ADM Farm Direct Fertilizer Report
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- Main focus on the grain market is harvest progress and carry out. Stocks will be a focus moving into January. Domestic use is good, margins on ethanol are good. Yields are impressive on both corn and beans.
- Continue to say it, but if you can lock in margin, buy. Do what makes sense on your operation as we move forward.
- Nitrogen: Urea in the U.S. is at a discount to the world, UAN is dealing with turn around issues at plants and potential duty restrictions at the gulf.
- Phosphates: MAP remains scarce, NOLA barge was posted $770 and no one bought.
- Potash: Have seen imports coming to the U.S., market is still a little out of balance but working towards being more balanced than a few months ago.
- Sulfate has been a sleeper, consider the nitrogen value when booking and lock in supply if you haven’t.
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