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Contrary to DAP (diammonium phosphate) prices, which remained broadly flat last week, as we discussed in the earlier part of this series, MAP (monoammonium phosphate) prices were broadly higher in NOLA (New Orleans) and Brazil.
Natural gas prices in most locations in North America rose last week, according to the latest EIA (Energy Information Administration) weekly report on natural gas.
CF Industries (CF) reported its 1Q18 earnings on May 2 after the market closed. Since then, the stock is about 1% higher as of May 10 at $39.41. While the company beat analysts’ EPS (earnings per share) estimates, the stock took a beating due to a weaker-than-expected quarter. To learn more about CF Industries’ earnings, read Snapshot: CF Industries Reports Its 1Q18 Earnings.
Nutrien (NTR) reported earnings on May 7 after the market closed. Much of the recent surge in the company’s stock appears to have come from its merger talks with Sociedad Química y Minera de Chile (SQM), which is one of the largest lithium producers (LIT).
Last week, DAP (diammonium phosphate) prices were broadly flat to positive WoW (week-over-week) and much higher YoY (year-over-year). WoW, Central Florida DAP prices rose 51 basis points to $358 per metric ton from $357 per metric ton, and YoY, they rose ~20% from $297 per metric ton. Similarly, DAP prices in Morocco rose 48 basis points WoW to $420 per metric ton from $418 per metric ton, and 13% YoY from $373 per metric ton.
Last week was broadly negative for urea prices, with average NOLA (New Orleans) and Brazilian prices declining WoW (week-over-week). Also, CF Industries (CF) reported its earnings on May 2 and gave some updates on urea prices. Let’s look at these developments.
Last week, MAP (monoammonium phosphate) prices mimicked the movements in DAP (diammonium phosphate) prices, which fell week-over-week, as we discussed earlier.
MAP (monoammonium phosphate) prices last week were broadly negative, which was similar to the weakness in DAP (diammonium phosphate) prices last week that we discussed in the earlier part of this series.
Moody's Investors Service assigned a Prime-2 commercial paper rating to Nutrien Ltd. (Nutrien). Moody's also affirmed Nutrien's issuer rating at Baa2. The rating outlook is stable. The commercial paper ...
The Indian cabinet on Wednesday slashed subsidies for potash-based fertiliser by more than 10 percent for the next fiscal year beginning April 1, as the world's leading importer of the crop nutrient tries to contain a fiscal deficit. The reduction in government support could lead to a higher retail price for the farmers and potentially dent consumption and imports. Global producers including Uralkali, Potash Corp of Saskatchewan, Mosaic, K+S, Arab Potash and Israel Chemicals are key suppliers to India.
Indian cabinet on Wednesday slashed subsidies for potash-based fertiliser by more than 10 percent for the next fiscal year beginning April 1, as the world's leading importer of the crop nutrient tries ...
After the earnings were released, the stock price took a significant beating. Out of the 18 analysts in the above chart, ~22% or four analysts have a “strong buy” recommendation on the stock for the next 12-month period. About 39% or seven analysts have a “buy” recommendation on the stock, while 39% or seven analysts have a “hold” recommendation for Nutrien.
According to Mosaic, the margin expansion was due to higher realized prices, which we discussed earlier, and lower input costs such as phosphate rock costs. Agrium’s gross margins took a hit as a result of a higher input cost of phosphate rock and sulfur.
Israel Chemicals (ICL) reported on Wednesday higher revenue and profit in the fourth quarter, beating expectations as potash prices rose and expenses fell at the world's sixth-largest producer of the fertiliser ingredient. ICL, which also produces about a third of the world's bromine, said it earned $142 million excluding one-time items in the fourth quarter, compared with $114 million a year earlier. Analysts had forecast ICL to earn $100 million, according to Thomson Reuters I/B/E/S.
Moody's Investors Service ("Moody's") assigned a Baa2 issuer rating to Nutrien Ltd. (Nutrien), confirmed the Baa2 unsecured ratings of Agrium Inc. (Agrium), lowered the unsecured ratings of Potash ...
Nutrien, the world's biggest fertilizer company by capacity, also said higher input costs would shrink nitrogen and phosphate margins. The company, reporting its first results since the merger, said it expects full-year earnings before interest, taxes, depreciation and amortization of $3.2 billion to $3.7 billion, and earnings per share of between $2.10 and $2.60. Chief Executive Chuck Magro said that following the merger, the company achieved $40 million in run-rate synergies and was "focused on capturing half a billion dollars" in annual merger synergies by the end of 2019.
Nutrien Ltd, created from the merger of fertilizer makers Agrium Inc and Potash Corp of Saskatchewan this year, said it expected full-year 2018 EBITDA of $3.2 billion to $3.7 billion. Nutrien also said fourth-quarter net earnings for Agrium fell to $18 million, or 13 cents per share, in the fourth quarter ended Dec 31 from $67 million, or 49 cents per share, a year earlier. Potash Corp reported a net loss from continuing operations of $120 million, or 14 cents per share, from a profit of $13 million, or 2 cents per share, a year earlier.