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Fertilizer Stocks Are Gaining, but What about Prices?

PART:
1 2 3 4 5 6 7
Part 4
Fertilizer Stocks Are Gaining, but What about Prices? PART 4 OF 7

Behind the Latest DAP Price Movements

DAP prices

Last week (ended July 14), DAP (diammonium phosphate) prices were mixed overall at the four locations below. In recent weeks, DAP prices have fallen from the peak seen in the first quarter.

Behind the Latest DAP Price Movements

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Weekly movements

On average, the DAP prices at the above four locations were flat on a week-over-week basis. Excluding Morocco, DAP prices rose an average of 11 basis points in North America.

In NOLA (New Orleans), DAP prices rose 32 basis points to $283 per metric ton, up from $282 per metric ton one week previously. But DAP prices in Central Florida remained flat at $295 per metric ton, and prices in Tampa Bay remained unchanged at $343 per metric ton.

In contrast to the DAP price movements at the above locations, prices in Morocco fell 28 basis points to $361 per metric ton, down from $362 per metric ton one week previously.

Notably, prices in Morocco should be closely monitored, as the country has the largest reserves of phosphate rock, which is key for the production of phosphate fertilizers like DAP and MAP (mono ammonium phosphate).

Year-over-year

On a YoY (year-over-year) basis, phosphate prices at the above four locations were 1.6% higher. DAP prices in Morocco rose a steep 5% YoY, while in NOLA, DAP prices rose 2%. In Tampa Bay, prices rose 1% YoY, but in Central Florida, prices remained flat last week.

The current weakness in DAP prices represents a challenge for the bottom lines of producers (MOO) like Mosaic (MOS), PotashCorp (POT), Agrium (AGU), and Israel Chemicals (ICL).

In the next part, we’ll discuss MAP price movements in Brazil.

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