Farming Message Board - Msg: 27765493

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Non-Tech : Farming

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From: Dennis Roth	11/14/2011 7:22:13 AM
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NPK Weekly Insights from Recent Grower Dinner; Fertilizer Markets Stable 14 November 2011 ¦ 12 pages citigroupgeo.com Insights from Midwest Farmer Dinner – We recently hosted a dinner with a dealer and several growers near St. Louis prior to the Monsanto analyst day. Grower sentiment was relatively upbeat, despite the decline in commodity grain prices over the past few months, as farmers largely remain quite profitable at ~$6/bu corn and ~$12/bu soybeans. According to the farmers, their crop yields for soybeans and corn declined ~50% Y/Y in central Missouri due to challenging weather conditions, and all participants believe that the USDA’s yield estimates for the southern cornbelt could be revised lower in January. Regarding fertilizers, ammonia application was lower in the area due to weather conditions, which the dealer thought could result in increased urea demand next spring. Potash was viewed as the tightest of the three major nutrients in the area, but prices for all three could increase $25-$50/st before next spring.

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