens $10.98 to $599.47. Potash down $19.19 to $519.06.

Farm diesel up slightly again, adding another penny to $3.43 -- 24 cents below year-ago. LP 2 cents higher at $1.408 -- 8 3/4 cents above year-ago.

Nutrient/Fuel
8/19/13
8/26/13
Week-over Change
Current Week
Year-Ago
Anhydrous
$772.33
$752.62
-$15.26
$737.36
$819.92
DAP
$584.60
$583.33
-$17.75
$565.58
$641.75
MAP
$617.38
$610.45
-$10.98
$599.47
$650.83
Potash
$537.80
$538.25
-$19.19
$519.06
$603.00
UAN28
$363.60
$355.67
-$16.53
$339.14
$373.42
UAN32
$398.25
$393.81
-$18.84
$374.97
$406.11
Urea
$512.04
$508.77
-$14.52
$494.25
$622.00
Farm Diesel
$3.418
$3.421
+$0.01
$3.43
$3.67
LP
$1.402
$1.388
+$0.02
$1.408
$1.32
Composite
421.206
416.414
-12.56
403.856
458.002

Photo credit: D. Michaelsen, Inputs Monitor

 

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