MAP prices

Similar to what we saw for DAP (diammonium phosphate) prices, the MAP (monoammonium phosphate) prices also rose last week. MAP prices also remained significantly higher year-over-year, which may prove positive for the margins of companies (XLB) such as Mosaic (MOS), Nutrien (NTR), and Israel Chemicals (ICL).

MAP Prices Trend Higher for Week Ending January 5

Weekly movements

For the week ending January 5, 2018, MAP prices in Brazil rose by as much as 75 basis points to $404 per metric ton. Prices at this location rose from $401 per metric ton in our previous update for the week ending December 15.

Similarly, MAP prices in NOLA (New Orleans) also rose by ~78 basis points to $388 per metric ton from $385 per metric ton two weeks ago. At both of these locations, MAP prices were significantly higher. In the Brazil location, MAP prices rose ~21% year-over-year from $331 per metric ton. The strength in MAP prices in Brazil shows that the country remains a bright spot for producers including CF Industries (CF) and Terra Nitrogen (TNH).

In the US, MAP prices in NOLA rose ~23% year-over-year from $313 per metric ton. Just last year, the outlook for phosphate fertilizers was broadly subdued. However, the above positive momentum in phosphate fertilizers may lead to a revision in the outlook. We will get more insight when the above companies release their earnings in the coming weeks.

Next, we will discuss potash fertilizer prices.

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