DAP (diammonium phosphate) prices continued to remain weak last week, which ended on August 11, 2017. The weakness was reflected in the latest performances of companies (MOO) such as Mosaic (MOS), PotashCorp (POT), and Agrium (AGU). These three companies have underperformed the S&P 5oo (SPY) and returned losses so far this year. Among the major fertilizer companies, Israel Chemicals (ICL) remained one of the few companies to deliver a positive return YTD, as we saw in the earlier parts of this series.
Last week, the price movements for DAP were mixed. In North America, prices at NOLA (New Orleans) rose 0.94% to $293 per metric ton from $290 per metric ton a week ago. Similarly, prices at the Central Florida location saw prices rise 0.30% to $299 per metric ton from $298 per metric ton a week ago. While prices at these two locations inched higher last week, they were just about 2.0% higher at each location year-over-year.
In contrast, prices at Tampa Bay fell week-over-week by 1.5% to $336 per metric ton from $341 per metric ton a week ago. Year-over-year, DAP prices at Tampa Bay were 1.0% lower.
Prices in Morocco
Moving outside North America, prices in Morocco rose 0.88% week-over-week to $342 per metric ton from $339 per metric ton the previous week. Morocco has the largest reserve of phosphate rock, which is key to phosphate fertilizers. Year-over-year, DAP prices in Morocco were 1.0% lower.
In the next part, we’ll look at the price movements for MAP (monoammonium phosphate) fertilizers in Brazil.