Inputs Monitor Regional Index: Farm Fuels & Nh3 Fall

March 17, 2014 04:59 AM
 

 

Declines tallied 36 cents to gains' $21.67 in the regional average. Anhydrous fell a dime led by declines in Iowa, Indiana and Minnesota, however, most states ticked slightly higher. DAP added the largest gain on the week adding $7.31 per short ton with MAP not far behind adding $4.81 of its own.

UAN and urea continued higher but the upward trajectory which was very steep just a few weeks ago has flattened slightly.Picture1

Farm diesel hinted at a reversal on the week, falling two cents -- April '14 WTI opens today at $99.39, April heating oil at $2.94. We were very concerned for the upside potential imposed on farm diesel by strong distillate export demand and for domestic home heat. But recent declines in WTI pricing and a general warming trend across the nation has eased pressure on heating oil, and allowed farm diesel prices to dip. We note farm diesel did not reach the same levels as last year's winter peak suggesting there may be some upside left here, but if ruby red follows its nose, prices will continue lower through the next few weeks.

LP moved lower again this week on continued supply relief, falling 24 cents -- April '14 natural gas opened today at $4.50, twelve cents lower than the same time last week.

Corn Futures --

December 14 corn futures closed Friday at $4.87 1/4 -- that's 2 1/2 cents above the previous Friday's close, putting expected new-crop revenue $9.60/acre firmer on the week at $737.60. With anhydrous priced at $653.11 this week, the ZCZ/NH3 spread widened 9.7 points and now lies at -84.49.
 

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Regionally --

Anhydrous softens 10 cents to $653.11; UAN28 is $3.66 higher week-over to $357.75; UAN32 firms $2.81 to $379.68; Urea $3.05 higher to $532.78.

DAP $7.31 higher to $565.89; MAP firms $4.81 to $582.01. Potash firms 3 cents to $463.05.

Farm diesel falls 2 cents to $3.57.1/4 -- now steady with year-ago. LP softened 24 cents to $2.44 -- now 94 cents above year-ago.

Nutrient/Fuel
3/3/14
3/10/14
Week-over Change
Current Week
Anhydrous
$656.07
$653.21
-$0.10
$653.11
DAP
$556.20
$558.58
+$7.31
$565.89
MAP
$577.85
$577.20
+$4.81
$582.01
Potash
$460.71
$463.02
+3 cents
$463.05
UAN28
$353.45
$354.09
+$3.66
$357.75
UAN32
$369.87
$376.87
+$2.81
$379.68
Urea
$527.54
$529.73
+$3.05
$532.78
Farm Diesel
$3.58 1/2
$3.59 1/4
-2 cents
$3.57 1/4
LP
$2.78
$2.68
-24 cents
$2.44
Composite
389.788
391.001
+2.367
393.368

 


 

 

 

 

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