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10/20/2021

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Call Summary:

Grain

• 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.

Fertilizer

• 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.

Our next conference call is scheduled for Wednesday, November 17. We hope you can join us.