Last week, potash prices remained strong with overall flat to positive movement. Prices in Brazil and Southeast Asia remained particularly strong week-over-week.
Last week, granular potash prices in Brazil rose as much as 67 basis points week-over-week to $300 per metric ton from $298 per metric ton in the previous week. However, granular potash prices in the United States remained flat over the one-week period. In NOLA (New Orleans), granular potash prices remained unchanged at $217 per metric ton, and in the Corn Belt region, granular potash prices remained unchanged at $247 per metric ton.
Moving over to prices in Southeast Asia, the price for standard grade potash rose 36 basis points week-over-week to $275 per metric ton from $274 per metric ton a week earlier.
The YoY (year-over-year) price growth in potash remains a strong indicator for (XLB) Nutrien (NTR), the Mosaic Company (MOS), Intrepid Potash (IPI), and Israel Chemicals (ICL). For example, in Brazil, potash prices rose as much as 16%, and in Southeast Asia, prices rose 12% YoY.
In NOLA, potash prices rose 8% YoY, and in the Corn Belt region, potash prices rose 6% compared to the corresponding week a year ago.
Next, let’s discuss the affordability of fertilizers last week.