While corn futures seek a rally, nutrient pricing lies flat. But a closer look does point out some opportunities to purchase some nutrient for fall. With the late start to the season this year, and planters finally rolling last week in earnest, no-one seems to be paying attention to nutrient pricing. Demand has fallen off, and some growers have actually found themselves with product they did not have time to apply.
Demand is very weak right now for nutrient and there are local deals to be had.
Anhydrous stole the show in this week's Monitor Index. But what was most notable was its lack of movement. South Dakota saw the largest decline, falling $2.50 to $897.50/ton. All other movement in anhydrous pricing was smaller than that, suggesting demand has fallen way off.
As I mentioned in this week's Monitor Index Report, strength in corn futures may excite fertilizer pricing, but the December corn contract just cannot seem to gather any upward momentum. We have seen nutrient chase high expected corn returns in years past, and we expect fertilizer pricing to remain in stand-down until Dec futures find a rally.
However, the same low corn futures pricing is also limiting demand prospects for fertilizer, and we believe a near-term low is in place. Click here to view today's ALERT for details...