#10 | Look out below!
That loud crashing sound you hear is fertilizer, falling from its record highs of the past few years.
In the first two weeks of August, Illinois retail anhydrous has fallen 33%, followed by 28% liquid down 26% and DAP down 22%.
Anhydrous is currently half of the price it was on June 1, while Urea, 28%, DAP and Potash are all down 25% since then.
Figured I might as well back up a bit to put the high prices of 2021, 2022 and 2023 in perspective in addition to the dramatic fall in recent weeks:
#9 | Ukraine Update
Last week in the August report, USDA raised their estimate of new crop corn production in Ukraine to 27.5 mmt (1.1bbu).
This is up slightly from 2023’s 27 mmt but still more than half-a-billion bushels lower than the 42 mmt crop produced in 2021 just before Russia’s invasion.
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