Last week, potash prices were broadly flat to positive at the locations discussed below. The potash prices continued to have strong momentum, which is positive for companies (MOO) including Nutrien (NTR), Mosaic (MOS), Israel Chemicals (ICL), and Intrepid Potash (IPI). Let’s look at the price movements in more detail below.
In the week ending November 2, the potash prices in the US region were broadly mixed. In the Cornbelt region of the US, the potash prices rose by 31 basis points to $289 per metric ton from $288 per metric ton. In the NOLA (New Orleans) region of the US, the potash prices were flat at $264 per metric ton from a week ago.
Outside the US, the potash prices in Brazil rose by 28 basis points to $360 per metric ton from $359 per metric ton. In the South East Asia region, the potash prices remained flat at $304 per metric ton week-over-week.
YoY (year-over-year), the potash prices remained strong at each of the four locations discussed above. In NOLA and Brazil, the potash prices rose as much as 30% each compared to the same week in 2017. In the Cornbelt region of the US, the potash prices rose 24% YoY. In the South East Asia location, the potash prices rose 16.9% YoY.
Next, we’ll discuss how fertilizer affordability moved last week.