Potash prices
Last week, which ended August 10, potash prices were flat to positive at the locations in the chart below. They started rising as a result of tighter supply and strong demand. Usually, the demand for fertilizer is inelastic since farmers need fertilizers to achieve yields in order to meet the global food demand.
Weekly prices
Last week, potash prices at three of the four locations in the above chart were unchanged week-over-week. Brazil was the only location that saw a weekly increase in prices. In Brazil, potash prices rose 31 basis points to $327 per metric ton, from $326 per metric ton in the week ended August 3.
In NOLA (New Orleans), potash prices were flat at $239 per metric ton, and in the US Cornbelt region, they were flat at $288 per metric ton week-over-week. Prices in the Southeast Asia region were also flat week-over-week at $289 per metric ton.
Year-over-year, potash prices in NOLA and Brazil rose ~20%. Prices in Southeast Asia rose 17%, and prices in the US Cornbelt rose 14% year-over-year.
Nutrien (NTR), Intrepid Potash (IPI), and Mosaic (MOS), which produce potash fertilizers, have maintained a tight supply market (XLB), which may have contributed to the rise in potash prices.