Fertilizer prices remain on a downward spiral, with news of more plant shutdowns surfacing around the world this week, even as the industry met in Charleston, S.C., for its annual outlook conference.
But while demand expectations are being scaled back after farmers balked at high prices, there are signs the market may be closing in on a seasonal bottom. Moreover, chaos could emerge in 2009 as farmers who rejected fall applications due to high prices and harvest delays scramble for product in a pipeline that could be dented by the on-going financial crisis.
The good news is that wholesale prices for most products in the U.S. are now starting to reflect the freefall seen internationally. Anhydrous ammonia at the Gulf was quoted at $317 a short ton, down more than $200 from last week and $525 off its highs from earlier in the fall.
Check out the entire Weekly Fertilizer Report HERE.
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