Inputs Monitor Regional Index: Upward Trajectory Flattens

March 24, 2014 05:01 AM
 

 

Declines tallied 27 3/4 cents to gains' $17.53 in the regional averages. The general path of nutrient prices is clearly still pointed to the upside, but gains have slowed considerably. Anhydrous led upside action adding $6.43, UAN28% ticked lower for the first time since late January, and 32% added just 29 cents by the ton.

Farm diesel continued lower, falling a full penny from last week -- May '14 WTI opens today at $99.49 -- up a dime on the week; April heating oil at $2.92 -- down two cents on the week. We expect the downtrend to continue for another month or so on farm diesel.

LP moved lower again this week on continued supply relief, falling 11 3/4 cents -- April '14 natural gas opened today at $4.31, 19 cents lower than the same time last week.

Corn Futures --

December 14 corn futures closed Friday at $4.80 -- that's 7 1/4 cents below the previous Friday's close, putting expected new-crop revenue $3.60/acre softer on the week at $728.00. With anhydrous priced at $659.54 this week, the ZCZ/NH3 spread narrowed 16.41 points and now lies at -68.48. 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 $6.43 to $659.54; UAN28 is 15 cents lower week-over to $357.60; UAN32 firms 29 cents to $379.97; Urea $2.02 higher to $534.80.

DAP $4.88 higher to $570.77; MAP firms $3.70 to $585.71. Potash firms 21 cents to $463.26.

Farm diesel falls 1 cent to $3.56 1/4 -- now 1/4 cent above year-ago. LP softened 11 3/4 cents to $2.32 1/2 -- now 83 1/2 cents above year-ago.

Nutrient/Fuel
3/10/14
3/17/14
Week-over Change
Current Week
Anhydrous
$653.21
$653.11
+$6.43
$659.54
DAP
$558.58
$565.89
+$4.88
$570.77
MAP
$577.20
$582.01
+$3.70
$585.71
Potash
$463.02
$463.05
+21 cents
$463.26
UAN28
$354.09
$357.75
-15 cents
$357.60
UAN32
$376.87
$379.68
+29 cents
$379.97
Urea
$529.73
$532.78
+$2.02
$534.80
Farm Diesel
$3.59 1/4
$3.57 1/4
-1 cent
$3.56 1/4
LP
$2.68
$2.44
-11 3/4 cents
$2.32 1/2
Composite
391.001
393.368
+1.917
395.285

 


 

 

 

 

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