Stable urea pricing is allowing the rest of the nitrogen segment to narrow our product margins.
Phosphate continues to hold its overpriced condition compared to the rest of the fertilizer space.
As wheels begin to turn for spring fieldwork, this week's price action may lend clues to our summertime outlook.
Phosphate firmed sharply this week despite a pullback in urea pricing.
Urea failed to violate last year's price and has actually softened this week. But the nitrogen margins suggest upside risk for the rest of the segment.
Potash and phosphate continued higher this week.
Nitrogen prices continued higher this week led by strength in anhydrous ammonia.
Upside action has been mild thus far, but the downside appears to be exhausted for phosphate.
Anhydrous ammonia was our upside leader, but all four forms of nitrogen in our weekly price survey remain pointed in the same direction.
Demand in India is forecast to slip in the coming months which may pressure summertime potash prices.