Economists are warning fertilizer prices are not jiving with grain values right now, and the situation is approaching near record levels.
Josh Linville with StoneX says the urea to corn ratio is at 99 bushels per ton right now, and UAN is at 79 bushels per ton. Linville says those statistics are the second worst in history for this time of year.
He cites a number of reasons, including plant maintenance, restrictions on Russian imports, and uncertainty out of major supply regions like Trinidad.
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Anhydrous prices are still 27 percent higher than a year ago.
The 90-day extension gives fertilizer suppliers additional transportation flexibility through the fall application season.
The return of Moroccan phosphate adds another fertilizer supply source ahead of fall application.
Lower prices could create opportunities for growers, while global supply concerns continue for phosphate.
