UAN - The variable distribution MLP that could go a long way Message Board

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Non-Tech : UAN - The variable distribution MLP that could go a long way

UAN 109.15

+0.6%

Jan 9 3:48 PM EST

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To: Elroy who wrote (779)	5/2/2023 8:41:11 PM
From: Elroy	of 816

CF conference call notes about ammonia and UAN fertilizer. So product is tight. We don't believe there's going to be enough urea. We believe that they will have to be migrating for second and third applications to ammonia and UAN, and we're preparing for that with positioning product throughout the system. And pricing has extended from the normal spread of NOLA, let's say, $30 to the Midwest, it's between $50 and $100 today and will probably go up towards the higher end as we get to peak applications. the retail sector, I think, has reflected -- prices were falling. I understand that if they bought $500 UAN and the market is now $300, how do they price that to the farmer. And the farmer is reading some of the same materials in -- whether that's the publications or online. And so there's a standoff. What is an appropriate price at the retail level, what should the farmer be paying. And so in effect, they said, I'm going to stop buying because the farmers stopped buying. Current prevailing prices in the spot market today tend to be a bit below where our average prices were in Q1 as reported.

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