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Tidbits, Fertilizers, Charter Rates 3/3/24

Tidbits


Crop input purchases in the USA accelerated the past week as the dry weather has allowed field work. That is the main reason urea prices are up to $437 per ton versus $331 FOB NOLA in early January. This past week, DAP traded above $650 per ton FOB NOLA.

 

Analysts are saying the price of nitrogen fertilizers in the USA have gone inverted, meaning N bought now is higher priced than N bought 30 days from now and cheaper yet 60 days from now.   

 

With increased prices of fertilizers last week, given the USDA is gathering surveys of intended planted acres this week, corn acres could be less than USDA predicted in February.  We will find out on March 28th. The price of fertilizer in Brazil was up 4% last week.

 

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