Gains tallied $16.08 to Declines’ 91 cents in the regional averages.
After falling conspicuously last week along with urea, UAN32% shot $5.85 higher this week to lead overall gains in the fertilizer space. The general trend is higher on the week, supporting a 3.16 point rise in our Nutrient Composite Index. UAN28% was our only fertilizer to post a price decline, falling 84 cents by the short ton regionally. UAN28% remains priced above anhydrous ammonia on an indexed basis, but only by a few points. Historically, when UAN28% crosses below NH3, the tendency is for nitrogen prices to firm. If UAN28% violates support from anhydrous ammonia next week, we will consider it a suggestion that nitrogen will continue to firm aggressively.
Phosphates are higher this week, but did not repeat last week’s sharp move to the upside. Industry watchers around the world now believe the bottom is in for DAP and MAP although near-term retail price action is likely to be fairly docile. Potash gained a little ground toward the upside as well but is still the lowest-priced fertilizer in our weekly survey on an indexed basis.
Farm diesel softened 3 cents per gallon this week under the weight of falling crude oil and heating oil futures prices. Propane also fell this week, down 4 cents per gallon as the home heating season winds down.
Get current with our advice. You should be 100% filled on spring/summer fertilizers and 75% filled on farm diesel for spring fieldwork.
Corn Futures -- December 2017 corn futures closed Friday, March 17 at $3.79 putting expected new-crop revenue (eNCR) at $599.67 per acre -- softer $16.94 on the week. With our Nutrient Composite Index (NCI) at 539.22 this week, the eNCR/NCI spread narrowed 20.10 points and now stands at -60.45. This means one acre of expected new-crop revenue is priced at a 60.45 premium to our Nutrient Composite Index.
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| Nutrient/Fuel | 3/13/17 | 3/20/17 | Week-over Change | Current Week | Nutrient/Fuel |
| Anhydrous | $515.16 | $516.36 | $3.58 | $519.94 | Anhydrous |
| DAP | $449.65 | $456.61 | $2.28 | $458.89 | DAP |
| MAP | $453.53 | $456.87 | 74 cents | $457.62 | MAP |
| Potash | $329.99 | $331.24 | $1.53 | $332.77 | Potash |
| UAN28 | $248.58 | $249.74 | -84 cents | $248.90 | UAN28 |
| UAN32 | $281.07 | $280.83 | $5.85 | $286.68 | UAN32 |
| Urea | $363.38 | $362.21 | $2.10 | $364.31 | Urea |
| Farm Diesel | $2.01 | $2.01 | -3 cents | $1.98 | Farm Diesel |
| LP | $1.35 | $1.35 | -4 cents | $1.31 | LP |
| Composite | 533.75 | 536.06 | 3.16 | 539.22 | Composite |
