Diammonium phosphate prices
Ammonia is used to make phosphate fertilizers like DAP (diammonium phosphate) and MAP (monoammonium phosphate). Ammonia and natural gas prices impact phosphate fertilizer producers like Mosaic (MOS), Israel Chemicals (ICL), and Agrium (AGU).
Ammonium phosphates, especially DAP, are the most widely used phosphate fertilizers globally, according to Mosaic. Notably, the VanEck Vectors Agribusiness ETF (MOO) invests about 2.9% of its portfolio in Mosaic and 7.5% in Syngenta (SYT).
Last week, the average price for DAP in the Corn Belt remained unchanged from the previous week at $331 per metric ton. Average DAP prices in China inched down to 2,684 Chinese yuan per metric ton from 2,688 Chinese yuan. The average US Gulf NOLA (New Orleans) DAP price fell to $277 per metric ton from $278 per metric ton.
The average realized price for Port Tampa Bay DAP was unchanged from the previous week’s $349 per metric ton. Similar to nitrogen fertilizer prices, US Gulf Coast NOLA, Tampa Bay, and Corn Belt DAP prices have remained down by an average of 26% year-over-year. In the next part of this series, we’ll turn our attention to the second-most-important phosphate fertilizer, MAP.