Inputs Monitor Regional Index: NH3 Leads Gains

March 31, 2014 04:29 AM
 

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Declines tallied $3.74 to gains' $20.11 in the regional averages. The general path of nutrient prices is clearly still pointed to the upside, but gains have slowed considerably. Anhydrous again led upside action this week adding $6.64, UAN28% ticked lower for the second consecutive week, and urea added $4.88 by the ton.

Farm diesel continued lower, falling 7 cents from last week -- May '14 WTI opens today at $101.69 -- up $2.20 on the week; April heating oil at $2.94 -- up two cents on the week. We expect the downtrend to continue for another few weeks on farm diesel.

LP moved lower again this week, falling 23 cents -- May '14 natural gas opened today at $4.48, 17 cents lower than the same time last week.

Corn Futures --

December 14 corn futures closed Friday at $4.87 1/4 -- that's 7 1/4 cents above the previous Friday's close, putting expected new-crop revenue $11.60/acre firmer on the week at $739.60. With anhydrous priced at $666.18 this week, the ZCZ/NH3 spread widened 4.94 points and now lies at -73.42. The expectation is for this number to one day shrink to zero, aligning anhydrous ammonia prices with expected new-crop revenue.
 

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Regionally --

Anhydrous firms $6.64 to $666.18; UAN28 is $1.61 lower week-over to $355.99; UAN32 firms $1.91 to $381.88; Urea $4.88 higher to $539.68.

DAP $1.81 lower to $568.96; MAP firms $2.39 to $588.10. Potash firms $4.29 to $467.55.

Farm diesel falls 7 cents to $3.49 -- now 9 cents below year-ago. LP softened 23 cents to $2.09 -- now 60 cents above year-ago.

Nutrient/Fuel
3/17/14
3/24/14
Week-over Change
Current Week
Anhydrous
$653.11
$659.54
+$6.64
$666.18
DAP
$565.89
$570.77
-$1.81
$568.96
MAP
$582.01
$585.71
+$2.39
$588.10
Potash
$463.05
$463.26
+$4.29
$467.55
UAN28
$357.75
$357.60
-$1.61
$355.99
UAN32
$379.68
$379.97
+$1.91
$381.88
Urea
$532.78
$534.80
+$4.88
$539.68
Farm Diesel
$3.57 1/4
$3.56
-7 cents
$3.49
LP
$2.44
$2.32
-23 cents
$2.09
Composite
393.368
395.285
+1.819
397.104

 


 

 

 

 

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