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DTN Retail Fertilizer Trends
Wednesday, September 21, 2016 1:43PM CDT


By Russ Quinn
DTN Staff Reporter

OMAHA (DTN) -- Retail fertilizer prices continued their steep decline the second week of September 2016, according to fertilizer retailers surveyed by DTN. For the sixth week in a row, prices for fertilizers are considerably lower with all but one of the fertilizers having sizeable prices drops.

Leading the way lower this week is 10-34-0. The starter fertilizer is 10% lower compared to month earlier and had an average price of $474 per ton. UAN32 is 9% less expensive and has an average price of $272/ton. Potash is down 7% and has an average price of $320/ton.

Both urea and UAN28 were down 6% compared to the previous month. Urea had an average price of $324/ton and UAN28 $233/ton.

Both MAP and anhydrous were 5% less expensive, looking back to a month earlier. MAP had an average price of $458/ton and anhydrous $496/ton.

The one fertilizer with just a slight price decline compared to last month was DAP. The phosphorus fertilizer had an average price of $444/ton.

On a price per pound of nitrogen basis, the average urea price was at $0.35/lb.N, anhydrous $0.30/lb.N, UAN28 $0.42/lb.N and UAN32 $0.42/lb.N.

Last week, the boards of directors of Agrium, Inc. and Potash Corporation of Saskatchewan Inc. (PotashCorp) unanimously agreed to merge the two companies. This merger will create the largest crop nutrient company in the world, according to press releases from both companies.

A new parent company will be formed to own both companies, and the new company will be named prior to the transaction's closing. The new company will have 20,000 employees, operations and investments in 18 countries and have a pro forma enterprise value of $36 billion.

In addition, the new company would have net revenue of approximately $20.6 billion.

"Our merger creates a new premier Canadian-headquartered company that reflects our shared commitment to creating value and unlocking growth potential for shareholders," said PotashCorp President and Chief Executive Officer Jochen Tilk.

"This is a transformational merger that creates benefits and growth opportunities that neither company could achieve alone," Agrium President and Chief Executive Officer Chuck Magro said. "Combining our complementary assets will enable us to serve our customers more efficiently, deliver significant operating synergies and improve our cash flows to provide capital returns and invest in growth."

The new company will be led by Tilk, who will serve as executive chairman and Magro, who will serve as chief executive officer. Both will report to a new board of directors.

Following the closing of the transaction, the new company will have its registered head office in Saskatoon, with Canadian corporate offices in both Calgary and Saskatoon. The transaction is expected to be closed during mid-2017, subject to several different company and Canadian court approvals.

Retail fertilizer prices are lower compared to a year earlier. All fertilizers are now double-digits lower.

10-34-0 is now down 20% while DAP, MAP and UAN32 are all 21% lower. UAN28 is now 22% lower, anhydrous is 24% less expensive, urea is down 25% and potash is 31% lower compared to a year prior.

DTN collects roughly 1,700 retail fertilizer bids from 310 retailer locations weekly. Not all fertilizer prices change each week. Prices are subject to change at any time.

DTN Pro Grains subscribers can find current retail fertilizer price in the DTN Fertilizer Index on the Fertilizer page under Farm Business.

Retail fertilizer charts dating back to November 2008 are available in the DTN fertilizer segment. The charts included cost of N/lb., DAP, MAP, potash, urea, 10-34-0, anhydrous, UAN28 and UAN32.

DTN's average of retail fertilizer prices from a month earlier ($ per ton):

DRY
Date Range DAP MAP POTASH UREA
Sept 14-18 2015 563 579 462 432
Oct 12-16 2015 547 564 440 418
Nov 9-13 2015 547 561 426 405
Dec 7-11 2015 534 555 417 397
Jan 4-8 2016 495 521 392 381
Feb 1-5 2016 488 502 381 370
Feb 29-Mar 4 2016 476 492 373 374
Mar 28-Apr 1 2016 478 501 370 386
Apr 25-29 2016 476 502 366 386
May 23-27 2016 476 501 365 381
June 20-24 2016 470 495 358 366
July 18-22 2016 464 493 357 357
Aug 15-19 2016 452 471 333 337
Sept 12-16 2016 444 458 320 324
LIQUID
Date Range 10-34-0 ANHYD UAN28 UAN32
Sept 14-18 2015 593 653 300 345
Oct 12-16 2015 584 640 295 338
Nov 9-13 2015 581 631 289 332
Dec 7-11 2015 575 625 284 330
Jan 4-8 2016 572 582 273 316
Feb 1-5 2016 549 555 263 305
Feb 29-Mar 4 2016 566 537 260 309
Mar 28-Apr 1 2016 561 580 268 315
Apr 25-29 2016 560 587 274 321
May 23-27 2016 560 587 274 321
June 20-24 2016 554 567 265 305
July 18-22 2016 546 546 260 304
Aug 15-19 2016 513 516 238 285
Sept 12-16 2016 474 496 233 272

Russ Quinn can be reached at russ.quinn@dtn.com

Follow Russ Quinn on Twitter @RussQuinnDTN

(AG/BAS)


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